Franklin CountyTax Increment Financing Workshop

February 27, 2014

Carrabassett Valley Library

Introduction:

Established in May of 2008, the Franklin County Tax Increment Financing (TIF) District was created to provide public assistance to the financing of the Kibby Wind Power Project and to establish an economic development program for the Unorganized Townships of Franklin County.

Introduction:

The County Commissioners worked with the TransCanada Maine Wind Development Inc. to establish a TIF District and an associated Credit Enhancement Agreement to allow for the taxes generated by the project to remain in the County’s unorganized townships for the purpose of economic development. The TIF and CEA allow for

75% of the new taxes generated by the project to be retained by the county over 20 years.

The County agreed to reimburse to the Company 60% of those new taxes annually for 20 years.

The remainder of the TIF funds (40%) would be dedicated to the County for economic development purposes .

Unorganized Townships

Chain of Ponds Township

Coburn Gore

Freeman Township

Lang Township

Madrid Township

Perkins Township

Redington Township

Salem Township

Township D

Township E

No. 1, R.5 (Jim Pond)

No.1, R.5 (Skinner)

No.2, R.4 (Tim Pond)

No.2, R.6 (Chain of Ponds)

No.2, R.7 W.B.K.P

No.2, R. 8 (Beattie)

No.3, R.3 (Davis)

No.3, R.4 (Stetsontown)

No.3 R.5 (Seven Ponds)

No.3, R.6 (Massachusetts Gore)

No.4, R.1 (Mt. Abraham), B.K.P., W.K.P

No.4, R.3 (Wyman) B.K.P., W.K.P.

Township 6

Washington Township

No.1, R.6 (Kibby)

No.1, R.9 (Gorham Gore)

No.2, R.5 (Alder Stream)

Project-Based GrantApplication Breakdown

The steps to completing the application are as follows:

1. Submit Letter of Intent

2. Upon receiving feedback from the TIF Review Committee, compile proof of engagement, letters of intent and proof of required permits and easements.

3. Complete the online form

4. Submit the online form and all required materials to: jmagoon@franklincountyme.com AND ahagerstrom@greaterfranklin.com

5. Documents which can not be sent electronically should be sent to:

Julie Magoon

c/o Franklin County Commissioners’ Office

140 Main Street

Farmington, ME 04938

Letter of Intent

An introduction to the project and how it benefits the Unorganized Township (UT)

A description of your organization A statement of need and amount requested A brief outline of your plans of action A brief discussion of your other funding sources for

the project (donations, other grants, etc.)The Letter of Intent must not exceed the one page provided on the form.

The Franklin County TIF grant application is made up of four parts, all due together

1. Proof of engagement with a Franklin County Network

2. Letters of Agreement

3. Proof of Permissions and Easements

4. Online TIF Grant Application form

Letters of Agreement

If your project is collaborative – the financial and time responsibility of more than one organization – letters of agreement are required.

Do not send letters of agreement if only your organization takes responsibility for the project.

It is strongly recommended that you work collaboratively with other businesses, as it will enhance your overall score.

Example: Letter of Agreement

Mike from ATV Club A will work with Jim From ATV Club Z to restore trails in their area. Mike is applying for a TIF grant. Their letter of understanding could look like this..

Dear Mike, ATV Club A – We here at ATV Club Z will contribute the following to the trail restoration project from May 3rd-May 30th, 2014.  - Provide $3,000 towards labor costs- Spend 15 hours weekly devoted to leveling the trails and beautifying them- Meet biweekly with the ATV Club A to discuss project progress- Help market the trails after their renovation by notifying our network ATV Club A has agreed to contribute the following from May 3rd – May 30th 2014 -the remaining $7,000 of the $10,000 in labor costs-Supply equipment and materials necessary for project completion-Spend 15 to 30 hours weekly devoted to trail restoration -Attend biweekly meetings with ATV Club Z to discuss project progress-Facilitation of various administrative and other tasks as they arise We look forward to working together on this project! Sincerely,  Jim Smith, ATV Club Z(Signature, Date) Agreed by: Mike LaBrecque, ATV Club A(Signature, Date)

Proof of Engagement with a Franklin County Network

Ex. Franklin County Community College Network, Franklin County Tourism Network, High Peaks Creative Council etc.

Proof of Engagement should be documented by Current of former membership in an organization by you or a

project partner. Previous project work with an organization. Participation in a networks programming. Planned participation is also accepted, but must be

documented and available to submit to the committee upon request.

Proof of Permissions Permits, and Easements

If your project will require Permissions and Easements, documentation of your successful access to these will be required.

If your project will require a permit, proof of approval is needed at time of applicaton.

Online Form

Form can be found at http://www.greaterfranklin.com/resources/franklincountytif

DUE: Letter of intent: March 17, 2014 Grant Application : May 7, 2014

Instructions for downloading and saving a PDF form

Both the letter of intent form, and the Project Base Grant Online Form are provided in PDF format. In order to complete these forms, you must have Acrobat Reader installed on you computer. If you do not, you can download Acrobat Reader by going to

http://get.adobe.com/reader

Saving PDF files to your computer

Allow your mouse to hover over the bottom right of the

screen. When the black command box appears, click on the disk, indicating you

would like to save the document to your computer

Saving PDF files to your computer

Choose to save the application to your desktop. You should now be able to

locate the application on your computer desktop. You may

fill in, save and print the application

Filling out the Form

The Online Form is Comprised of: General Information Project Summary Project Objectives Project Timeline Funding and Expenses Collaborating Organizations or Businesses Required Documents and Information

Download adobe reader

Save form to your desktop and

complete. Save when completed.

Attach completed form, and other

scanned documents to an

email, and send to:

Submitting the Application

jmagoon@franklincountyme.comAND

ahagerstrom@greaterfranklin.com

TIF Project Scoring Sheet

Project Name: Amount Requested: Amount Recommended

Standard Criteria (Score All Criteria) Points Possible Points Awarded

Evidence of Collaboration 1-20

Evidence of engagement with a Franklin County “Network” 1-10

Potential to provide direct benefit to business(es) in the UT 1-10

Project applicant home or work address in the UT 0 or 5

Leveraging Other Funds: % of Total Project Costs_________ 1-10

Specific Criteria (Score One Category) Points Possible

Scenic Byway Improvements 1-10

Tourism Planning and Marketing 1-10

Scenic Byway Planning and Updates 1-10

Match for Grants 1-10

Multi-Purpose Recreation Trails 1-10

(Total Points Possible: 65) Total Points

Date:

Location of Project:

Scored by:

Category:

Notes:

The End

and

Good Luck!