Whereas, the Town of Lincoln has suffered a disastrous fire resulting in the destruction of 25% of its downtown; and

Whereas, the Legislature has established a municipal tax increment financing program, the Maine Revised Statutes, Title 30-A, chapter 207, as a local economic development tool to permit municipalities to finance new development projects; and

Whereas, the Town of Lincoln desires to take immediate steps to prepare a tax increment financing proposal to redevelop its downtown; 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 enacted by the People of the State of Maine as follows:

Sec. 1. Authorization to adjust the definition of original assessed value. Notwithstanding the Maine Revised Statutes, Title 30-A, chapter 207, the Town of Lincoln may define "original assessed value" for the tax increment financing district it designates between April 1, 2002 and March 31, 2003 as the assessed value of the district as of April 1st of the current tax year.

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

SUMMARY

This bill allows the Town of Lincoln to create a tax increment financing district using the current assessed value of the downtown as of April 1, 2002.