Tax Increment Financing (TIF) is an economic development program authorized under state law to support municipal projects. The TIF program allows municipalities to provide financial assistance to local economic development projects and programs by using property taxes that result from new commercial or residential investment.
The Auburn TIF Policy supports investment in municipal economic development programs, infrastructure investment (which is generally through the establishment of area-wide or neighborhood TIF districts) and individual project site specific TIF districts to support either infrastructure or individual private project financing needs.
The city is committed to investing in infrastructure located within the public rights of way that encourage economic development. Use of TIF investment for this purpose recognizes the savings that occur through the TIF Program’s tax sheltering benefits. Infrastructure investment may include projects such as: traffic upgrades or improvements to public parking facilities, roadways, lighting, sidewalks, water and sewer utilities; storm water management; and relocating electric and telecommunications lines underground.
Learn more about TIF in this TIF 101 Presentation from October 20, 2014 and visit Great Falls TV for the full presentation to council on October 20, 2014; the first portion of the video is TIF-related.
Historic tax credit and other tax credits- http://www.maine.gov/mhpc/tax_incentives/
Workforce development tax credit- http://www.maine.gov/decd/meocd/cdbg/programs.shtml?id=1438
Foreign trade zone- https://laegc.org/services/business-services/#business-incentives
Pine Tree Zone- http://www.maine.gov/decd/start-grow/pine-tree/