Lincoln Garage and RiverWalk, City of Biddeford, Maine

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The Lincoln Garage and RiverWalk project in Biddeford, Maine involves the design, build, finance, operation, and maintenance of a 640-space parking garage and the construction of the City’s urban RiverWalk. The project is part of Biddeford’s revitalization plan for its downtown Mill District and will support the Lincoln Mill and Riverdam Mill redevelopment projects while alleviating the existing downtown parking pressures. To fund the project, Biddeford engaged Amber Infrastructure Group and Hunt Companies Incorporated in a progressive development agreement, which included a 25-year lease of the parking garage on 3 Lincoln Street. The agreement allows construction to be completed without using residential property tax dollars and with no impact on the City’s tax rate. Biddeford will contribute to the project funding through annual payments from its tax increment financing revenues and parking garage and lot fees. The agreement also provides a revenue-sharing mechanism to allow the city to share in parking revenues exceeding forecasts. If revenues exceed 110% of projections, the City will receive all extra revenues until upfront expenses have been repaid. When that point is reached, the City will then receive $0.90 of each dollar of additional benefits and Biddeford RiverWalk Community 1, LLC will receive the remaining $0.10 of each dollar. Any revenues that are received will be placed in a Special Revenue Fund that will be used for parking-related expenses. The City of Biddeford approved a joint development agreement between Treadwell Franklin Infrastructure Capital and James. W. Sewall Company in September 2019. PC Construction began development of the parking garage in August 2020 and it is expected to be in operation by Premium Parking in July 2021. Once completed, the RiverWalk will connect from Mechanics Park to the 3 Lincoln Street parking garage, promoting pedestrian use between the garage and downtown. The project will reduce the tax burden for residents and provide parking in the downtown and Mill District. It is expected to spur development within the district and restore pride in the community.

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