BANGOR – The 19-year-old Springfield man charged with arson in connection with the downtown Lincoln fire Jan. 20 is scheduled to appear May 21 in Lincoln District Court.

Wayne R. Osborne, who was arrested shortly after 3:30 p.m. Tuesday in Lincoln by state fire investigators and was taken to Penobscot County Jail in Bangor, was released on bail at 11:40 p.m. Tuesday, according to jail officials.

Bail had been set at $5,000 surety or $1,000 cash. Jail officials did not have information on who posted bail.

Osborne may be indicted by a Penobscot County grand jury next month, according to assistant District Attorney Dan Wood.

The arson investigation is continuing. State fire officials expect more arrests.

The fire destroyed two Main Street buildings and displaced six businesses.

Local officials estimate replacement costs on the structures at $850,000. The estimate does not include lost inventory or lost wages.

Investigators said they believe the fire was financially motivated.

If convicted of arson, Osborne could face up to 40 years in prison.