FAME Honors Maine Business and Education Leaders at Annual Meeting

The Board of Directors of the Finance Authority of Maine (FAME) held its annual meeting Tuesday, November 16, 2010, at Portland’s Holiday Inn By the Bay.  The Board elected officers, received a presentation from the Midcoast Regional Redevelopment Authority (MRRA), approved low-cost financing for a Maine company, and authorized rulemaking for some programs. 

Earlier in the day, FAME Board members and staff toured SIGCO, Inc., a Westbrook-based glass manufacturer that is expanding with the assistance of tax-exempt financing facilitated by FAME.

Re-elected as officers for 2011 are:  Glenn Lamarr of Fort Kent, Chair; Susan Snowden of Scarborough, Vice Chair; and Cheri Walker of Portland, Treasurer.  The same slate has served as officers since 2010.

The Board also received a presentation on the current activities of MRRA by Steve Levesque, executive director.  The Board further authorized rulemaking for the certificate of approval process for MRRA projects and modified the Maine Seed Capital Tax Credit Program to allow businesses opening on the former Brunswick Naval Air Station base enhanced benefits.

Approved for low-cost financing through the Recovery Zone Facility Bond Program was Priority Development Group Holdings, LLC, a commercial real estate development company based in Topsham.  The company was approved for bond allocations in an amount up to $26,000,000 to finance the development of several commercial properties in Sanford, Thomaston, Waterville, Richmond, Hollis and Winslow.  The bonds will be privately placed with one or more banks, and the project does not carry any liability or credit enhancement on the part of FAME or the state. 

“We are pleased to assist Priority Development Group Holdings in its efforts to move forward with a variety of new developments throughout the state.  This is good news in a challenging economic environment and will increase good-paying jobs in Maine,” stated FAME Board Chair Glenn Lamarr.

“Priority Development appreciates FAME’s timely support of our ‘shovel-ready’ development projects,” stated James Howard, president of the company.  “Our company and local communities will benefit from this low-cost financing, which will enable us to increase good paying jobs in various parts of the state.”

Following the regular board meeting, FAME held its annual dinner and awards program, “Showcase Maine.”  Approximately 285 leaders in government, business and higher education attended the event.  In addition to hosting a reception showcasing various Maine business and educational organizations, FAME presented a number of awards to Maine business and higher education leaders.  This year’s recipients included:

• CPM Constructors of Freeport (Business at Work for Maine Award), a general contracting company founded in 1985 that has expertise in a number of construction areas, including concrete, bridge renovation and replacement, site work, commercial building construction and renovation, street and road renovations and drainage upgrades, heavy construction work and the design/build process;

• The 2010 Financial Literacy for Maine Youth Summit Planning Committee (Education at Work for Maine Award), for its commitment to increased financial education and literacy for the people of Maine;

• Kennebunk Savings Bank (Financial Institution of the Year Award), which has worked closely with FAME to ensure that Maine’s small businesses can access the financing they need; and

• Hon. Justin Alfond (Dirigo Legislative Champion Award) of Portland, state senator and newly-elected assistant minority leader from Portland.  Sen. Alfond was co-chair of the 124th Maine Legislature’s Joint Standing Committee on Education and Cultural Affairs, and was recognized for his support of FAME’s mission, including increased access to higher education and business opportunities for all Maine people.
 
Following the awards presentation, Maine Olympic gold medalist Seth Wescott delivered the keynote speech.  Wescott, a two-time gold medalist in the snowboard cross event, co-owns “The Rack,” a restaurant near Sugarloaf.