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June 6, 2014

MRRA credits $3M debt payoff to rapid growth

The Midcoast Regional Redevelopment Authority has paid off a $3 million loan from the U.S. Navy 10 years before it was due, signifying the rapid growth of the former Brunswick Naval Air Station only three years after redevelopment efforts began.

MRRA officials presented a $3 million check to the U.S. Navy on Thursday, according to a press release. Steve Levesque, MRRA's executive director, said paying off the debt earlier will save the quasi-municipal organization about $1 million in interest and bank charges as it continues to develop the former base, now known as Brunswick Landing and Brunswick Executive Airport and the Topsham Commerce Park.

"That will help us free up some funds sooner for much-needed infrastructure and property improvements that otherwise might not be in the budget for us, which is important as we continue to work toward our redevelopment goals," he said in a prepared statement.

As of May, MRRA has received about 1,660 acres of approximately 2,100 acres it's expected to received from the U.S. Navy, according to a recent report by Levesque. It has leases with nearly 30 companies employing a total of some 405 workers. MRRA has sold nearly 600,000 square feet of property, with an additional 55,000 under contract and another 90,000 in final consideration.

MRRA recently signed a lease for Frosty's Donuts' new production and office facility that will aid the company with its growing wholesale business, as reported by Mainebiz.

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