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Case Study: Pearl Street Garage and Riverwalk, Biddeford, Maine
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2021-01-01
[PDF-1.19 MB]
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Abstract:The City of Biddeford, Maine, used an innovative form of joint development called a progressive development agreement to design, fund, construct, and operate a downtown parking structure and related pedestrian amenities that had long been recognized as important for the city’s downtown vitality and economic development. As in many downtowns in small and midsized cities across the country, projections indicated that parking revenues would be insufficient to cover the full cost of the facility, so an allocation from an existing TIF district was used to close the gap. As an added measure of risk mitigation, the city formed a special assessment district encompassing downtown commercial properties that levies an assessment only if parking revenues fall below 90 percent of projections. This funding plan allowed the city to keep its promise to complete the project without residential property taxes.
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