Financing Redevelopment Projects: What you Need to Know

Jeffrey K. Jordan

Deputy DirectorMidcoast Regional Redevelopment

Authority

Distribution of Sources

Own Source39.91%

Federal38.12%

Private13.02%

State 8.56%

Local 0.38%

Federal SourcesFederal Share

Department of Defense - Office of Economic Adjustment $10,480,000

Department of Commerce - Economic Development Administration

Brunswick Renewable Energy Center Study $200,000Infrastructure Grant $1,400,000Make It In America Challenge Grant $750,000

Department of Transportation - Federal Aviation Administration

Military Airport Program $13,428,300

Department of Treasury - New Market Tax Credits (private Wells Fargo Bank) $3,945,400

Total Federal Resources $30,203,700

State SourcesState of Maine

Governor of Maine - Contingency Account $14,000

Maine State Housing Authority - Housing Study Grant $10,000

Maine Department of Transportation

State Aviation Projects (80%/20%) $173,000

MAP Projects - State Match $325,200Line of Credit $1,300,000

Maine Legislature - Voter Approved Jobs Bond Issue $3,250,000

State Resources

State of Maine

Governor of Maine - Contingency Account $14,000

Maine State Housing Authority - Housing Study Grant $10,000

Maine Department of TransportationState Aviation Projects (80%/20%) $173,000MAP Projects - State Match $325,200Line of Credit $1,300,000

Maine Legislature - Voter Approved Jobs Bond Issue $3,250,000

Maine International Trade Center - International Marketing $50,000

Maine State Planning Office - Smart Growth Study $3,000

Efficiency Maine (quasi state agency) $40,200

State ResourcesState of Maine

Maine Department of Economic and Community Development (CDBG)

Community Development Grant - MRRA Local Match for OEA Grant $328,600

Community Development Grant - Hangar 6/Kestrel $250,000

Community Development Grant - TechPlace $250,000

Business Attraction Grant 2010 $50,000

Business Attraction International Fly In $55,800

BRAC Information Technology Study $40,000

Jobs Tax Increment Financing (two years) $53,500

Total State of Maine $6,786,500

Local ResourcesLocal Sources

Town of Brunswick

TechPlace Grant - Brunswick Development Corporation $250,000

Local Match for Town Liaison Position $31,800

Tax Increment Financing District - Brunswick Landing tbd

Tax Increment Financing District - Brunswick Executive Airport tbd

Other Towns - Bath, Topsham and Harpswell $19,200

Total Local Sources $301,000

MRRA Sources

MRRA Sources

Property Sales $18,029,000

Contingent Sales AMH $310,000

Leases $9,371,700

Fee for Service $619,600

Utility Revenues $3,294,400

Total MRRA Sources $31,624,700

Private Sources

Private Sources

Bank Financing - Bangor Savings Bank $10,319,600

Total Private Sources $10,319,600

Total All Sources $79,235,500

Thank you.