News Column

Brunswick base development authority pays off Navy loan 10 years early

June 6, 2014

By Beth Brogan, Bangor Daily News, Maine



June 06--BRUNSWICK, Maine -- On Thursday, the Midcoast Regional Redevelopment Authority paid off a $3 million loan from the U.S. Navy 10 years early, which executive director Steve Levesque said Thursday is a sign the redevelopment of the former Brunswick Naval Air Station is ahead of schedule.

The MRRA is the first of the entities redeveloping former Navy bases closed in the 2005 Base Realignment and Closure process to begin paying back loans, Levesque said.

The early repayment will save the MRRA approximately $1 million in interest and bank charges, according to a MRRA release.

Quicker-than-expected economic development conveyances of former base property to the MRRA and the rate of redevelopment at Brunswick Land and Topsham Commerce Park allowed the MRRA to make the early payment, according to Levesque.

"We developed a very good working relationship with the Navy, so we were able to get things going very early," Levesque said. "We're getting property transfers probably quicker than other people. ... A lot of things came together, so we got a jumpstart on things."

To date, the Navy has transferred approximately 1,660 acres of the approximately 2,100 acres MRRA was due to receive for civilian reuse, according to Levesque's May 22 report to the board.

MRRA has been conveyed 745 acres -- 68 percent -- of non-airport property and 971 acres -- 98 percent -- of airport land, Levesque wrote.

The authority has sold more than 300 acres and 27 buildings -- nearly 600,000 square feet.

SEE COMMENTS ?

___

(c)2014 the Bangor Daily News (Bangor, Maine)

Visit the Bangor Daily News (Bangor, Maine) at www.bangordailynews.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Bangor Daily News (ME)