The Waterville City Council on Tuesday night approved a tax district shift that aims to help a $10.5-million renovation of two downtown buildings move ahead, the Morning Sentinel reported.
The council voted to move the buildings — 155 and 165 Main St. — out of their current tax increment financing district to allow them to be moved into a newly established one, the newspaper reported.
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All or some taxes paid in so-called TIF districts can be given back to the property owners in order to help spur reinvestment in the properties and economic development.
The change will effectively allow the city to restart the clock on the life of a tax deal for the properties in question, the details of which — such as how much money will be given back to the property owners — remain to be worked out, the newspaper reported.
The family-run group that owns the buildings, headed by a father and two sons, hopes to renovate them to include a craft brewery, function space, bowling alley, restaurant, market rate apartments and offices, the Morning Sentinel reported.
