Capital fund proposed for large Maine business projects
A bill from a Brunswick state legislator and the Midcoast Regional Redevelopment Authority would create a new capital program to provide funding for large business projects if approved by the Maine Legislature in the upcoming session.
State Sen. Stan Gerzofsky, D-Brunswick, put the bill forward with the help of Steve Levesque, executive director of the organization overseeing the development at the Brunswick Landing, the Times Record reported.
It would create a program within the Finance Authority of Maine to provide loans or bond funding to business development projects costing at least $50 million or resulting in the creation or retention of at least 250 full-time jobs that pay at least 125% of the state’s average wage, the paper reported.
Gerzofsky told the paper that the bill came out of discussions with Levesque and companies at Brunswick Landing and at trade shows.
Gerzofsky and Levesque said the program wouldn’t use taxpayer dollars or put them at risk. Instead it would instead create essentially an investment fund largely capitalized through private investments.
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