What is TIF?
This is a general overview and not meant to be a technical definition of TIF.
TIF stands for Tax Incremental Financing. It is a way of financing new development, in our case the Rollins Wind Farm Project by Evergreen Wind Power. It allows the town to enter in a TIF agreement with the company where part of the tax revenue is given back to the company, in our case, we keep 40% and 60% goes back to Evergreen Wind Power . The benefit to the town is that our valuation doesn't increase, thus saving us an increased county tax and also an increase in our school commitment. We are limited on how we can use the tax revenue we receive through the TIF. The State has guidelines that we must follow and we had to present a plan for voter approval and for State approval. We do have the ability to modify the plan during the course of the TIF, which runs for 30 years.
One of the major goals for the TIF is economic development for the town. We will be working to try to bring businesses to Winn. We certainly welcome input from anyone who has any ideas on the best way to do this. We also are going to try to use the revenue from the TIF to address the problem of our roads. This is one of our main priorities. There are certain things that need to be addressed in order to make Winn more attractive for potential businesses to locate in our town.
Some Facts
We have 3 wind turbines in town. The middle picture above shows 2 of them and one blade from the 3rd one. We also have 7.72 miles of transmission lines that run through town and connect to the lines from the Danforth Project in Mattawamkeag. The Rollins Wind Farm Project includes the towns of Burlington, Lincoln, Lee and Winn. Each one of the towns entered into a TIF agreement.
This is a general overview and not meant to be a technical definition of TIF.
TIF stands for Tax Incremental Financing. It is a way of financing new development, in our case the Rollins Wind Farm Project by Evergreen Wind Power. It allows the town to enter in a TIF agreement with the company where part of the tax revenue is given back to the company, in our case, we keep 40% and 60% goes back to Evergreen Wind Power . The benefit to the town is that our valuation doesn't increase, thus saving us an increased county tax and also an increase in our school commitment. We are limited on how we can use the tax revenue we receive through the TIF. The State has guidelines that we must follow and we had to present a plan for voter approval and for State approval. We do have the ability to modify the plan during the course of the TIF, which runs for 30 years.
One of the major goals for the TIF is economic development for the town. We will be working to try to bring businesses to Winn. We certainly welcome input from anyone who has any ideas on the best way to do this. We also are going to try to use the revenue from the TIF to address the problem of our roads. This is one of our main priorities. There are certain things that need to be addressed in order to make Winn more attractive for potential businesses to locate in our town.
Some Facts
We have 3 wind turbines in town. The middle picture above shows 2 of them and one blade from the 3rd one. We also have 7.72 miles of transmission lines that run through town and connect to the lines from the Danforth Project in Mattawamkeag. The Rollins Wind Farm Project includes the towns of Burlington, Lincoln, Lee and Winn. Each one of the towns entered into a TIF agreement.