Section 100-1-2 - APPLICATION REQUIREMENTS ORIGINALA.GENERALMunicipalities wishing to use municipal tax increment financing to fund development programs must submit an application to the Department conforming in all material respects to the requirements of Sections (B) below and providing any additional information the Department may request.
In accordance with 30-A M.R.S.A., §5235, a county may act as a municipality for the unorganized territory within that county for purposes of municipal tax increment financing.
B.MUNICIPAL TAX INCREMENT FINANCING APPLICATIONA municipality wishing to use municipal tax increment financing to fund a development program shall submit to the Department for review by the Commissioner an original and one copy of an application that satisfies the requirements of this section. The municipality shall provide with the application any additional information the Department may require.
An application for designation of a municipal tax increment financing district must contain the following, in the order listed:
1. A cover letter from an authorized municipal official certifying that all information contained in the application is true and correct to the best of his or her knowledge.2. An Application Cover Sheet on a form provided by the Department;3. A completed Employment Goals form provided by the Department;4. A completed Statutory Requirements & Thresholds form provided by the Department;5. A Development program which includes a Description of public facilities, improvements, or programs to be financed in whole or in part by the development programb Description of commercial facilities, arts districts, improvements or projects to be financed in whole or in part by the development programc Duration of the program (may not exceed 30 years)d Certification of original assessed value of the taxable property in the TIF district by the municipal tax assessor, using valuation from the prior March 31ste A physical description of the district includingi. A municipal map clearly showing the site location of the proposed district relative to the municipal boundaries; andii. Tax maps clearly delineating the boundaries of the proposed districtf Financial plan i. Cost estimates for the development programii. Amount of public indebtedness to be incurrediii. Sources of anticipated revenuesiv. Description of the terms and conditions of any agreements, contracts or other obligations related to the development program (e.g. credit enhancement agreements CEAs)v. Estimates of increased assessed values of the district for each year of the programvi. Portion of the increased assessed values to be applied to the development program as captured assessed values and resulting tax increments in each year of the programvii. Tax shift calculations for each year of the programg Plans for the relocation of persons displaced by the development activitiesh Proposed regulations and facilities to improve transportationi Environmental controls to be appliedj Proposed operation of the development district after the planned capital improvements are completed 6 Evidence of public hearing a 10 day notice of public hearing, including proof of date of publicationb Minutes of public hearing, attested to and signedc Record of district designation by municipal legislative bodyC.ESTABLISHING ORIGINAL ASSESSED VALUECompleted applications must contain current information regarding the assessed value of the district as of March 31 immediately preceding the date of completed application to the Department.
D.TIMING OF SUBMISSIONIn order to establish the original assessed value specified in the municipality's development program, a municipality must submit its application to the Department by March 1 of the property tax year in which the municipality designates the tax increment financing district, unless the Commissioner, if requested by the municipality before March 1, authorizes submission after March 1 but before March 31.
19- 100 C.M.R. ch. 1, § 2