WASHBURN, Maine - Washburn's newest business, Penobscot McCrum, could soon be within a new TIF district. Tax Increment Financing is a flexible finance tool used by municipalities to leverage new property taxes generated by a specific project or projects within a defined geographic district. The municipality defines the district size, determines the amount of new taxes to be captured, identifies allowable public and private projects, with the whole package requiring local political approval. Town Manager Donna Turner says the TIF was one of the reasons plant officials chose the town as home to the new facility.
"We made them this proposal. It included this TIF. They didn't have to come here. They could have gone, you know, there was a handful of other places, you know - out of state, out of the country - that they could have gone to with this," says Donna Turner.