NOTICE OF PUBLIC HEARING

Notice is hereby given in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated with respect thereto (collectively the “Code”) and 10 MRSA §1043, that the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:00 a.m., Eastern Time, May 7, 2025, at its offices at 5 Community Drive, Augusta, Maine, regarding the plan of finance for a proposed issuance by the Authority of its revenue bonds in one or more series and in the aggregate principal amount of not more than $60,000,000 (the “Bonds” or the “Revenue Obligation Securities”). The Bonds will constitute qualified 501(c)(3) bonds under Section 145(a) of the Code. The Bonds will finance the construction, renovation and equipping of educational facilities (as further described below, the “Project”) to be owned and operated by the University of New England (the “Borrower”) and located as set forth below, together with costs of issuing the Bonds. The proceeds of the Bonds will be loaned by the Authority to the Borrower.

The Authority is empowered under the Finance Authority of Maine Act, Chapter 110 of Title 10 of the Maine Revised Statutes, as amended, to issue its Revenue Obligation Securities  the interest on which may be exempt from Federal income taxation to assist in financing projects for the purpose of providing enlarged opportunities for gainful employment by the people of the State of Maine and to insure the preservation and betterment of the economy of the State of Maine.

The Authority has received an application for the issuance of Revenue Obligation Securities from the Borrower seeking approval for a plan of financing. At the public hearing the Authority will consider the application for a Certificate of Approval for the following Project:

PROJECT USER:     University of New England

PROJECT
LOCATION:             11 Hills Beach Road, Biddeford, Maine 04005 (the “Biddeford Campus”) and 716 Stevens Ave, Portland, Maine 04103 (the “Portland Campus”)

DESCRIPTION
OF PROJECT:          The Borrower intends to use the proceeds of the Bonds to finance the costs of (A) the renovation of (i) the Alfond Center for the Arts and Sciences on the Biddeford Campus, (ii) Leonard Hall for the College of Business on the Biddeford Campus, (iii) Decary Hall on the Biddeford Campus, (iv) Ludcke Auditorium on the Portland Campus, and (v) the Department of Campus Services Building on the Portland Campus, (B) expansion of the tennis courts on the Biddeford Campus, (C) construction of Girard Marine Science Center Research Pier and Access Road on the Biddeford Campus, and (D) other capital projects, infrastructure, furniture, fixtures and equipment associated with the Borrower’s FY’25, FY’26 and FY’27 capital budgets on the Biddeford Campus and the Portland Campus. 

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT:  $60,000,000 (with not more than $50,000,000 for projects on the Biddeford Campus and not more than $10,000,000 for projects on the Portland Campus).

Interested members of the public are invited to attend the hearing. Persons attending will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in 10 MRSA §1043(2), including public benefit and whether the Project could result in a substantial detriment to existing business. Persons planning to attend the hearing or to make a statement at the hearing are requested to notify the Authority in writing no later than May 5, 2025.  Members of the public may attend the hearing in person or via ZOOM (ZOOM link available from the Authority upon request).

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.

Persons wishing to make written comments are requested to provide the written comments to the Authority before the hearing. Written comments will also be accepted at the hearing.

If additional information is required on the proposed Bonds and the Project, please contact:

Finance Authority of Maine
Christopher H. Roney
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 620-3520
 croney@famemaine.com