FAME financing to create or retain 448 Maine jobs
The Finance Authority of Maine's board of directors has approved financing for an East Boothbay boatbuilder and two community development entities (CDEs) making investments in the Great Northern Paper mills in Millinocket and East Millinocket.
The projects are expected to help create or retain 448 Maine jobs, according to a press release announcing the awards.
At its Dec. 20 meeting, the FAME board approved a $300,000 Economic Recovery Loan to Hodgdon Shipbuilding LLC in East Boothbay. The funds will be used to build a 10.5 meter "limousine tender" for use with mega-yachts. The proposed model tender will serve as a demonstrator for the company at popular yacht shows around the world.
FAME's action is expected to help the company to create and retain approximately 139 Maine jobs.
FAME also authorized the issuance of an $8.1 million tax credit certificate to Enhanced Capital New Market Development Fund X LLC, and a $7.8 million tax credit certificate for Stonehenge Community Development. These investments are related to capital expenditures at the Great Northern Paper Co. mills and are expected to help create and retain 309 Maine jobs in the Katahdin region.
Those awards were made under the Maine New Markets Capital Investment Program, which provides refundable state tax credits of up to 39% to investors in qualified CDEs that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development.
Most Recent
Most Recent
Comments