AUGUSTA – Colby College is investing $500,000 in FirstPark, the regional business and technology park in Oakland.

The college, in partnership with the Kennebec Regional Development Authority and other investors, pledged Wednesday to build a 20,000-square-foot, ready-to-occupy speculation building in the regional business park.

At a press conference Wednesday morning at the State House, Gov. John E. Baldacci praised the initiative as an example of creative approaches to economic development.

The 285-acre park represents the collaborative effort of 24 towns in Somerset and Kennebec counties that joined in 1998 to form the Kennebec Regional Development Authority. Each community pays an annual share, based on its valuation, that is used for park development and marketing. For the first time, participating communities received a small return on their investment this year. Once the park is completed, which could take up to 20 years, investing communities will no longer be making annual payments but instead will receive annual revenues.

While far from finished, FirstPark is expected to bring up to 3,000 new jobs to an area that has lost hundreds of manufacturing jobs.

FirstPark CEO Paul Levesque said Wednesday that the new partnership expects to raise up to $2 million from a combination of institutional and private investors to build the space on a 6.8 acre building site at FirstPark.

Construction began last spring for the park’s first tenant, the Waterville-based accounting and business advisory firm of Perry, First, Boulette & Fitton. The park is being billed as an ideal site for professional offices for research and development, information technology, financial services, health care, customer service and sales. The park also is outfitted with a sophisticated communications and utilities infrastructure. It is located off Kennedy Memorial Drive, west of Interstate 95 Exit 128 (formerly Exit 33).

FirstPark recently signed a comprehensive marketing agreement with The Boulos Co., a CB Richard Ellis affiliate, to market the building sites and to sell or lease the partnership’s spec building. In addition, plans are under way to develop a professional office community consisting of a five-parcel subdivision of one of the building sites. That project will be designed to accommodate start-ups and smaller businesses needing to expand.

Wednesday, Colby President William D. Adams said, “Colby’s investment in this venture is an affirmation of our commitment to support local economic development initiatives and to do our part to help bring new jobs to the Waterville area.

“Colby’s trustee leadership supported participation in the partnership,” Adams said. “We see a successful FirstPark as a promising element in this region’s economic development strategy, and a healthy regional economy is important to Colby’s goals,” he said.

FirstPark developers say that an inventory of high-quality existing space is critical to attract the kind of businesses needed in this area. Industry experts estimate that as much as 90 percent of all interstate expansion and-or relocation projects look primarily for existing space.

“Our land, location, infrastructure and marketing program have received national recognition,” said Levesque. “But our build-to-suit offering, no matter how well executed, addresses a limited market. With the proposed spec building on line next year we will have an additional product made even more attractive by its location at FirstPark.”

In the coming weeks, FirstPark officials will be working to raise the additional funds necessary to complete the partnership. Construction is slated to begin next spring.

Craig Nelson, president of the KRDA, said, “It’s important to recognize that this building program is being funded primarily by private equity sources. No additional debt will be incurred by member communities of the KRDA.”