The City received $562,921 in net revenues in FY20 due to growth in the community since the closure of MERC. These numbers represent only FY20 (July 1, 2019 to June 30, 2020) and are not cumulative. The calculations used to answer this question are described below and shown in the image at the bottom of the page.
The first table, Maine Energy Recovery Company, shows the total amount of taxes paid by MERC in the last year before its closure. The valuation loss when MERC came off the books was $905,729 (using the FY13 assessment and tax rate of $16.54). It should be of note that the total value of MERC would have been reduced in FY14 as the total values of the entire city were reduced in a city-wide adjustment.
The second table, Taxable Real Estate Valuation Changes, compares the city-wide valuation and the MSRD 1-3 valuation in FY2014 to the same values in FY2020. The city-wide valuation has grown by $58 million since FY2014, and the MSRD 1-3 valuation (which includes the downtown area that was directly impacted by MERC's closure) has grown by $44 million.
The third table, TIF Value Generated (City Retained Funds) shows the growth of the TIF since MERC's closure. The TIF funds included in the comparison are those that are retained by the City, not CE (credit enhancements). The TIF value has grown by $475,143.
The final table, MERC Taxes Lost vs. New Growth: All Revenues, shows the net difference between revenues in FY14 vs. FY20. The City received $562,921 in net revenues in FY20 due to growth in the community since the closure of MERC. These numbers represent only FY20 (July 1, 2019 to June 30, 2020) and are not cumulative. Note that the growth in downtown value ($44,268,200) is reduced from the city-wide increase ($58,146,101) so only the net difference in tax revenues is included in this final calculation.