FARMINGTON — Voters will consider one warrant article on a tax-increment financing agreement with Woodlands Senior Living at a special town meeting tonight.

The meeting will take place at 7 p.m. downstairs in the Community Center on Middle Street during the Board of Selectmen meeting. The board will meet at 6:30 p.m.

Lon Walters and his son, Matthew Walters, operators of Woodlands Senior Living, proposed building a Memory Care Center on property off Knowlton Corner Road.

Selectmen met with the Walters earlier this year to finalize terms for the Woodlands Senior Living of Farmington Municipal Development and Tax Increment Financing District Development Program.

The board approved terms of 10 years at 100 percent for Phase I of the project, according to Town Manager Richard Davis.

Property taxes on the center would be deferred for 10 years, or fewer if the organization is ready to begin Phase II. Once the TIF period is over, the town will gain from the $12 million valuation of the new center, he said.

The warrant article acknowledges potential benefits for the town, including new commercial development, employment opportunities and increases to the town’s tax base.

Votes on two amendments to the town’s zoning ordinance previously set as warrant articles will not take place at this town meeting. Public hearings must be held before the articles can be brought before voters, Davis said.

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