30-Year TIF Allows the Municipality to Incentivize Growth, Business Development, Expansion, and Retention.
Oakland, ME 5/25/23 – Encompassing 37.27 acres, the Maine Department of Economic and Community Development has approved a newly designated Downtown Tax Increment Finance (TIF) district within the Town of Oakland. The new district will allow the municipality to stimulate investment, encourage business expansion and retention, attract new businesses, and boost beautification initiatives while supporting the Town’s growing vibrancy.
“This newly created TIF district will make a lasting impact in the Town of Oakland by making the downtown more investable, safer, more pedestrian-friendly, and directly aligns with the town’s vision of supporting business development and retention,” said Oakland Town Manager Ella Bowman. “I want to thank the municipal staff and town council who have worked to help advance this initiative, the Oakland Downtown Redevelopment committee for their dedication to this initiative, who was a key driver behind the project, and all the residents and community groups who voiced their support.”
Plans for TIF funding realized from the district will be utilized to support infrastructure, business growth, facade improvements, marketing the downtown, expanding and improving area trail connections, and more. Funding will also be leveraged to secure additional investment and incentivize business recruitment and retention in the district.
“Oakland is driving impact and support for residents, businesses, and remote rural workers through this project, incentivizing investment, cultivating new business attraction, and ultimately contributing to the overall economic well-being of the town and region,” said Central Maine Growth Council Director of Planning, Innovation, and Economic Development Garvan Donegan. “This newly approved TIF district will create the necessary conditions to support economic development along Main Street and downtown revitalization in the Town of Oakland as a whole.”
Last modified: May 25, 2023
