A company town

When discussing the contribution of the business sector to the economy of Freeport, it's nice to remember that one company owns 51 parcels of land on the tax rolls: L. L. Bean. The real estate valuation on that property totals $140,750,380.00. If taxes on Bean's property is taxed at the town mil rate of $15.10 per thousand, that amounts to $2,132,368, or 38.7% of the total collected from property taxes, which The 2011 Town budget shows as $5,514,152. Total revenues in the 2011 budget are shown as $9,265,559. Bean's share of that is 23%. Don't forget, that does not include business fixtures taxed as property, which I reckon is quite a bit, and likely quite a bit more than any other business in town. L. L. Bean is also a major employer, providing jobs and income for many residents.

Sande Updegraph, the executive Director of FEDC tells us the business contribution to town revenues is 30%. By my back of the envelope calculation, Bean's share of that 30% is 76.7%. Just thought I'd illustrate in numbers just how big that Gorilla is, in case anyone had any doubt.

Freeport is fortunate as a town of 7,869 to be home to the second largest private employer in the state. As such, we enjoy substantial revenues provided by such a successful company's property taxes. We also incur additional costs other towns not similarly blessed needn't provide for in the form of additional fire and police protection to cover the needs and contingencies millions of customers and employees require in their daily visits to town.

That L.L. Bean is such a great company and responsible neighbor is a boon to our larger economy. Other businesses and residents alike should keep in mind the key role Bean plays in making Freeport the unique small Maine town it is. I added up the valuation based on the numbers presented here, linked to from the Town web site. The property owner to look up is BEAN LL INC. The 2011 Town Budget is here.