FINANCIAL_SERVICESAPPROVED

City of Biddeford Awards Financial Services Contract to Westbrook Development Corporation (August 2025)

Biddeford’s council adopted a TIF amendment enabling a 28‑year credit enhancement agreement with Westbrook Development Corporation for The Acadia senior affordable housing on Lot 1C. Beginning July 1, 2026, the City will reimburse the developer 100% of TIF revenues generated from 75% of the parcel’s increased assessed value through June 30, 2054.

Document date · August 5, 2025

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TerraCycle logo
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WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
100% of 75% captured tax increment on added lots for 28 years (amount varies annually)
Contract type
FINANCIAL_SERVICES
Contract term
July 1, 2026 – June 30, 2054 (28 years)
Renewal date
2054-06-30
Renewal
Credit enhancement agreement has a fixed 28‑year term through June 30, 2054; no renewal options are noted.
Document type
AgendaPacket
Source document
City of Biddeford City Council Agenda Packet 2025-08-05

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Biddeford?

Westbrook Development Corporation was awarded this financial services contract by City of Biddeford, as recorded on August 5, 2025. The contract value is 100% of 75% captured tax increment on added lots for 28 years (amount varies annually).

How much is the Westbrook Development Corporation contract with City of Biddeford worth?

The Westbrook Development Corporation contract with City of Biddeford is valued at 100% of 75% captured tax increment on added lots for 28 years (amount varies annually), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in City of Biddeford City Council Agenda Packet 2025-08-05 (AgendaPacket), dated August 5, 2025 from City of Biddeford. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Westbrook Development Corporation hold?

Westbrook Development Corporation may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Westbrook Development Corporation's profile

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