CARIBOU, Maine — Caribou is looking into a TIF agreement with Gagnon’s Rental Properties that would assist in the expansion and relocation of Northern Maine Dental. Gagnon’s plans to spend $900,000 in renovation costs as part of the effort, according to City Manager Dennis Marker.
Marker said Dr. Meagan Thompson recently acquired Northern Maine Dental from Dr. David Smith, who has owned and operated the business from his Main Street home since 1981. Thompson wants to expand the business, and is seeking the larger space via Gagnon’s.
She plans to bring another dentist into the area, increase staffing and services, and bring more than $640,000 of new equipment into Caribou, according to information submitted to the council. The new office would be located on 14 Access Highway.
Marker said that with Gagnon’s property being part of the city’s TIF district, the credit enhancement agreement would help him recoup some of the costs associated with renovating the building.
The downtown TIF district only has 15 more years, Marker said, meaning that this is the maximum amount of time the agreement could be set. He added that with the city adopting by ordinance a limit of 80 percent of funds per year for TIF agreements, the council would have to determine a percentage that does not go beyond this number.
As drafted, the agreement is set to offer the maximum benefit possible. But he told councilors on May 3 that they could discuss additional negotiations in a private, executive session if needed.
Mayor Jody Smith asked if councilors had any questions, and after hearing none he reiterated that this is a rough draft and a first read, and that the council will revisit the agreement in more detail at future meetings.
