Caribou studies TIF agreement for expansion of dentists


Caribou is studying a TIF agreement with Gagnon’s Rental Properties that would assist in the expansion and relocation of Northern Maine Dental. Gagnon plans to spend $ 900,000 in renovation costs as part of the effort, according to City Manager Dennis Marker.

CARIBOU, Maine – Caribou is studying a TIF agreement with Gagnon’s Rental Properties that would assist in the expansion and relocation of Northern Maine Dental. Gagnon plans to spend $ 900,000 in renovation costs as part of the effort, according to City Manager Dennis Marker.

Marker said Dr Meagan Thompson recently acquired Northern Maine Dental from Dr David Smith, who had owned and operated the business from his Main Street home since 1981. Thompson wants to expand the business and is looking for more space through Gagnon. .

She plans to bring another dentist to the area, increase staff and services and bring more than $ 640,000 in new equipment to Caribou, according to information submitted to the council. The new office would be located on Highway 14 Access.

Marker said that with Gagnon’s property being part of the city’s TIF neighborhood, the credit enhancement deal would help him recover some of the costs associated with the building’s renovation.

The downtown TIF district is only 15 years old, Marker said, meaning that’s the maximum length of time the deal could be set. He added that with the city passing by ordinance a limit of 80 percent of funds per year for TIF agreements, the council should determine a percentage that does not exceed that number.

As written, the agreement is intended to provide the maximum possible benefit. But he told advisers on May 3 that they could discuss further negotiations in a private, executive session if necessary.

Mayor Jody Smith asked if councilors have any questions, and after hearing none, reiterated that this is a draft and first reading, and that council will reconsider the deal. in more detail at future meetings.

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Robert Young

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