Arundel Cottage Preserve (the developer of seasonal cottages) will be developing portions of 195 acres on Portland Road (Route 1) in Arundel. The development will consist of seasonal resort cottages and related amenities. Approximately 260 units are planned for development over an estimated 7 to 10 years. Units will average 850-1,350 square feet and be valued on average at $220,000. Additionally a 9.2 acre parcel that fronts Route 1 is to be developed as commercial business/retail space (approximately 40,000 square feet).
At its June 11th 2014 Annual Town Meeting, voters in the Town of Arundel approved a Tax Increment Financing District (TIF) to support this development. Known as the “Arundel Seasonal Cottages Tax Municipal Development and Tax Increment Financing District” this TIF will support the development of a seasonal cottage resort and finance Town infrastructure and economic development improvements.
This is a municipal program, which has been reviewed by the Town’s Board of Selectman, Planning Board, Economic Development Committee, Town Manager, and Town Planner. It has the support of the Town Administration. The Selectman chose to send this measure to a Town Meeting. Thank you to the Arundel voters for your support at the Town Meeting. An application for approval will be sent to the State Department of Economic and Community Development for review and approval.