Adams Intros Two Creative Economy Bills
AUGUSTA – Rep. Herb Adams, D-Portland, has introduced two bills that would help boost the creative economy, a term describing commerce driven by art, music and film.

The first bill would enable educational and cultural institutions to use the bonding authority of the Maine Health and Higher Educational Facilities Authority to borrow for large projects.

Borrowing through the authority assures the nonprofits a lower interest rate. The authority was established in 1971 to assist eligible nonprofit colleges, universities and licensed health care facilities in financing for construction, site acquisition and capital equipment. Adams’ bill would amend the law to include museums or other nonprofit institutions that provide educational programs under those who are eligible for borrowing.

The second bill, LD 1182, would enable the creation of tax increment financing (TIF) districts for art districts. A TIF district is used to redirect increased tax revenues from a development project into community improvement and development projects. The Portland Downtown District and City Council have both endorsed the bill. It was scheduled for a public hearing on April 30th, in front of the Taxation Committee.

The creative economy was the subject of a recent lengthy report by Maine’s Creative Economy Council. To view the report, go to http://www.econdevmaine.com/resources/default.asp.