Financing expected to help create and retain hundreds of Maine jobs in Westbrook, Brunswick, and Old Town
At its December 13, 2018 board meeting, the members of the Finance Authority of Maine (FAME) approved financing for three separate projects that collectively are expected to help create and retain at least 700 Maine jobs. The projects range from renewable energy at Brunswick Landing to public infrastructure improvements in Westbrook to the re-start of the shuttered Old Town mill. FAME approved conduit bond financing for GIGME01, LLC for a project at Brunswick Landing. GIGME01, an operator of solid waste facilities, is an entity formed by Genesis Industrial Group to purchase the Village Green Ventures’ 1- megawatt digester at the former navy base. Genesis is renovating the existing digester and building an additional one to double the facility’s capacity and improve performance. The facility diverts biosolids (sludge) from landfills and anaerobically digests them to produce biogas, which is then converted to electricity and fertilizer. The facility provides a significant portion of the electricity needs of the businesses located at Brunswick Landing. The work also will permit the injection of renewable natural gas into the Maine Natural Gas pipeline on the campus. The proceeds of the bonds will be used to finance the new capital improvements, as well as to refinance the cost of acquiring the facility. FAME’s actions are expected to help to create and retain approximately six Maine jobs. The bonds to be issued in this matter may not exceed $18 million. FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. The second deal approved, also involving conduit bond financing, is for Dirigo Center Developers, LLC (DCD), a company formed to build a large, phased, multi-use development at the site of a former quarry in Westbrook, to be known as Rock Row. As part of the project, DCD has committed to building a number of public infrastructure improvements, both on the former quarry site and on other public lands, including upgrades to public street intersections and two Maine Turnpike Authority exits. The bonds issued may not exceed $16.3 million. The first phase of the multi-use development is expected to create up to 250 construction jobs, as well as an additional 250 permanent jobs related to the tenants of the development. “FAME is pleased to support GIGME01’s plans for efficiencies and continued operations on the former naval air station base at Brunswick Landing, as well as DCD’s plans for the Rock Row project in Westbrook” stated Jay Violette, chair of the FAME Board. A third deal approved concerns financing through the Maine New Markets Capital Investment Program for approximately $31.8 million in investments at the Old Town mill in the company formed to hold the facility, ND OTM, LLC. In connection with the investments, a total of approximately $12 million in tax credits will be awarded over the next seven years. The FAME Board certified applications for investments in the following six community development entities: Stonehenge Community Development 124, LLC; CCG Sub-CDE 44, LLC; Enhanced Capital New Market Development Fund 58, LLC; Community Development Funding XXII, LLC; UA Sub-CDE XXV, LLC; and CIF XIV, LLC. The companies will use the proceeds of the investments for various capital improvements, investments in working capital, construction, equipment procurement, and other related improvements in order to re-start and optimize a pulp manufacturing facility at the site of the currently shuttered Old Town mill. This is expected to create or retain approximately 130 direct and 635 indirect and induced jobs related to the site. The Old Town mill site has been idle for approximately three and one-half years. In October 2018, OTM Holdings sold the mill to ND Paper, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited. ND Paper operates three pulp and paper mills in North America with combined annual production capacity exceeding 1.1 million metric tons, including the fully-integrated pulp and paper Rumford Division in Oxford County, Maine. FAME has administered the Maine New Markets Capital Investment Program since the Legislature created it in 2011. It does so in cooperation with Maine Revenue Services. The program is designed to attract investment in economically distressed areas of the state. It allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit authority is set forth at $250 million, of which after today approximately $11 million remains. “We are grateful for FAME’s assistance with our plans for the Old Town mill,” stated Brian Boland, Vice President of Government Affairs and Corporate Initiatives at ND Paper. “The financing will help us expeditiously re-start this idled facility that will ultimately supply pulp to a global base of customers. Even more importantly, an operating Old Town mill will once again provide, directly and indirectly, literally hundreds of well-paying jobs for hard-working Mainers.” FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME is celebrating its 35th Anniversary and helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fourth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.comCenter for Generational Kinetics’ Alicia Rainwater Speaks
The Finance Authority of Maine (FAME) celebrated thirty-five years of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, held this year on Thursday, November 15, 2018 at Portland’s Holiday Inn By The Bay. Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by the Center for Generational Kinetics’ Alicia Rainwater entitled “Crossing the Generational Divide.” Rainwater is a Millennial who has earned a reputation as a leader in her own generation. She has extensive experience working firsthand to bridge generations in a variety of organizations from hospitals to global non-profits. Her presentation combined The Center’s latest research and how-to with her unique experience working with clients and effectively demonstrating how to solve generational challenges people may be experiencing with employees and customers. “FAME enjoyed celebrating the successes of the past thirty-five years with our partners in Maine’s business, lending, governmental, and higher education communities,” said James “Jay” Violette, Jr., chair of FAME’s board of directors. “We were proud to showcase the progress we are making in educating our workforce and growing well-paying Maine jobs. We were pleased, as well, to honor our partners who help to make Maine’s economic and educational future brighter.” This year’s award recipients included:- Business at Work for Maine Award: Front Street Shipyard: Front Street Shipyard, located on Penobscot Bay in Belfast, is an expansive, thriving marina and yard with deep-water frontage, state-of-the-art equipment and a growing workforce. Front Street provides services for various types of vessels ranging from small recreational boats to commercial vessels and superyachts. The yard’s team of more than 100 experienced boat service professionals uses both advanced composite construction and traditional boat building techniques. FAME assisted the company in March 2018 with commercial loan insurance in partnership with Androscoggin Bank to help construct a 23,000- square foot assembly and storage building.
- Education at Work for Maine Award: JMG: Previously known as Jobs for Maine’s Graduates, JMG is celebrating twenty-five years of partnering with Maine’s public middle and high schools, as well as community colleges and university system to help students reach their fullest potential. JMG serves more than 7,000 students in communities throughout each of Maine’s sixteen counties. JMG programs are hosted within Maine’s public schools, and classes and year-round activities are led by JMG Specialists who serve as mentors and educators. FAME recognized JMG’s efforts to increase high school graduation rates, college retention, and degree attainment. JMG also plays a critical role in strengthening financial capability in Maine by supporting statewide teacher training led by the Maine Jump$tart Coalition for Personal Financial Literacy, and through its strong collaboration with FAME’s College Access and Financial Education Team.
- Lender at Work for Maine Award (over $1.5 billion in assets): Camden National Bank: This was the bank’s ninth time as an awardee. Over the past year, Camden National partnered with FAME on 57 loans totaling over approximately $18 million. This in turn helped to create 79 Maine jobs and retain an additional 566 jobs. In addition to being a top partner in bringing business to FAME, Camden National has grown remarkably in recent years and is actively committed to the communities in which it operates.
- Lender at Work for Maine Award (up to $1.5 billion in assets): Androscoggin Bank: Androscoggin Bank was recognized in the category for lenders with less than $1.5 billion in assets. Founded in 1870, Androscoggin Bank is an independent community bank that is committed to delivering smarter banking to all of the communities it serves. This past year, FAME partnered with Androscoggin Bank on 8 loans to Maine companies totaling over $5 million. This helped to create 45 Maine jobs and retain an additional 114 jobs.
The Board of Directors and staff of the Finance Authority of Maine (FAME) recently visited Front Street Shipyard in Belfast, a customer that has grown rapidly in recent years. The group later toured other customers at the Midcoast Regional Redevelopment Authority (MRRA) in Brunswick, which is located on the former Brunswick Naval Air Station base.
On October 17, members of the FAME Board and staff toured Front Street Shipyard in Belfast, an expansive, thriving yard with deep-water frontage, state-of-the-art equipment and a growing workforce. The business operates a yacht yard, marina and storage facility on Penobscot Bay. Front Street provides services for various types of vessels ranging from small recreational boats to commercial vessels and superyachts. The yard’s team of more than 100 experienced boat service professionals uses both advanced composite construction and traditional boat building techniques. FAME assisted the company in March 2018 with commercial loan insurance in partnership with Androscoggin Bank to help construct a 23,000- square foot assembly and storage building.
Later that day FAME toured other customers at MRRA in Brunswick. MRRA Deputy Director Jeffrey Jordan led board and staff on a bus tour of the property. MRRA is a public municipal corporation established by the Maine Legislature to implement the Reuse Master Plans for both Naval Air Station Brunswick and Topsham’s Annex. MRRA has successfully managed the redevelopment effort and has actively engaged with the private sector to ensure rapid redevelopment. There are now 115 entities doing business at Brunswick Landing and Topsham Commerce Park. Businesses include Mölnlycke, SaviLinx, Tempus Jets, STARC Systems, Wayfair, and Flight Deck Brewing, among others.
FAME toured Mölnlycke, a customer from years ago when it was known as Rynel Inc. Rynel later was acquired by Mölnlycke. Rynel always credited FAME for its survival and growth over the years prior to its acquisition. Mölnlycke designs and supplies medical solutions to enhance performance in healthcare, from the hospital to the home.
The board and staff also visited STARC Systems, which manufactures reusable temporary wall containment systems to eliminate the disruption of renovations in facilities. The company previously benefitted from FAME’s Seed Capital Tax Credit Program. The group also toured TechPlace, Brunswick Landing’s technology accelerator, which currently houses thirty-four businesses.
The FAME Board held its monthly meeting on October 18 at the offices of the Maine Technology Institute (MTI), which is located at Brunswick Landing. Members enjoyed a presentation by MTI President Brian Whitney on the organization’s history and recent activities, as well as a talk by Southern Maine Community College President Joseph Cassidy and Dean of SMCC–Midcoast Campus James Whitten. They discussed workforce development efforts by the college, as well as course offerings.
FAME CEO Bruce Wagner stated: “FAME really benefits from these opportunities to get out in the community and visit with our customers and partners, local businesses and institutions of higher education. We enjoy witnessing up close their success stories and learning about the needs and future plans of our business and higher education partners.”
The Harold Alfond Foundation and the Finance Authority of Maine (FAME) announced the 23 newest Alfond Leader award recipients. Collectively, they qualified to receive about $670,000 in student loan debt relief. To date, 67 Maine-based STEM professionals have been named Alfond Leaders and over $2 million of their student loans will qualify for repayment assistance. A new application cycle is now open until November 15, 2018. Interested individuals can learn more and apply at AlfondLeaders.org.
The ground-breaking Alfond Leaders student loan repayment assistance program was launched in 2017 and provides student loan repayment assistance to people who either currently live and work in Maine or who come to Maine for a position with a Science, Technology, Engineering and Math (STEM)-designated occupation at a Maine-based employer. The program was designed to help Maine employers attract and retain talented workers. The Harold Alfond Foundation has committed $4 million over the next three years to the program and anticipates it will give about 150 recipients up to $60,000 in college debt relief per person. The Alfond Leaders program is administered by FAME.
“Maine needs to attract and retain highly skilled STEM and other professionals to strengthen Maine’s economy,” said Greg Powell, Chairman of the Harold Alfond Foundation. “This program is one incentive that we think can help build up Maine’s workforce.”
Each awardee receives loan repayments up to half of their outstanding student loan balance, not to exceed $60,000. These payments are made in two installments, the first paid at three years, and the second paid after the completion of an additional three years of qualifying employment and state residency. The payment periods have been shortened from five and 10 years since the program was originally launched and are retroactive to include the first two rounds of Alfond Leaders.
The second application cycle concluded on May 15th. More than 160 applications for the competitive loan repayment program were received to select the 23 most recent recipients. The awardees work in a variety of Maine-based organizations as scientists, engineers, information technology professionals, and entrepreneurs. They are: Mikayla Bolduc, Skowhegan; Shawn Brackett, Auburn; Laura Brown, Portland; Julie Cross, Gorham; Jordon Cyr, Freeport; Tyson Girsa, Millinocket; John Golder, Poland; Katherine Kelley, Steep Falls, Jonathan Hardingham, Sanford; Joel Hyde, Veazie; Shane Kelly, Portland, Jacob Keniston, Prospect; Jonathan Labrecque, Ellsworth; Joshua Libby, Gray; Austin Moore, Gardiner; Matthew Moretti, Portland; Giovanna Patrizio, Portland; Joel Plunkett, Brunswick; Scott Rizzo, Lamoine; Aric Rogers, Ellsworth; Scott Webber, Auburn; Ann Wells, Southwest Harbor; and Sarah Wheatley, Gardiner.
Below are details on three of the recipients:
Matthew (Matt) Moretti, President of Wild Ocean Aquaculture, LLC, a company he co-founded with his father, graduated with a degree in biology from Bates College and then headed off to Boston to pursue a master’s degree in marine biology at Northeastern University. After obtaining his master’s degree in 2010, he knew he didn’t want to pursue a research career, but instead wanted to return to Maine and immerse himself in the state’s vibrant and growing aquaculture industry. To start Wild Ocean Aquaculture, he and his father acquired Bangs Island Mussels in 2010. In the last eight years, he has spearheaded the growth of the business from three small farms producing less than 30,000 pounds of mussels a year to the largest rope-grown mussel farm in New England with 10 employees producing 250,000 mussels a year, 60,000 pounds of farm-raised kelp and a ground-breaking new venture into farm-raising sea scallops. Matt lives in Portland but grew up in the Bangor area. He came back to Maine because he says, “Having grown up here, I have a strong affinity for Maine, especially the ocean, and I knew my home state was poised to become a leader in the Northeast aquaculture industry. About student loan debt, he says, “It can be an enormous hurdle that at times seems impossible to overcome. This award will go a long way in helping me to manage my student debt load so that I can continue to pursue by professional dreams.”
Katherine Kelley, a New Hampshire native, moved to Maine in 2011 after receiving her Bachelor of Science degree in civil engineering from the University of New Hampshire. As a civil engineer, she started her career at the Maine Department of Transportation and worked. While at the MaineDOT, she pursued and obtained her master’s degree in civil engineering from Norwich University in Vermont through its online graduate school program. Today, she is the Wastewater Division Manager for the City of Westbrook and wears many hats from working closely with the engineering team, to planning, to erosion control, and to waste water back-up coordination. She’s also a recent newlywed and lives in Steep Falls, Maine. Becoming an Alfond Leader is “life changing,” says Katherine. “Student loan debt is like a lingering shadow that is always in the background. With the award, we can really consider having a family and buying a bigger house – something I didn’t think would be possible.”
Saco native Nathan (Nate) Lareau attended USM and graduated with a degree in electrical engineering in 2016. While at USM, he was diagnosed with Type 1 Diabetes, which got him thinking about how electrical devices are linked to the medical world and compelled him to pursue his master’s degree in biomedical engineering at Boston University. Armed with passion, knowledge and skill, Nate recently returned to Maine to start his career and is an Electrical Design Engineer at Enercon Technologies in Gray, a local company that manufacturers some of the country’s leading medical devices. He says, “Student loan debt impacts your ability to save for the future because you are putting so much of your paycheck toward debt reduction.” Although Nate is just starting his career, he noted, “This award will help me save for my future. I want to stay in Maine long term, and this type of program shows a commitment to growing the STEM industry in Maine. It’s a program that can help attract talent to our state, and for those of us who want to live here, that you don’t have to move to Boston or New York City to have a successful career.”
Who is eligible to become an Alfond Leader?
- Maine residents or individuals who become Maine residents when hired by a Maine-based business
- An individual employed or about to be employed by a Maine-based business in a designated STEM occupation
- An applicant must have a higher education degree or certificate
- An applicant must have outstanding student loan debt
At its August 16 board meeting, the members of the Finance Authority of Maine (FAME) approved a direct loan totaling $495,000 to Forefront Commons I, LLC, to help renovate an historic former rail building as part of a larger construction project at Thompson’s Point in Portland.
FAME’s action is expected to help create and retain twelve Maine jobs. The renovation of the building known as “Brick Burb” is part of a larger $3.3 million project involving construction of a new building as part of a land swap designed to relocate Suburban Propane’s facility from Thompson’s Point to a replacement site on Riverside Street in Portland, as well as demolition and clean-up of existing buildings on the site.
Thompson’s Point is spearheaded by principals Christopher Thompson and Jed Troubh. Since the project began in 2009, the thirty-acre property has evolved from a derelict former railroad yard to a vibrant, mixed-use neighborhood bringing together a wide variety of Maine companies and family-focused entertainment. The area hosts outdoor concerts with views of the Fore River, and also includes the Brick South Event Venue and an outdoor ice skating facility. Current tenants include Cellardoor Winery; Bissell Brothers Brewing Co.; Stroudwater Spirits Distillery; and Locally Sauced Restaurant. Additionally, the Children’s Museum and Theatre of Maine will be moving to the site with a newly constructed building expected to open in the fall of 2019. The 148-room Hotel Portland, part of the Tribute portfolio by Marriott, is also on track to break ground in 2018 and open in 2020.
“FAME is pleased to support Forefront Commons, I, LLC’s plans for site improvements and continued development,” stated FAME Board Chair Jay Violette. “We are happy to help facilitate this transaction to help Thompson’s Point continue its impressive growth and position itself for long-term success.”
FAME’s Direct Loan Program provides new or existing Maine businesses with flexible gap financing. In FY 2017, FAME provided loans to twenty Maine businesses totaling approximately $5.1 million. This helped to create and retain 351 Maine jobs.
“We are grateful for FAME’s continued support and assistance with our plans,” stated Chris Thompson, principal. “This financing helps us take another step toward realizing our vision of creating a live/work/learn environment that is open to all.”
For the fourth year in a row, the Finance Authority of Maine (FAME) has been named as one of the Best Places to Work in Maine. The awards program, created in 2006, is a project of the Society for Human Resource Management–Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber of Commerce, the Maine Department of Labor, the Maine Department of Economic and Community Development, and Maine HR Convention.
This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Maine, benefiting the state’s economy, its workforce and businesses. The 2018 Best Places to Work in Maine list is made up of 75 companies in three size categories: small (15-49 U.S. employees), medium (50-249 U.S. employees), and large (250+ U.S. employees). FAME was honored as part of the medium-size business category.
“We are honored to receive this designation for a fourth straight year. This recognition confirms what we have known all along: FAME is a special place to work due to our can-do attitude, terrific staff and board, and unique and rewarding mission. We love coming to work every day because our mission is to provide financial solutions that help Maine people achieve their business and higher education goals,” stated Bruce Wagner, FAME’s Chief Executive Officer.
Companies from across the state entered the two-part process to determine the Best Places to Work in Maine. The first part consisted of evaluating each nominated company’s workplace policies, practices, and demographics. The second part consisted of an employee survey to measure the employee experience.
Taylor Banister, a customer service associate at FAME, is a recent college graduate who appreciates the warm and supportive atmosphere at the agency. “It’s early in my career and important to me that I do something impactful and positive. I’m fortunate to have found FAME, where the mission of the agency–helping Maine residents achieve their goals–is equal to how well FAME treats its employees. Considering the generous health and retirement benefits, continuing education funds, and all the support and fun we have as a team, I can’t imagine a better fit.”
The FAME staff is deeply committed to providing superior customer service to its customers, the people of Maine, and believes that being a Best Place to Work creates a positive and productive work environment. FAME customers have rated the agency a 4.6 on a scale of 5.0 in each of the last four years as a consequence.
FAME will be recognized at the Best Places to Work in Maine awards ceremony on October 9th and will be listed in a special publication by Mainebiz. The final rankings will be announced at the event. For more information on the Best Places to Work in Maine program, visit www.BestPlacestoWorkME.com or contact Jackie Miller at (717) 323-5237.
FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME is celebrating its 35th Anniversary and helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. To learn more about FAME, please visit www.famemaine.com
Investments in Maine Dairy Cow Farms and Enterprises
The Dairy Improvement Fund (DIF) is a new revolving loan program to help Maine dairy farms and enterprises fund capital improvements to maintain and enhance the viability of their farms.
The DIF program will assist farms that are engaged in the commercial production of cow milk or cow milk products. It was developed by the Maine Department of Agriculture, Conservation and Forestry (DACF) and is administered by the Finance Authority of Maine (FAME). The program will operate in accordance with three core principles to:- Provide financial support for sound business propositions
- Offer funds at reasonable rates and terms
- Partner with private sector equity
More about the program can be found on both DACF’s website and on FAME’s website, which provides the Department’s Eligibility Form and FAME’s Loan Application. The DACF and FAME will host an informational meeting for all dairy farms interested in learning more about this investment opportunity.
Dairy Improvement Fund Informational Meeting
Date & Time: Thursday, June 14th, 10:30 a.m.–12:30 p.m. Location: Marquardt Building (Room 118), 32 Blossom Lane, Augusta Presenters: Ron Dyer, Director of the Bureau of Agriculture, Food and Rural Resources; Roxanne Broughton, Commercial Loan Officer at FAME
An overview of both the eligibility and application procedures will be provided, with time for Q&A for prospective applicants.Loan Insurance Expected to Help Retain 145 Jobs in Masardis
At its May 17, 2018 board meeting, the members of the Finance Authority of Maine (FAME) approved 90% loan insurance on a loan totaling $944,000 by TD Bank to Maibec USA LLC, for the purchase of a feed conveyor deck and de-barker machine for its mill operations in the Aroostook County town of Masardis. FAME’s actions, in partnership with TD Bank, are expected to help retain 145 Maine jobs. The purchase of the de-barker system is intended to bring operational efficiencies to the mill. Maibec USA is a wholly-owned subsidiary of Groupe Maibec, Inc., which in turn is a subsidiary of Franchaleine Inc., a family owned Canadian company headquartered in Quebec, Canada. In 2015, Maibec purchased Fraser Timber’s facility in Masardis. “FAME is pleased to support Maibec’s plans for efficiencies and continued operations in Aroostook County,” stated FAME Chief Executive Officer Bruce Wagner. “We are happy to help facilitate this transaction to help the company better optimize the lumber mill for long-term success.” FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business. “We are grateful for FAME’s assistance with our plans,” stated Jacques Vachon, Vice President of Finance and Administration at Maibec, Inc. “This financing should result in additional work at the mill with a better value-added yield for our operations.”Former Senator George Mitchell Delivers Remarks to Audience of 300
The Finance Authority of Maine (FAME) celebrated another year of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine. This year’s event was held on Tuesday, November 14, 2017, at Portland’s Holiday Inn By The Bay. Approximately 300 guests were in attendance, as well as over forty exhibitors. Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by former United States Senator George Mitchell.
