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Development of Tax Incentives Plan/Opportunity Zones Continues

February 15th, 2021 by WCBC Radio

Cumberland city officials are developing a tax incentive-based marketing plan to attract developers for the site of the former Memorial Hospital. Details were presented to the City Council recently by Matt Miller, executive director of the Cumberland Economic Development Corporation. Miller said the  plan would allow developers the opportunity to receive a percentage of the tax revenue that will be realized by the city, for a predetermined number of years, as a result of the improvements. The program will be designed to allow the terms of an agreement to be negotiated with interested developers. Officials hope the model could be extended to other opportunity zones in the city in addition to the former hospital site. Cumberland Mayor Ray Morriss…