Whereas, the value of property within a municipality has a strong effect on the calculation of municipal revenue sharing; and

Whereas, the Town of Milo derives a large portion of its tax valuation from the presence of the Dexter Shoe Company factory; and

Whereas, the Dexter Shoe Company has recently announced the closure of its factory in Milo; and

Whereas, unless immediate action is taken to account for this decrease in valuation, the Town of Milo will suffer through the loss of significant revenues based on the closing of the Dexter Shoe Company factory; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it

Sec. 1. Modify 2000 state valuations. Resolved: That, notwithstanding the Maine Revised Statutes, Title 36, the 2000 state valuations for the Town of Milo, for the purposes of calculating state-municipal revenue sharing funds, must be based on a valuation that values the property of the Dexter Shoe Company factory in the Town of Milo at $0.

Emergency clause. In view of the emergency cited in the preamble, this resolve takes effect when approved.

SUMMARY

This bill reduces the state valuation of the Dexter Shoe Company factory in the Town of Milo to $0 for purposes of calculating educational aid and other state aid.