Groups join to offer funding for tenants

BREWER – A unique partnership between a local bank and Eastern Maine Development Corp. was announced Tuesday that will provide low-interest loans to people, groups and businesses interested in developing a space at The Mill at Penobscot Landing.

“EMDC and UnitedKingfield Bank [of Bangor] have established primary rate commercial loans that are substantially below market value” specifically aimed at those interested in joining the redevelopment project, Drew Sachs, Brewer economic development director, said Monday.

“It’s basically an incentive,” he said.

Final concept plans to redevelop the 41-acre South Main Street mill left vacant more than a year ago will be unveiled by Minnesota-based developer Michael Stern at a 6 p.m. public meeting tonight at Brewer City Hall.

When it comes to redevelopment, funding often prevents people and businesses from signing on to an idea, Rick Fournier, UnitedKingfield regional vice president, said Tuesday.

“We all thought, ‘How can we help The Mill be really successful?'” he said about a brainstorming meeting held with bank staff.

What the group decided to do was to help smaller, uninsured tenants with financing.

“Every once in a while you just have to take a stand,” he said. “If you [want] to promote the area, you have to promote the region. That benefits everyone even more.”

After talking with Jonathan Daniels, president and CEO of EMDC, the two groups decided to join forces. EMDC is providing UnitedKingfield with insurance protection to back the low-interest loans.

“This is a unique partnership and it provides us all an opportunity to participate in the financing mechanism for tenants looking to locate at the mill complex,” Daniels said Tuesday.

Stern said the partnership between UnitedKingfield and EMDC is another sign that the multimillion-dollar project should go forward.

“It’s, again, another example of the level of enthusiasm for the project to make these opportunities available,” Stern said Tuesday. “For small tenants who are just starting off – this is huge.”