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June 6, 2014 1 COMMENTS

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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Mackenzie Andersen

East Boothbay
06/06/14 AT 03:10 PM
I notice there is no mention of the revenue source that enables the town of MRRA to pay off the navy- But it is well known that the municipality of MRRA is heavily funded by state and federal taxpayer dollars, which it's targeted colony - other municipalities in the Midcoast cannot do because they are constitutional municipalities. The town of MRRA is charted by special act of the legislature as a municipality serving as an instrumentality of the state, a violation of not only the Maine State constitution but general law every where as well, where in local governments are legally distinct from state government and a municipal corporation is by definition a local government.

The little town of MRRA is a modern day city state, The taxpayer dollars it extracts from Maine and national taxpayers comes directly out of the pockets of Maine's and America's shrinking middle class and from the remnants of the free enterprise system that still exists in Maine after four decades of having our state colonized by Maine State Inc-constructed in defiance of the Maine constitution.

I also notice there is no mention of paying back the taxpayers. I won't hold my breath.
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