Financing Growth, Fueling Revitalization

The Waterville CIC manages a robust toolbox of local, state, and federal incentives designed to lower the barrier to entry for developers and business owners. From 100% tax abatements in our Community Reinvestment Areas (CRA) to Downtown Redevelopment District (DRD) grants for historic preservation, we provide the capital access needed to make projects viable.

Core Capabilities

Community Reinvestment Areas (CRA)

Waterville offers three distinct CRA zones covering residential, commercial, and industrial sectors. This powerful tool provides up to 100% real property tax abatement for up to 15 years on the increased property value resulting from new construction or major remodeling.
Zone #1 (Pre-1994): Focuses on historic commercial and industrial reinvestment.
Zones #2 & #3: Target new growth in the Farnsworth Industrial Park and strategic mixed-use corridors.

Downtown Redevelopment Districts (DRD)

Established in 2023, our DRDs create a sustainable funding mechanism for the historic core. By capturing the incremental growth in property taxes from downtown improvements, the CIC creates a revenue stream to fund:
Facade Improvement Grants: For maintaining historic integrity.
Revolving Loans: Low-interest financing for commercial upgrades.
Infrastructure: Streetscape enhancements like the recent Parker Square improvements.

Targeted Incentive Programs

1. Job Creation Grant Program
Designed to attract high-quality employment, this local grant offers an annual payment to companies based on new payroll generation. Qualifying businesses can receive a refund of up to 25% of municipal income taxes generated by new jobs for up to 10 years.

2. Tax Increment Financing (TIF)
We utilize TIF structures to finance critical public infrastructure—roads, utilities, and streetscapes—necessary to support major private developments. This tool was successfully deployed for the Waterville Landings project and is available for future large-scale sites like the Dutch Road corridor.

3. Historic Preservation Tax Credits
By leveraging Waterville’s historic assets, developers can stack local incentives with 20% Federal and 25% State Historic Preservation Tax Credits for qualifying rehabilitation projects within our National Register Historic District.