Section 100-2-4 - DEPARTMENT DESIGNATION PROCEDURES AND LIMITATIONSA. DESIGNATION PROCEDURES Upon determining that an application for designation of a pulp and paper tax increment financing district meets all applicable requirements, the Commissioner shall issue a Certificate of Approval. The Certificate of Approval shall indicate the amount of captured assessed value that is necessary to retire the debt or pay for project costs as described in the applicant's development program. The amount of captured assessed value shall be determined as follows:
1. The Department shall first determine from the information presented in the financial plan the amount of tax increment revenue required in any one year to provide for adequate funding of (a) the development sinking fund account established pursuant to 30-A M.R.S.A. §5265(3) (A) (1) and (b) the project cost account established pursuant to 30-A M.R.S.A. §5265(3) (A) (2).2. For the sinking fund, the amount of debt service shall then be divided by the mill rate anticipated in the year in which the amount of debt service is to be incurred. The resulting figure represents the amount of captured assessed value that is necessary to retire the debt incurred in implementing the development program.3. For the project cost account, the amount of approved annual project costs shall then be divided by the mill rate anticipated in the year in which the amount of project costs are to be incurred, or the municipality may designate a percentage of total increased assessed value as the captured assessed value, in which case the captured assessed value is determined as set forth in the financial plan. Unless amended and approved by the Commissioner, such designation shall remain in effect for the shorter of either twenty years or until revenues sufficient to fully fund the sinking fund account and project cost account requirements have been realized.
B. LIMITATIONS The district may continue for a term of up to twenty years.
19- 100 C.M.R. ch. 2, § 4