TFIC and Sewall made a creative investment to address Biddeford, Maine’s parking challenges. The city’s hands were tied when it came to funding a parking garage without using any residential tax dollars and impacting the tax rate.
Partners from James W. Sewall Company, Treadwell Franklin Infrastructure Capital (TFIC), and Amber Infrastructure proposed creative sourcing: annual payments from the city’s Tax Increment Financing (TIF) revenues, and future fee revenues collected from the operation of the 640-space parking garage built on city-owned property.
This combination of private and public financing is one piece of an infrastructure plan that has allowed an ambitious municipal vision to come together in significant ways that extend far beyond parking spaces. The project will boost Biddeford’s RiverWalk plan, and provide additional pedestrian connections between the parking structure and other areas of the downtown.
The parking garage was manufactured by PC Construction between August 11, 2020 and March 24, 2021.
