The state today said it has given Biddeford a $350,000 Municipal Investment Trust Fund grant to help redevelop its Riverdam Mill and boost its downtown revitalization efforts.
Portland-based Spencer Monks Development is developing the Riverdam mill with its sister company, The Szanton Company, and plans to invest about $32 million to convert the mill into commercial space and mixed-income housing, according to a press release from the Maine Department of Economic and Community Development.
The Municipal Investment Trust Fund grants are supported through the $1.5 million bond initiative that was passed in November 2007 for distribution to eight Maine communities to improve their downtowns.
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