Brunswick OKs grants for BNAS tenant
The town of Brunswick will support two applications for state funding to allow a new aviation company to set up shop at the Brunswick Naval Air Station.
The town council Tuesday voted unanimously to approve a $200,000 Community Development Block Grant through the Economic Development Program to fund improvements to the hangar where Kestrel Aircraft Co. will locate, according to The Forecaster. The town also supported a $200,000 CDBG Development Fund loan, which Kestrel plans to match and repay. The Midcoast Regional Redevelopment Authority plans to match CDBG funds with $1 million of its own money and other grants.
In July, Kestrel Aircraft signed a 10-year lease for a 170,000-square-foot hangar, making it the anchor tenant for the redeveloped base. The company plans to develop and build a high-end, carbon-composite aircraft, an estimated $100 million project that will eventually employ 300 people. The company plans to contribute $90 million of the project cost through equity investment and debt, while the state will seek bonds for the additional $10 million. The grants will help cover the additional $1.2 million needed to retrofit the hangar.
Go to the article from The Forecaster >>
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