News‎ > ‎

WEX Proposed Credit Enhancement Agreement


WEX has selected Scarborough, specifically The Downs project, as its preferred site for a new 200,000 square foot office building.  This selection is contingent on the 
Town agreeing to share a portion of future tax revenues generated from the project to WEX as an inducement.  The Town Council is considering a Credit Enhancement Agreement that will share $150,000 each year from the property taxes paid for 15 years for a total of 2.25 Million.
 
The public process is underway and the Town Council invites public input on the proposed CEA. Video of the January 22, 2020 Town Council Workshop is linked here. Please consider attending a public hearing on the proposed CEA on February 5, 2020 and the final vote scheduled during the February 19, 2020 Town Council Meeting. Comments can be sent to the full Town Council using their shared email address of towncouncil@scarboroughmaine.org

Discussion Dates:

Town Council

Email all Town Council members:

towncouncil
@scarboroughmaine.org