The City seeks to establish a tax increment financing (“TIF”) district in order to facilitate and promote the redevelopment of 59 Elm Street known as the Saco-Lowell Building. The development and the TIF district also present opportunities for the City to invest in public infrastructure and other economic development activities described more fully herein. The City proposes to enter into a credit enhancement agreement with the developer of the project to be located in the District (the “Developer”), to promote the redevelopment of 59 Elm Street. The redevelopment project will include street-level commercial space, intended to be a storage company and market-rate apartment units, and will add to the City’s Riverwalk project.
The City of Biddeford will hold a public hearing regarding this application at its virtual City Council Meeting on December 15, 2020 at 6:00 p.m. Click here for information on how to participate in the meeting.