TOPSHAM

It took 55 voters but 40 minutes to nearly unanimously approve two tax-increment financing districts, a revitalization plan, a zoning amendment and sponsorship of a federal grant to an expanding business at a special town meeting Wednesday.

Those who participated represent fewer than 1 percent of Topsham’s registered voters.
One TIF district — 3 acres in size — will rebate to developers half of property tax revenues for 18 years so it can build and operate a 36-unit senior housing facility at the current Amenity Manor site at 29 Elm St.

The TIF allows the developer to secure tax credits that provide capital to build the project. Without that, “this project could not proceed,” said John Shattuck, Topsham’s economic and community development director.

The TIF “anticipates three years of build out and 15 years of high revenue production in taxes,” Shattuck said.

The property now is taxed at about $5,500; after school and county assessments, the town keeps about $2,100, Shattuck said.

Gross tax revenue from the new building would increase collections to about $40,000 and allow the town to retain about $19,600 a year as opposed to the $2,100 he said.

Voters also approved a downtown municipal TIF district for Main Street from the Frank J. Wood Bridge to the Interstate 295 overpass.

And they approved a neighborhood revitalization plan for the Elm and Green streets area; a zoning ordinance amendment to allow light manufacturing as a conditional use at Topsham Commerce Park with no outside storage; and authorized the town to submit a Community Development Block Grant to the state’s Economic Development Program on behalf of Wicked Joe Coffee Roasting Co., in the amount of $270,000. The Brunswick company is looking to expand in the former Commissary at Topsham Commerce Park and has committed to create nine new jobs.

For the complete version, read today’s print edition of The Times Record.