Molnlycke TIF, credit pact OK’d

Posted Dec. 05, 2012, at 1:43 p.m.

BRUNSWICK, Maine — Town councilors unanimously approved a double-barreled proposal Monday to give medical supply manufacturer Molnlycke a tax increment financing and credit enhancement agreement.

The measure — which passed after a public hearing devoid of public comment — goes to the state Department of Economic and Community Development for approval. If approved, the town could receive an estimated $13 million over the life of the agreement.

Molnlycke’s newly constructed Brunswick Landing facility is scheduled to open in February with 45 full-time employees. Overlaying it with a 30-year tax increment financing, or TIF, district will allow the town to keep taxes it would otherwise pay to the county and state to fund municipal and infrastructure repair projects.

The TIF also is designed to insulate Brunswick’s share of state school funding.

The concurrent 20-year credit enhancement agreement approved Monday would allow the Swedish company to keep a percentage of its annual property tax to reinvest in the company.

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