What will this Maine town with a population of 85 do with $650K windfall?
The Downeast Maine town of Grand Lake Stream is in the “very early stages of planning” of finding out exactly what it plans to do with a $650,000 economic development grant meant to attract businesses and younger residents to the Washington County town that has a whopping population of 85.
“Our population is kind of aging,” Grand Lake Stream Selectman Louis Cataldo told the Bangor Daily News. “A lot of people in town think that’s a problem.”
CEI Capital Management announced the collaborative $650,000 grant, which was made possible following the repayment of a 2009 New Markets Tax Credit financing that allowed Lyme Timber Co. to purchase the 22,000-acre West Grand Lake Forest to support the outdoor recreation industry, according to CEI.
An allocation of the repayments was then set aside to fund the economic development grant. An investment fund sponsored by Lyme Timber donated a total of 132 acres of land to Grand Lake Stream to develop light industry and housing.The town also was able to purchase 50 acres more at a discount for similar development, according to CEI.
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