Franklin County TIF Workshops Presentation
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Franklin County TIF Workshops Presentation

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Powerpoint presentation from the 2014 TIF application workshop at the Carrabassett Valley Library.

Powerpoint presentation from the 2014 TIF application workshop at the Carrabassett Valley Library.

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Franklin County TIF Workshops Presentation Presentation Transcript

  • 1. Franklin County Tax Increment Financing Workshop February 27, 2014 Carrabassett Valley Library
  • 2. Introduction: Established in May of 2008, the Franklin County Tax Increment Financing (TIF) District was created to provide public assistance to the financing of the Kibby Wind Power Project and to establish an economic development program for the Unorganized Townships of Franklin County.
  • 3. Introduction: The County Commissioners worked with the TransCanada Maine Wind Development Inc. to establish a TIF District and an associated Credit Enhancement Agreement to allow for the taxes generated by the project to remain in the County’s unorganized townships for the purpose of economic development.  The TIF and CEA allow for  75% of the new taxes generated by the project to be retained by the county over 20 years.  The County agreed to reimburse to the Company 60% of those new taxes annually for 20 years.  The remainder of the TIF funds (40%) would be dedicated to the County for economic development purposes .
  • 4. Unorganized Townships Chain of Ponds Township Coburn Gore Freeman Township Lang Township Madrid Township Perkins Township Redington Township Salem Township Township D Township E No. 1, R.5 (Jim Pond) No.1, R.5 (Skinner) No.2, R.4 (Tim Pond) No.2, R.6 (Chain of Ponds) No.2, R.7 W.B.K.P No.2, R. 8 (Beattie) No.3, R.3 (Davis) No.3, R.4 (Stetsontown) No.3 R.5 (Seven Ponds) No.3, R.6 (Massachusetts Gore) No.4, R.1 (Mt. Abraham), B.K.P., W.K.P No.4, R.3 (Wyman) B.K.P., W.K.P. Township 6 Washington Township No.1, R.6 (Kibby) No.1, R.9 (Gorham Gore) No.2, R.5 (Alder Stream)
  • 5. Project-Based Grant Application Breakdown
  • 6. Types of Projects for Which Franklin County TIF Project Grant Funds can be Used  Scenic Byway Improvements  Tourism Planning and Marketing  Scenic Byway Planning and Updates  Match for Grants  Multi-Purpose Recreation Trails
  • 7. The steps to completing the application are as follows: 1. Submit Letter of Intent 2. Upon receiving feedback from the TIF Review Committee, compile proof of engagement, letters of intent and proof of required permits and easements. 3. Complete the online form 4. Submit the online form and all required materials to: jmagoon@franklincountyme.com AND ahagerstrom@greaterfranklin.com 5. Documents which can not be sent electronically should be sent to: Julie Magoon c/o Franklin County Commissioners’ Office 140 Main Street Farmington, ME 04938
  • 8. Letter of Intent  An introduction to the project and how it benefits the Unorganized Township (UT)  A description of your organization  A statement of need and amount requested  A brief outline of your plans of action  A brief discussion of your other funding sources for the project (donations, other grants, etc.) The Letter of Intent must not exceed the one page provided on the form.
  • 9. The Franklin County TIF grant application is made up of four parts, all due together 1. Proof of engagement with a Franklin County Network 2. Letters of Agreement 3. Proof of Permissions, Permits and Easements 4. Online TIF Grant Application form
  • 10. Letters of Agreement  If your project is collaborative – the financial and time responsibility of more than one organization – letters of agreement are required.  Do not send letters of agreement if only your organization takes responsibility for the project. It is strongly recommended that you work collaboratively with other businesses, as it will enhance your overall score.
  • 11. Example: Letter of Agreement Mike from ATV Club A will work with Jim From ATV Club Z to restore trails in their area. Mike is applying for a TIF grant. Their letter of understanding could look like this.. Dear Mike, ATV Club A – We here at ATV Club Z will contribute the following to the trail restoration project from May 3rd-May 30th, 2014. - Provide $3,000 towards labor costs - Spend 15 hours weekly devoted to leveling the trails and beautifying them - Meet biweekly with the ATV Club A to discuss project progress - Help market the trails after their renovation by notifying our network ATV Club A has agreed to contribute the following from May 3rd – May 30th 2014 -the remaining $7,000 of the $10,000 in labor costs -Supply equipment and materials necessary for project completion -Spend 15 to 30 hours weekly devoted to trail restoration -Attend biweekly meetings with ATV Club Z to discuss project progress -Facilitation of various administrative and other tasks as they arise We look forward to working together on this project! Sincerely, Jim Smith, ATV Club Z (Signature, Date) Agreed by: Mike LaBrecque, ATV Club A (Signature, Date)
  • 12. Proof of Engagement with a Franklin County Network  Ex. Franklin County Community College Network, Franklin County Tourism Network, High Peaks Creative Council etc. Proof of Engagement should be documented by  Current or former membership in an organization by you or a project partner.  Previous project work with an organization.  Participation in a networks programming.  Planned participation is also accepted, but must be documented and available to submit to the committee upon request.
  • 13. Proof of Permissions Permits, and Easements If your project will require Permissions and Easements, documentation of your successful access to these will be required. If your project will require a permit, proof of approval is needed at time of applicaton.
  • 14. Online Form  Form can be found at http://www.greaterfranklin.com/resources/franklin countytif  DUE:  Letter of intent: March 17, 2014  Grant Application : May 7, 2014
  • 15. Instructions for downloading and saving a PDF form  Both the letter of intent form, and the Project-Based Grant Online Form are provided in PDF format. In order to complete these forms, you must have Acrobat Reader installed on you computer. If you do not, you can download Acrobat Reader by going to http://get.adobe.com/reader
  • 16. Saving PDF files to your computer Allow your mouse to hover over the bottom right of the screen. When the black command box appears, click on the disk, indicating you would like to save the document to your computer
  • 17. Saving PDF files to your computer Choose to save the application to your desktop. You should now be able to locate the application on your computer desktop. You may fill in, save and print the application
  • 18. Filling out the Form The Online Form is Comprised of:  General Information  Project Summary  Project Objectives  Project Timeline  Funding and Expenses  Collaborating Organizations or Businesses  Required Documents and Information
  • 19. Download adobe reader Save form to your desktop and complete. Save when completed. Attach completed form, and other scanned documents to an email, and send to: Submitting the Application jmagoon@franklincountyme.com AND ahagerstrom@greaterfranklin.com
  • 20. TIF Project Scoring Sheet Project Name: Amount Requested: Amount Recommended Standard Criteria (Score All Criteria) Points Possible Points Awarded Evidence of Collaboration 1-20 Evidence of engagement with a Franklin County “Network” 1-10 Potential to provide direct benefit to business(es) in the UT 1-10 Project applicant home or work address in the UT 0 or 5 Leveraging Other Funds: % of Total Project Costs_________ 1-10 Specific Criteria (Score One Category) Points Possible Scenic Byway Improvements 1-10 Tourism Planning and Marketing 1-10 Scenic Byway Planning and Updates 1-10 Match for Grants 1-10 Multi-Purpose Recreation Trails 1-10 (Total Points Possible: 65) Total Points Date: Location of Project: Scored by: Category: Notes:
  • 21. Required Follow-Up Information Progress and Final Reports
  • 22. Progress Report The Progress Report will be due within 6 months of the dispersal of grand funds • General Information • Progress Summary • Expense Summary
  • 23. Progress Report General Information • Name and project title • Specify the amount of the grant you received • Official start date • Projected end date
  • 24. Progress Report Progress Summary • Summary in bullet form • 300 words • Describe progress made thus far • Including: • Actions taken • Modified plans • In-progress actions • Any measurable results • Other applicable information
  • 25. Progress Report Expense Summary In this section, there will be four expense tables for you to fill in.
  • 26. Final Report
  • 27. Final Report Due within 60 days of project completion, Includes: • General Information • Progress Summary • Expense Summary
  • 28. Final Report General Information As on the TIF Grant Application online form and TIF Progress Report, you will be required to provide general information such as your name and project title. In this section, you will also be asked to specify the amount of the grant you received, as well as your official project start and end dates
  • 29. Final Report Progress Summary You will then be asked to write a final project summary – no more than 350 words – describing the project and progress you have made since the progress report. This should include all actions taken, modified plans, any measurable results, and other information at your discretion
  • 30. Final Report Expense Summary: In this section, there will be eight tables for you to fill in
  • 31. The End and Good Luck!