KINGFIELD — Four voters at Monday night’s special town meeting authorized selectmen to revise the original tax sheltering agreement with Nestle Waters North America, the parent company of Poland Spring Water Co.

Voters also agreed to designate an arts district within the Tax Increment Financing District, allowing funds to be allocated for other projects to encourage economic and cultural development.

Eight years ago, voters approved a 30-year TIF that allowed Poland Spring and the municipality to capture a percentage of tax revenues for use in approved projects in certain areas of town. Since then, that revenue has offset Kingfield’s budget, including the areas of administration, public works and planning for the pending Route 27 road reconstruction along Main Street.

The TIF allocations are included in the annual budget and must be approved by voters. Poland Spring also captures some of the taxes each year as part of a Credit Enhancement Agreement with the town.

Any changes in the plan must be approved by the Maine Department of Economic and Community Development, according to state law.

Selectmen asked Eaton Peabody Consulting Group, which crafted the original agreement, to revise the plan. According to Raegan LaRochelle, consultant for Eaton Peabody, the newly-approved plan for the TIF district will streamline the process.

“Selectmen will be able to enter into future CEAs with local businesses who are creating jobs and broadening the town’s tax base,” she said in a phone conversation Monday.

Under such an agreement, selectmen could reimburse part of a company’s municipal taxes from a new business investment.

“This can be helpful for businesses that otherwise would not be able to invest in their property if it were not for the CEA,” she said.

Commercial lenders can look for such support when a business seeks funding for expansion, she said.

“Some of their taxes could be reimbursed for future capital investments to make the investment more financially feasible for those owners,” LaRochelle said. “However, it is important to note that the town is in no way obligated to enter into a CEA with every business owner who invests in property in the district.”

Selectmen still will be required to hold a public hearing to receive feedback on any newly proposed CEA, she said.