Boothbay is a great place to live, work and raise a family. But we face many challenges.

Our population is aging and most of our residents who aren't retired have to travel outside of town to find work. Because of rising property values, it's difficult for many people to find affordable housing in town, and it's getting harder for many current homeowners to afford to stay in their homes. Our town's budget is overly reliant on property taxes, and the cost of our schools and other essential services continue to go up.

We need to diversify our economy, bring more year-round jobs to Boothbay, attract younger residents and make sure that homeowners can afford to stay in their homes or pass them down to their children when the time comes.

That's why we need to vote yes on Questions 2 & 3 on November 5.

These two measures (a tax-increment financing (TIF) district and an accompanying bond issue) will not solve any of these problems overnight. But they will give the Town of Boothbay important tools to attract more jobs and put us on a solid footing for a brighter future while maintaining the character and quality of life that make Boothbay such a special place.

There is no guarantee, of course, that a TIF district will bring new businesses to Boothbay. But if a company does decide to locate here, the TIF means that the town won't be penalized by losing its state subsidies due to a higher valuation. It means that the increased value that will result from a new industry in town will be “sheltered” from the town's overall valuation. Our subsidies from the state, for education and municipal revenue sharing, will not be affected and we won't have to raise taxes or make substantial cuts in services to make up the difference.

Lower taxes, more jobs and a brighter future. That's a win/win for the town and its taxpayers.

But the benefits don’t stop there.

The TIF revenues, derived from the taxes on the incremental new value of the district above the sheltered amount, will be dedicated to specific public improvements, including roads, sidewalks and parking areas in the TIF district. This provides additional incentives for businesses to locate there.

Furthermore, Question 3, a request to borrow $2.5 million through a bond issue to implement the Boothbay Improvement Plan, will have additional benefits for the town with very little risk. The proceeds from the TIF and from the increased value of improvements at the Boothbay Harbor Country Club will provide more than enough revenue to pay the entire cost of the bond.

So the town can borrow money to make needed improvements at no additional cost to the taxpayers.

We realize that these proposals are complicated, and they were put together by our selectmen very quickly in order to meet the state’s deadlines when we became aware of the opportunity. But they’ve been the subject of several public hearings, and the town manager has held open office hours to take any questions or listen to the concerns of residents. You can find even more detailed information on the town’s website: www.townofboothbay.org

We all know that the state’s economy is only now starting to recover from the recession, with fits and starts. The recent loss of 50 jobs as a result of the closing of St. Andrews Hospital will have impacts throughout the region. It’s hard to find and keep good-paying jobs. But Questions 2 and 3 will give us an added advantage and increase our chances of bringing new opportunities to Boothbay while keeping taxes down.

We urge a yes vote on Questions 2 and 3.

Steven C Lewis, Chairman

Dale C Harmon, Vice Chairman

Douglas W Burnham

Stephen W. Ham

Editor's Note: Selectman Charles R.“Chuck” Cunningham did not sign this commentary.