Limestone residents recently consented to a tax incentive arrangement facilitating the establishment of a $55 million potato chip factory by Taste of Maine Potato Chip Co. in Aroostook County. The decision was made during a special town meeting attended by approximately 20 residents, Taste of Maine founders, and Select Board members. The initiative aims to construct an 80,000-square-foot facility at the Loring Commerce Centre, promising to create around 75 jobs, potentially increasing to 100. This marks the first Aroostook County business to contribute to the revitalization of the former air force base, with construction anticipated to commence in July.
To encourage economic growth, Limestone offers tax incentives, with the proposed 30-year agreement allowing Taste of Maine ten years of tax-free operation, followed by a gradual increase in tax contributions. The plant, to be located on the site of the former Damon Elementary School, will also feature an adjacent $1.2 million solar garden. With permits filed with the Maine Department of Environmental Protection, groundwork will begin upon approval. The initial phase includes four kettles, producing approximately 12 million pounds of chips, with plans for expansion. The project is part of a proposed tax increment financing district, aligning with Limestone's strategy to utilize property taxes for economic development. Following the approval, town leaders and Taste of Maine will finalize the credit enhancement agreement terms.
Source: bangordailynews.com