With no members of the public speaking in favor of it at its public hearing, Falmouth’s Town Council has unwisely approved a new tax increment financing (TIF) district for an area along Route 100 in West Falmouth that includes the controversial Homestead Farms and Meadow Winds projects. However, we can still persuade the state to reject this TIF.
By law, TIFs are meant to promote and facilitate growth in economically distressed areas needing revival. But Falmouth is a prosperous and fast-growing town with no areas needing any such revitalization.
By serving to promote growth in an already fast-growing area, this TIF runs counter to the expressed wishes of a majority of Falmouth’s electorate as expressed at numerous public forums over the past three years, including a Vision and Values Survey conducted last year. By that survey, Falmouth residents, at a ratio of 23 to 1, regard the town’s growth trajectory to be excessive, especially the residential component, and want growth to be managed, not further promoted.
All growth in valuation of properties within the TIF’s boundaries since early 2020 is separated from the general tax base and thereafter taxed solely for the TIF’s benefit. The boost expected from the pending revaluation is added to this. Consequently, copious revenues that would normally go to pay for town and school services go to the TIF account instead. Many residents are appalled at the amount of revenue being diverted away from general town expenses, thereby raising their tax rates.
This letter merely scratches the surface of the issues involved. To learn how TIFs constitute pork barrel spending because they completely escape budget competition with other priorities, how the touted (but uncertain) state subsidy incentivizes not what you want but what you don’t want and how to oppose state approval, visit this website: falmouthinfocus.org.
Robert D. King
Falmouth
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