FAME greenlights financing for veterans' home, Millinocket library

Courtesy / Arcadia designworks A rendering by Arcadia designworks shows the finished new entrance of the Millinocket Memorial Library, located at 5 Maine Ave. The project is supported partly with financing approved last week by the Finance Authority of Maine.

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By Staff

The Finance Authority of Maine last week approved issuing a $20 million bond to finance a planned 179,000-square-foot residential care facility in Augusta for military veterans.

The financing for Maine Veterans’ Homes, a nonprofit organization, will help build four two-story buildings with 138 beds, replacing a facility that is “important but outdated,” according to a news release from FAME Monday.

The financing comes through FAME’s Revenue Obligations Securities Program, which provides tax-exempt bond financing to eligible borrowers without any obligation by the state. FAME, a quasi-independent state agency, acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy.

In addition, FAME last week approved the issuance of $517,312 in tax credits through the Maine New Markets Capital Investment Program related to approximately $1.3 million in investments to help renovate the Millinocket Memorial Library.

The project involves a major renovation of the 56-year-old library building, to address code compliance and safety issues and to enhance use of the space for community events and educational programming.

The tax credits accompany a federal New Markets Tax Credit qualifying investment, which will result in a total investment of approximately $2 million for the project.