ROCKLAND, Maine — The owner of two downtown business blocks, who has an option for a contiguous third building, is asking the city to give him a break on property taxes while he invests large amounts of money into restoring the historic buildings.
Richard Rockwell met with city councilors Monday night. The council agreed with Rockwell at the end of the discussion that city staff work with the businessman on specific terms of what is being sought and what the city will receive in return.
Rockwell purchased the four-story brick Kimball Block building at 435 Main St. in November 2013. Rockwell plans to create an indoor market in the building that had been the longtime home of “The Store.”
He also owns the nearby Hewett Block at 449 Main St., which he purchased from Barry Faber in August 2008.
On Monday night, Rockwell said he also has an option to purchase 429 Main St., which abuts 435 Main St.
Rockwell said he eventually wants to install an elevator and connect the buildings so the upper floors of the structures can be converted to residences. This would attract year-round residents to the downtown, he said.
The project he is proposing would benefit the city with new jobs and taxes. What Rockwell is asking for is to have a portion of increased taxes given back to him when the increase is the result of investments he makes.
A letter he sent to the city suggested there be a 12-year agreement on increased taxes. Rockwell’s buildings are located in a downtown tax increment financing district where increased taxes can be returned on new investment in a process called credit enhancements.
Rockwell said the market, to be located on the Main Street level, will be completed next summer. The next phase will be completing the basement level that faces the Thorndike parking lot located in the rear of the downtown business block. The third phase will be to convert upper floors to residences, and the final phase would be to connect adjoining buildings.
He said he hopes this project would inspire other downtown building owners to do the same thing.
Councilor Valli Geiger said she did not want to give Rockwell a tax break that would give his market an unfair advantage to other similar businesses but said she would be more comfortable with an arrangement that would would allow the installation of an elevator that could then open up the upper floors to residences.