After the Oct. 10 China selectmen’s special executive-session meeting, Town Manager Dennis Heath reported the four board members attending voted unanimously to give Buckshot Power Sports a $25,000 loan.
The loan will come from China’s TIF (Tax Increment Financing) fund’s revolving loan fund. The loan was recommended by the TIF Committee’s loan subcommittee and by the TIF Committee.
Kennebec Valley Council of Governments assists the China committee managing loans, and a consultant working with KVCOG was involved in reviewing the loan application. Heath said the final document incorporates recommendations from the consultant.
Selectmen’s approval was the last step in the application process. Heath expects Buckshot Power Sports owner Mike Rackcliffe and KVCOG personnel will now finish the paperwork so Rackcliffe can get the money.
TIF funds come from taxes paid by Central Maine Power Company on its north-south power line through China and its substation in South China. Under state law and regulations, TIF funds may be used for a variety of economic development purposes.
More information on China’s TIF, including application forms for TIF grants and revolving loans, is on the town website.
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