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Programs & Incentives

Sanford and its Maine partners offer a comprehensive set of financial incentives and support programs to mitigate relocation costs and facilitate investments that promote job growth. Each program has a specific focus and may either be applicable to most businesses or may target certain industries, company size or stage of business development e.g. startup, small business, established company, etc. The number of programs is extensive.

 

Municipal Tax Increment Financing (TIF)

Municipal Tax Increment Financing (TIF)

TIF is a tool that permits the City of Sanford to participate in local project financing by using some or all of the new property taxes from a capital investment within a district. The City has the option of using the “incremental” taxes to reimburse a developer or business for a portion of development project costs. Staff presently at the Growth Council assisted in the re-drafting of the program legislation and rules in 2001 and managed the state program for ten years.
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Pine Tree Development Zones (PTZ)

Pine Tree Zone Development Zones (PTZ)

The PTZ program offers eligible businesses the chance to greatly reduce, or virtually eliminate, state taxes for up to ten years when they create new, quality jobs in certain business sectors, or move existing jobs in those sectors to Maine. The program is administered by Maine's Department of Economic and Community Development. Staff presently at the Growth Council assisted in the drafting of the original legislation in 2004 and managed the state program for 5 years.
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The Sanford Regional Economic Growth Council wants to appropriately explain and connect you with the most relevant public and private resources that may assist you in your plans to start, grow, or locate your business. These include federal, state, regional, and local resources. Contact information for each organization is available.

The best way to adequately inform us about your needs is to complete a 3-4 page “query sheet” that summarizes your plans. We will maintain confidentiality per your wishes and use this to help determine the programs that make the most sense for you.

If you have any questions about programs, incentives, or any other resources available, please contact the Sanford Regional Economic Growth Council at 207-324-9155 or fill out the “Contact Us form below” We will reply promptly.