19- 100 C.M.R. ch. 2, § 2

Current through 2024-51, December 18, 2024

Section 100-2-2 - APPLICATION REQUIREMENTS

A. GENERAL

Municipalities wishing to use pulp and paper tax increment financing to fund development programs must submit an application to the Department conforming in all material respects to the requirements of Section (B) below and providing any additional information the Department may request.

A county may act as a municipality for the unorganized territory within that county for purposes of pulp and paper tax increment financing utilizing the procedure specified in 30-A M.R.S.A. §5263.

B. PULP AND PAPER TAX INCREMENT FINANCING APPLICATION

An application for designation of a pulp and paper tax increment financing district must contain the following:

1. A Development Program, fulfilling the requirements specified in 30-A M.R.S.A. §5262(5), and including:

a. a program narrative;

b. a description of the district and the environmental improvement project to be financed, as depicted in Table I in the Appendix;

c. a description of the Certified Elements included in the environmental improvement project.

2. A Financial Plan, fulfilling the requirements specified in 30-A M.R.S.A. §5263(7) and including:

a. a description of estimated development costs;

b. a description of the financing structure;

c. development cost estimates and a description of the expected sources and uses of funds to finance the development costs, as depicted in Table 2 in the Appendix; and

d. the estimated portion of the captured assessed values to be applied to the development program and resulting tax increments estimated in each year of the development program.

3. Record of Municipal Approvals, including:

a. a certified copy of the notice of public hearing, published at least ten days prior to the hearing in a newspaper of general circulation within the municipality;

b. minutes of the public meeting at which the proposed pulp and paper tax increment financing district was discussed;

c. a copy of the pulp and paper tax increment financing resolution from the governing body of the municipality; and

d. the signature of the municipal officer attesting that all information is true and correct to the best of his or her knowledge.

19- 100 C.M.R. ch. 2, § 2