BATH — The City Council on Wednesday unanimously approved the tax increment financing budget for fiscal 2010.
The budget includes two TIFs.
The Wing Farm TIF includes the first two phases of the Wing Farm business park, the Bath Iron Works Ultra Hall and downtown projects. The Hampton Inn being built downtown will later be included in this TIF.
Total revenue is more than $187,000, of which nearly $179,000 will fund debt service for the $2 million bond used to buy and build on the Wing Farm phase two property. Nearly $8,700 remains in surplus.
Bath’s other TIF was created around BIW’s land level facility and has earned a revenue for fiscal 2010 of more than $956,000. Expenses, which total almost $924,000, include nearly $622,000 for debt service on various completed infrastructure projects, a $130,000 contribution to the Bath Local Development Corp., a $27,000 contribution to Main Street Bath, $100,000 to the economic development projects account, $25,000 to the economic development city manager account and $20,000 to the city’s historic marker program.
Of Main Street’s $27,000, $7,000 goes toward flowers in the downtown district. From the $100,000 for economic development projects, $7,000 will go to the Midcoast Regional Redevelopment Authority for job creation efforts on the Brunswick Naval Air Station property, which the U.S. Navy is vacating by 2011.
The city manager account includes minor economic development initiative costs such as Christmas lights and fireworks.
Nearly $33,000 of this fiscal 2010 BIW TIF remains in surplus. Surplus funds roll into TIF budgets for subsequent years, according to City Manager Bill Giroux.
Alex Lear can be reached at 373-9060 ext. 113 or email@example.com.