Town of Freeport Awards $4,000,000 Tax Increment Financing Contract to Fht Varney Heights (May 2025)
Town of FreeportCity · Freeport, ME- Disclosed value
- $4,000,000
- From meeting minutes
- Approved
- May 6, 2025
- Term
- 30-year term
The 30-second brief
Approval of a new Affordable Housing Tax Increment Financing District and Credit Enhancement Agreement with FHT Varney Heights LP for the Varney Heights Senior Apartments project. The 30-year TIF is valued at $4,000,000 and will generate $53,000 in new revenue annually, split between the Town's General Fund and rebates to FHT to enable project financing. The project includes a 45-year affordability covenant to ensure sustained public benefit.
Fht Varney Heights holds this tax increment financing contract with Town of Freeport.
Term as filed: 30-year term.
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Contract details
- Contract type
- Tax Increment Financing
- Amount
- $4,000,000
- Document date
- May 6, 2025
- Term
- 30-year term
- Vendor
- Fht Varney Heights
- Agency
- Town of Freeport
- Source document
- town-of-freeport-meeting-minutes-2025-05-06_e73.txt (Meeting Minutes)
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Questions about this contract
Who was awarded the tax increment financing contract by Town of Freeport?
Fht Varney Heights was awarded this tax increment financing contract by Town of Freeport, as recorded on May 6, 2025. The contract value is $4,000,000.
How much is the Fht Varney Heights contract with Town of Freeport worth?
The Fht Varney Heights contract with Town of Freeport is valued at $4,000,000, covering tax increment financing work.
What type of contract is this?
This is a Tax Increment Financing contract, documented as a meeting minutes record.
Where was this contract approved?
This contract appears in town-of-freeport-meeting-minutes-2025-05-06_e73.txt (Meeting Minutes), dated May 6, 2025 from Town of Freeport. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Fht Varney Heights hold?
Fht Varney Heights may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is Town of Freeport currently buying?
Explore Town of Freeport's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.