Sunday, September 17, 2006
Mayor: Kennebec Arsenal tax breaks worth the cost Council could decide Monday
By GARY REMAL
AUGUSTA -- The City Council Monday is poised to hand out the largest property tax break in city history to a developer promising to renovate the 175-year-old Kennebec Arsenal for office, retail and residential use.
If council members approve the tax-increment financing (TIF) deal, all city property taxes from the multimillion-dollar project would be returned to the developer for the first seven years of a 25-year deal. In the remaining 18 years, 75 percent of the property taxes would be returned.