A Tax Increment Financing Development District (TIF) involves creation of a geographically defined district in the Town and the "capture" or reinvestment of some of the new increased or "incremental" tax revenues generated by new development and business expansion in the District to pay certain costs of development and certain costs of new public facilities, improvements and programs. The Town anticipates that development within the District will have significant impacts on the Town's infrastructure, such as roads, thereby requiring upgrades and improvements to the same, and create an increased demand for public services, such as public safety and public works. Accordingly, the Town expects that the new taxes generated from increased assessed value of the development within the District will be used to fund economic development and public improvements related thereto and desires to accomplish the following goals by designating this District and adopting this Development Program:
- Maintain existing tax revenues
- Enhance future tax revenues generated by new development throughout the Town
- Create long-term, stable employment opportunities for area residents
- Attract Businesses and promote the economic viability and sustainability of the general economy of the Town
- Improve the infrastructure throughout the District and the Town to attract and retain commercial development and business operations.
Given the nearly completed Assessment re-evaluation in Gray, the Town had a golden opportunity to set up a new TIF to shield the increase in valuation immediately and segregate funds to be used for much needed infrastructure upgrades and maintenance. The TIF was approved on May 22nd, 2018 and runs 30 years. The Village Area and certain properties along the by-pass which abut the existing Northbrook Industrial Complex (included in the Northbrook TIF district) and/or provide access to property along the by-pass were identified as areas suitable for increased commercial or mixed development.
- Due to the fact that each of the main roads running throughout Gray (Route 100, Route 115, Route 202 and Route 26) all intersect within the Village (and thus Village TIF), the TIF encompasses infrastructure improvements on all of those roads which will give the Town flexibility to prioritize and fund critical infrastructure upgrades and maintenance along each of these roads. Some Examples:
- Shaker Road (Rt 26) starting at Main Street to Libby Hill Road - catch basin, storm water drainage, sidewalk replacement/expansion
- Route 110/115/202 Intersection analysis for possible redesign/improvements
- Yarmouth Rd (Rt 115) leading into Village - reconstruction (in partnership with the MDOT), drainage, traffic calming measures, expansion of sidewalks
- Evaluation of a possible Village Sewer system
- Center Rd (including MTA bridge) - analysis of possible new access or redirected access points to address safety/traffic issues with Route 202
- Main Street (Rt 100) - analyze additional needs for upgrades - storm water, water, utility conduit, other piping - for when MDOT rebuilds the road & infrastructure (5-7 years)
The Council and Town Staff are currently discussing options for changes in 'uses' within the District to help revitalize the Village and encourage new development on the larger parcels by the by-pass. In addition, the Council is working to obtain engineering and more information on the various projects listed above to determine viability and priorities.