A Tax Increment Financing District was approved by Washburn voters during a public meeting Tuesday night. A TIF is a way for a municipality to gain development and infrastructure in a blighted area, attracting new businesses and encouraging development. In this case, the 20-year TIF applies to 40 of the 500 acres of Penobscot McCrum's property on the Parsons Road. Taxes from the site itself will go to the town's general fund, while taxes on any new property added to the site will go toward economic development.
"It's gonna be a 20-year TIF. The - we've offered them a credit enhancement agreement in this TIF. They're gonna get a percentage back. Basically how it works, they pay their taxes, two weeks later we give them back their percentage of their - their tax, we keep the remaining portion. It can only go to certain things we've agreed on," says Washburn Town Manager Donna Turner.