It wasn't obvious, but after reviewing the ramifications of a tax incremental financing (TIF) district, Town Manager Jim Chaousis found an oversight.

The town would not lose out on a projected $8 million to $10 million of sheltered tax revenue if they had waited to the next annual town meeting in May to reintroduce the TIF district to voters, Chaousis said.

While voters rejected the original proposed TIF district in November, the Boothbay Board of Selectmen voted on November 27 to revisit a TIF district at special town meeting this coming February. Once again the selectmen were under the gun to present another TIF plan to voters.

But instead of rushing to a revote, Chaousis discovered that 99 percent of the projected increased property value could still be captured by the town if voters approved a TIF district before April 1 of 2015. Chaousis confirmed it with the town's TIF attorney.

The revelation was met with mixed feelings by the selectmen.

“I'm a little disappointed in our attorney for not stating that to begin with,” selectmen’s chairman Steve Lewis said. “I understand we were under bond constraints ... but I would have much rather put (the TIF) forth at town meeting than a month ago.”

After the public rejected the first TIF, 626 to 516 votes, some residents became upset that selectmen were seemingly ignoring the vote when they continued to pursue a TIF district in Boothbay.

“I thought it was majority rules,” said Ed Shaw of East Boothbay. “But that doesn’t seem to be the case in Boothbay.”

The selectmen said that a lot of misinformation and rumors ultimately led to the demise of the TIF. Reintroducing a simplified version without the controversial elements would be in the best interest of the town, the selectmen said.

“In the worse case scenario with this TIF district, if the town in May voted for a TIF district, and we have the TIF district and we're putting all the money into the TIF fund, and 5 to 10 years down the line, it doesn't work. By a simple vote at town meeting, you dissolve the TIF,” Lewis said. “That big pot of money that's sitting there, the townspeople will determine where they want that money to go. There's zero risk.”

Selectman Chuck Cunningham, who has been hesitant to support the TIF without sufficient time to investigate the options and educate the public, said he supports bringing back the TIF to the townspeople at town meeting.

“I think we would be a lot better off with May,” Cunningham said. “There will be a lot more people in here. They will have a chance to digest the document. If they don't like things in it they can suggest changes. This gives us a lot more time, guys.”

A quorum of three selectmen were present at the December 11 meeting. The board voted to cancel the special town meeting and review the new draft of the TIF proposal from Chaousis.

The board is expected to reconvene on January 8 to discuss if the town will officially go forward with the TIF revote this spring at its annual town meeting.