[HISTORY: Adopted by the Town Council of the Town of Kittery 12-13-2010 by Ord. No. 10-03. Amendments noted where applicable.]
Municipal development and tax increment financing districts are hereby designated, to be known as District No. 1 (Mixed Use), District No. 2 (Route 1 Shopping Corridor), and District No. 3 (Business Park), and herewith is adopted the development program for such districts; such designations and adoptions to be pursuant to the following findings, terms and provisions.
The Town Council hereby finds and determines that:
The total area of the individual districts does not exceed 2% of the total acreage of the Town, and the total area of all three districts within the Town does not exceed 5% of the total acreage of the Town;
The original assessed value of all existing and proposed tax increment financing districts does not exceed 5% of the total value of equalized taxable property within the Town as of March 31, 2010; and
The designation of the districts and pursuit of the development program will make a contribution to the economic growth and well-being of the Town and the surrounding region and will contribute to the betterment of the health, welfare and safety of the inhabitants of the Town, including a broadened and improved tax base and economic stimulus, and therefore constitutes a good and valid public purpose.
Pursuant to the provisions of Title 30-A M.R.S. § 5227, the percentage of increased assessed value to be retained as captured assessed value in accordance with the development program is hereby established as set forth in the development program.
The Town Manager is hereby authorized, empowered and directed to submit the proposed designation of the districts and the proposed development program for the districts to the State of Maine Department of Economic and Community Development for review and approval pursuant to the requirements of Title 30-A M.R.S. § 5226.
The foregoing designation of the districts and the adoption of the development program for the districts automatically becomes final and takes full force and effect upon receipt by the Town of approval of the designation of the districts and adoption of the development program by the State of Maine Department of Economic and Community Development, without requirement of further action by the Town, the Town Council or any other party.
The Town Manager is hereby authorized and empowered, as may be necessary from time to time, to make such revisions to the development program for the districts as the Town Council deems reasonably necessary or convenient in order to facilitate the process for review and approval of the districts by the State of Maine Department of Economic and Community Development, or for any other reason, so long as such revisions are not inconsistent with this chapter or the basic structure and intent of the development program.
Credit enhancement agreement(s) that may be entered into by the Town and one or more developers; description of the terms and conditions of any such agreement(s), contract(s) and obligation(s) to be entered into by the Town is set forth in the Maine DECD model agreement as part of the application to the state. Any such agreement is to be in the form approved by the Town Council with any changes thereto as determined appropriate by the Town Council after public hearing.
Any credit enhancement agreement is to set forth the obligations of the Town to return to the applicable developer each year during the term of any such agreement the applicable tax increment (developer's share) as described in the model agreement.
Any obligation of the Town to make such payments is to be a limited obligation payable solely from that portion of the tax increment constituting the tax increment (developer's share) actually paid by the applicable developer as property tax and does not constitute a general debt or obligation on the part of the Town or a general obligation or charge against or pledge of the faith and credit or taxing power of the Town.
With establishment of the district(s) and implementation of the development program, no tax revenues generated for the development program may be used for municipal improvements, or other reason, until and unless private development within the district(s) is approved, warranting the need for such improvements. An exception to that criterion is an amount from each district, if available, approved by Council as part of the annual capital improvement program process for the purpose of funding economic development administration.