The state Department of Economic and Community Development (DECD) is pleased to announce the recent approval of tax increment financing (TIF) for the UPC Wind Power Project on Stetson Mountain in northern Washington County; it is the first TIF ever approved for an unorganized territory in Maine. The project will utilize hundreds of people during the design, engineering and construction of the facility which is slated to begin this winter pending final approval of its plans by the Land Use Regulation Commission.
"This is great news for not only Washington County but the entire state," stated DECD Commissioner John Richardson. "The construction of the project will create new jobs for the region and the energy generated will provide over 27,000 homes with clean, green electricity. The efforts of the many people involved with making this happen are to be congratulated."
UPC Wind approached Washington County officials at the start of the project regarding a potential TIF. Although the TIF program has been utilized extensively by municipalities throughout the state, only county governments can establish a TIF in an unorganized territory and, until now, it had never been done.
"This historic action by the State of Maine represents a major milestone for the Stetson Wind Project as the TIF revenues will provide the necessary foundation to ensure the viability of the project," said Matt Kearns, UPC Wind's project manager for Stetson Wind. "We also appreciate the leadership shown by Washington County, which has embraced the many benefits of this project including the potential jobs and revenue that it will bring to the region."
Washington County Commissioner Kevin Shorey worked closely with UPC Wind, other local officials and DECD on the application for the TIF. "We are very pleased that the TIF has been approved," Shorey said. "This economic incentive tool will provide the funding necessary for the Stetson Project to move forward. The TIF will give the residents of the unorganized territories of Washington County an opportunity to develop an economic strategy that will benefit the entire county, while at the same time providing green energy for our region."
The Stetson Wind Project will consist of the construction and operation of 38 GE 1.5 megawatt wind turbines, considered to be the most reliable in the wind industry. The project will produce approximately 150 million kilowatt-hours of electricity annually and will emit no pollutants. To produce the equivalent amount of power using conventional sources of electricity, such as oil or gas, over 100,000 metric tons of pollutants would be emitted.
The Stetson Mountain location has many positive attributes including no residential properties closer than 2,500 feet, there is an excellent source of wind along the ridge and the construction will have a minimal environmental impact as there are existing roads previously used for logging.
UPC Wind is an American-owned company based out of Newton, Massachusetts. They have offices in Maine, Vermont, New York, Pennsylvania, California, Oregon and Hawaii. The Stetson Project in combination with UPC Wind's Mars Hill facility, will generate enough clean energy to power approximately 45,000 New England homes.
Tax increment financing is a DECD program that guides and encourages local economic development activity. It is a tool that permits a municipality, or as in this case, a county, to participate in local project financing by using some or all of the new property taxes from a capital investment within a designated geographic district. The county has the option of using the "incremental" taxes to retire bonds it has issued for the project, compensate a developer or business for development project costs, or fund eligible community economic development activities. About First Wind
First Wind is based in Newton, Massachusetts. First Wind is an American-owned company, with a proven track record of developing, owning, and operating well-sited, community-friendly wind farms that increase energy independence. For more information on First Wind, please visit www.firstwind.com.
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For more information, contact:
John Lamontagne
Director, Communications
First Wind
617-964-3340
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