AUGUSTA — The Finance Authority of Maine (FAME) celebrated business and education success stories and partnerships at its annual meeting and awards event, Showcase Maine, on Thursday, November 21, 2024, at South Portland’s Portland Sheraton at Sable Oaks.

Showcase Maine is FAME’s annual celebration of successful partnerships with Maine’s business, lending, governmental, and higher education communities. The event featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME, as well as a dinner and awards presentations.

Curtis Hill, a diversity strategist, educator, author, speaker, and trainer, delivered a dynamic and interactive keynote speech. Hill spoke about creating a Culture of Belonging™ in the workplace that maximizes people, profitability, and performance by tapping into what allows team members to bring their full potential to work. Rosemary Crimp, a voice teacher and lyric soprano at River Tree Arts, performed the national anthem, as well.

Martha Johnston, FAME’s Director of Education, emceed the event. In her remarks, Johnston noted that FAME recently completed a new round of planning work to better align its efforts and focus with the hopes and needs of the state going forward. FAME plans to be a key convenor of financing opportunities for FAME citizens and organizations in both the commercial and education arenas. She further took time to celebrate the 25th anniversary of Maine’s 529 Education Savings Plan, NextGen 529®. NextGen 529 is a top ten education savings plan in the nation, with approximately $15 billion in assets under management. Accounts can be set up for any child or grandchild, friend or relative regardless of income, residency, or the age of the beneficiary. FAME incentivizes savings for eligible Maine accounts through its matching grant programs.

This year’s award recipients included: 

  • Business at Work for Maine Award – Standard Biocarbon, LLC, was honored for their innovative work delivering high-carbon biochar produced by state-of-the-art technology from clean, source-verified biomass harvested from the working forests of Maine. Located in Enfield, the company is a clean-tech startup producing biochar at industrial scale to supply demand in agriculture, remediation, composite materials and to generate carbon removal credits. The company has benefited from a FAME Direct Loan and a Grow Maine/SSBCI loan. The FAME/SSBCI loans were made in partnership with CEI and MTI. The company also has benefited from an MRDA loan. To learn more about the company, please visit Standard Biocarbon
  • Education at Work for Maine Award – Worthington Scholarship Foundation was honored for their extraordinary commitment to providing scholarships and support to graduates of Maine public high schools attending Maine colleges. Since its founding in 2010 by Beverly and David Worthington, WSF has awarded hundreds of scholarships to four-year college and two-year college students from all of Maine’s counties. The Foundation has continuously sought to expand and grow in ways designed to support students and their success, including by providing ongoing financial education for their recipients. The Foundation works closely with FAME to understand FAFSA filing and financial eligibility data for Maine students. To learn more about the Foundation, please visit Home – Worthington Scholars
  • Lender at Work for Maine Award (over $1.5 billion in assets) – Camden National Bank: This was the bank’s fourteenth time as an awardee. Over the past year, Camden National Bank partnered with FAME on 55 loans totaling approx. $15 million. This helped to create 108 Maine jobs and retain an additional 611 jobs. One notable transaction involved support for A Couple of Koi, LLC, the operating entity for The Hoot restaurant in Northport, a farm-to-table restaurant that sources their produce and meat from local farms. The financing helped to create twelve jobs and retain eight jobs. In addition to being a top partner in stimulating economic development in Maine, Camden National Bank is actively committed to the communities in which it operates. Founded in 1875, the bank encourages employee volunteerism and makes donations to local nonprofits. The bank dedicated this year’s award to longtime (now retired) executive vice president and senior lending officer Timothy Nightingale, who also served on the FAME Board for several years. To learn more about Camden National Bank, please visit Camden National Bank – Banking the Way You Live Today & Tomorrow
  • Lender at Work for Maine Award (up to $1.5 billion in assets) – Franklin Savings Bank was honored in the category of lenders with assets under $1.5 billion. This past year, Franklin Savings partnered with FAME on ten loans totaling $4.5 million. This helped to create nine Maine jobs and retain an additional eighty-five jobs. A community bank based in Farmington since 1868, Franklin Savings conducts business primarily in Western and Central Maine, with commercial services offered in Ellsworth. The bank’s mission is to remain a financially strong, independent community bank, dedicated to superior customer and community service. Through its FSB Community Development Foundation, the bank takes pride in its generous support of various causes in the community. To learn more about Franklin Savings Bank, please visit Franklin Savings Bank | Local Banking | Central & Western Maine
  • Lender at Work for Maine Award (most enhanced partnership) – Norway Savings Bank was honored for having greatly increased its partnership with FAME on various financing projects. Founded in 1866, Norway Savings is a leading mutual banking and financial services company headquartered in Norway. The bank has a strong commitment to personal, community, and financial values. They are proud to be a community bank known for their financial strength, exceptional customer experience, and contributions to local communities. This past year, FAME partnered with Norway Savings on 16 loans to Maine companies totaling approximately $6 million, an increase of $2 million compared to last year. This helped to create fifty-six Maine jobs and retain an additional 237 jobs. To learn more about Norway Savings Bank, please visit Norway Savings Bank

Prior to the event, the FAME board of directors held its monthly meeting. New officers were elected to one-year terms. Officers elected for 2025 include: Renee Ouellette, President & CEO of University Credit Union (Chair); William Tracy, President & CEO of Auburn Savings Bank (Vice Chair); and Dustin Brooks, Vice President of Marketing Strategy, UNUM Group (Treasurer).

FAME is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. Our vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. FAME recently was recognized for the tenth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.FAMEmaine.com

Standard Biocarbon award
Business at Work for Maine Awardee Frederick Horton, President, Standard Biocarbon (right), along with FAME Senior Commercial Loan Officer Kim Getchell (left).
Worthington Scholarship Foundation award
Education at Work for Maine Awardee Julia Bourgoin, President and board member at the Worthington Scholarship Foundation (third from left), and fellow Foundation employees. FAME’s College Access & Outreach Manager Mila Tappan is at far left.
Camden National award (1)
Lender at Work for Maine Awardee (assets over $1.5 billion) Camden National Bank employees. Barbara Raths, Executive Vice President of Commercial Banking, is holding the award (center left), while FAME Director of Business Jennifer Cummings is center right.
Keynote Speaker Curtis Hill
Keynote Speaker Curtis Hill

Photos by Sharyn Peavey Photography

NOTICE OF PUBLIC HEARING

Pursuant to Title 10, §1043 of the Maine Revised Statutes and 26 USCA §147(f), the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:30 AM on December 4, 2024, at 5 Community Drive, Augusta, Maine on an application for a Certificate of Approval for issuance of Revenue Obligation Securities to finance the Project described below.

BOND ISSUER:

INITIAL OWNER /
USER OF PROJECT:

PROJECT LOCATION:

DESCRIPTION
OF PROJECT:

Finance Authority of Maine


EME Biofuels LLC

50 Main St., East Millinocket, ME 04430

Bond proceeds will be used to finance (i) a portion of the costs to construct and equip a biomass-to-biofuels plant on land that was part of the former Great Northern Paper Company mill. The facility that will process unwanted and hazardous forest residue from timber production (treetops, branches and bark, left on the ground after logging or accumulating as a result of a storm, fire, delimbing or other similar disturbance) and other biomass into high-quality liquid biocrude or biofuel, (ii) costs of issuance, (iii) construction period and other capitalized interest and (iv) a debt service reserve fund. The biocrude or biofuel produced at the facility can be used as a renewable fuel for heating and cooling, as a feedstock for co-processing in petroleum refineries in the production of renewable gasoline and diesel and contributes to the production of renewable chemicals. The facility may also produce sustainable aviation fuel, cellulosic ethanol, and other renewable products


MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY
THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT: $160,000,000


Prior to issuing a Certificate of Approval, the Authority must make certain findings, including a finding that the Project will not result in substantial detriment to existing industry. Any person or competitor may attend the hearing and 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 Title 10, §1043(2) of the Maine Revised Statutes, including public benefit and whether the Project could result in a substantial detriment to existing business. Anyone planning to attend the hearing or to make a statement at the hearing is requested to notify the Authority and to send a written summary of the proposed comments by no later than December 1, 2024, to:

Finance Authority of Maine
Christopher H. Roney, Esq.
P.O. Box 949
5 Community Drive
Augusta, Maine 04332-0949
(207) 623-3263
croney@famemaine.com


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.


AUGUSTA — At their October 17, 2024 meeting held in Bangor, the board of directors of the Finance Authority of Maine (FAME) approved financing for Vertical Harvest, L3C, a company planning to operate a vertical hydroponic greenhouse in downtown Westbrook. 

FAME approved a $500,000 FAME Direct Loan to help finalize the construction of the company’s nearly complete facility in downtown Westbrook. The financing is part of an $88 million overall construction project for a new 51,000 square-feet vertical farming facility. The facility intends to provide local, fresh produce profitably and sustainably for Maine and the broader New England market.

In June of 2024, FAME also approved a $500,000 FAME Direct Loan to Vertical Harvest to assist with construction costs. 

The project ultimately is expected to create approximately fifty full and part-time jobs at the company, many of which are expected to be performed by individuals with disabilities, a central component of the company’s mission. 

“We very much appreciate FAME’s continued support for this innovative project,” stated Nona Yehia, co-founder and CEO of Vertical Harvest Farms. “It brings us one step closer to creating the future we want from the food we need. We look forward to beginning operations next year and providing local consumers with fresh and flavorful produce that is sustainably harvested right in the heart of Westbrook.”

FAME’s Direct Loan Program provides subordinate or gap financing to new or existing businesses. For larger loans, up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. FAME Direct Loan – FAME Maine

“FAME is pleased to support this project, which should substantially benefit the public, Vertical Harvest’s employees, and the surrounding community,” stated FAME CEO Carlos Mello. “When completed, the Westbrook facility will provide growing capacity 365 days per year for the Northeast market, with substantially reduced water consumption and reduced carbon footprint compared to earth-grown greens in other parts of the country. The project further involves a productive rehabilitation of urban property.”

Vertical Harvest Westbrook, Maine
Vertical Harvest, L3C’s hydroponic greenhouse located in downtown Westbrook.

Notice is hereby given that the Finance Authority of Maine (FAME) intends to issue Revenue Obligation Securities (the “Securities”) pursuant to the Finance Authority of Maine Act (Chapter 110 of Title 10 of the Maine Revised Statutes, as amended) and has issued its Certificate of Approval for the Project to be financed with proceeds of the Securities.  Set forth below is a summary of the Certificate including a description of the purpose for which the Securities will be issued, a statement of the maximum principal amount of the Securities and the time within which any proceeding to set aside certain actions of FAME with respect to the Project or the Securities or otherwise obtain relief on grounds of invalidity of such action must be commenced.

PROJECT OWNER AND/OR USER:    Casella Waste Systems, Inc. or its affiliates

PROJECT LOCATIONS:     The Project comprises eleven (11) distinct components, each of which is or has been operated by the Company or its affiliates as an integrated solid waste operation, as follows:

  1. Biofuels – Approximately $100,000 stated principal amount for refinancing Project components located at:
    38 Alfred Plourde Parkway, Lewiston, Maine  04240 (Androscoggin County)
  2. Casella Organics – Not to exceed $1,500,000 stated principal amount for Project components located at:
    48 Liberty Drive, Suite A, Hermon, Maine  04401 (Penobscot County)
    5 Fundy Road, Falmouth, Maine  04105 (Cumberland County)
    1100 Waterville Road, Unity, Maine  04988 (Waldo County)
    73 Reynolds Road, Unity, Maine  04988 (Waldo County)
  3. Casella Recycling – Not to exceed $1,500,000 stated principal amount for Project components located at:
    424 River Road, Lewiston, Maine  04240  (Androscoggin County)
    13 Gibson Road, Scarborough, Maine  04074 (Cumberland County)
  4. Casella Eastern Region Office – Not to exceed $250,000 stated principal amount for Project components located at:
    207 Larrabee Road, Westbrook, Maine  04092 (Cumberland County)
    110 Main Street, Suite 1380, Saco, Maine  04072 (York County)
  5. Hampden, Maine Landfill – Approximately $7,500,000 stated principal amount for refinancing Project components located at:
    358 Emerson Mill Road, Hampden, Maine  04444 (Penobscot County)
  6. Hermon, Maine Collection – Not to exceed $6,500,000 stated principal amount for Project components located at:
    31 Freedom Parkway, Hermon, Maine  04401 (Penobscot County)
    25 Freedom Parkway, Hermon, Maine  04401 (Penobscot County)
    246 Gilman Falls Avenue, Old Town, Maine  04468 (Penobscot County)
  7. Houlton, Maine Collection – Not to exceed $2,000,000 stated principal amount of Project components located at:
    9 Florence Avenue, Houlton, Maine  04730 (Aroostook County)
    37 Florence Avenue, Houlton, Maine  04730 (Aroostook County)
  8. Juniper Ridge, Maine Landfill – Not to exceed $22,500,000 stated principal amount of Project components located at:
    2828 Bennoch Road, Old Town, Maine  04468 (Penobscot County)
  9. Maine Energy – Approximately $4,000,000 stated principal amount for refinancing Project components located at:
    3 Lincoln Street, Biddeford, Maine  04005 (York County)
  10. Southern Maine Portland Collection – Not to exceed $11,500,000 stated principal amount of Project components located at:
    66 Andrews Road, Biddeford, Maine  04005 (York County)
    64 Arthur J Reno Sr. Road, West Bath, Maine  04530 (Sagadahoc County)
    299 Walkers Mills Road, Bethel, Maine  04217 (Oxford County)
    30 Elm Street, Mechanic Falls, Maine  04256 (Androscoggin County)
    32A Lewiston Street, Mechanic Falls, Maine  04256 (Androscoggin County)
    87 Pleasant Hill Road, Scarborough, Maine  04074 (Cumberland County)
    594 County Road, Westbrook, Maine  04092 (Cumberland County)
  11. Waterville Maine Collection – Not to exceed $5,000,000 stated principal amount of Project components located at:
    73 Main Street, Mars Hill, Maine 04758 (Aroostook County)
    6 Gerald Terrace, Fairfield, Maine  04937 (Somerset County)
    3 Lafleur Road, Waterville, Maine  04901 (Kennebec County)

DESCRIPTION OF PROJECT:     The Project consists of the (1) refinancing of the currently outstanding $25,000,000 stated principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2005R-3 (the “Series 2005 Bonds”), which financed certain solid waste disposal facilities, including landfill development costs and construction, disposal equipment and related improvements, Maine Energy Recovery Company capital maintenance, buildings and office improvements, office equipment, vehicles, containers, equipment, land and the costs of issuance of the Series 2005 Bonds; (2) financing of the acquisition, development, construction and/or equipping of facilities used in connection with the disposal, conversion, or reclamation of solid waste, including, without limitation: (A) the acquisition and equipping of new collection vehicles, trucks, trailers, solid waste disposal containers and related equipment, and computers; (B) the acquisition and installation of certain solid waste recycling sorting and processing equipment; (C) the acquisition, construction, improvement and equipping of certain solid waste disposal, collection, transfer, recycling and customer care facilities; (D) the acquisition and development of landfill facilities including (i) landfill cell development and liners to create additional disposal capacity at the Company’s permitted landfill sites, (ii) landfill gas treatment and processing infrastructure, and (iii) other related costs including paving, grading and other infrastructure improvements; and (E) additional capital expenditures for the development, design, engineering, replacements, demolition, construction, and renovation that were, or will be, undertaken or incurred to accomplish the foregoing; and (3) the funding of the costs of issuance and other common costs of the Series 2024 Revenue Obligation Securities.

All such Project components were or are located or are to be located at and operated from and at one or more of the Project locations identified above.  The Project shall also include any installation, development, design, engineering, replacements, demolition, improvements, equipment, construction, renovation, structures, permitting and capital expenditures that were, or will be, undertaken or incurred to accomplish the foregoing.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY FAME TO PROVIDE FINANCING FOR THE PROJECT: $45,000,000

Any action or proceeding in any court to contest the issuance of the Securities, to set aside the Certificate of Approval for the Project or to obtain relief upon the grounds that the Certificate of Approval was improperly issued, was issued for unauthorized purposes or is otherwise invalid for any reason, must be started within 30 days after the date of publication of this Notice.  After the expiration of such a 30-day period of limitation, no right of action or defense founded upon the invalidity of the approval; or contesting any provision or the issuance of the Certificate of Approval or the issuance of the Securities may be started or asserted nor shall the Certificate of Approval or the issuance of Securities be open to question in any court upon any grounds.

This Notice published pursuant to 10 M.R.S.A. Section 1044(1).

Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta, ME 04332-0949
(207) 623-3263

Contact Person: Christopher H. Roney, General Counsel
croney@FAMEmaine.com

Scott Weber 300x417

FAME joins our community in mourning the loss of Scott Weber, our Senior Credit and Risk Officer, our colleague, and our friend.

His tenure at the company spanned over 18 years, during which his dedication to helping the people of Maine achieve their business and educational aspirations was unwavering.

Scott’s expertise in financial matters was unparalleled; his solid and well-considered contributions made a lasting impact. His candid approach and sense of humor perfectly complemented the challenges he faced, making him an invaluable part of our team.

Beyond his professional achievements, Scott extended his good will and care to his community as he actively served on the Kennebec Valley YMCA board. 

Scott’s legacy will forever be etched in our hearts and minds. We extend our deepest condolences to his family and loved ones during this difficult time.

For more information, please visit the Plummer Funeral Home website.

The Finance Authority of Maine (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 and refinancing 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 Casella Waste Systems, Inc. (the “Company”) (the “Series 2024 Revenue Obligation Securities”), seeking approval for the financing and refinancing of the Project described below.  Pursuant to 10 MRSA §1043 and 26 USCA §147(f), a public hearing will be held by the Authority at its offices at 5 Community Drive, Augusta, Maine, on Thursday, November 7, 2024 at 10:30 a.m., to receive comments on, and to consider the application for a Certificate of Approval for the Project components described below, which comprise “solid waste disposal facilities” within the meaning of 26 USCA §142(a)(6):

PROJECT OWNER AND/OR USER: Casella Waste Systems, Inc. or affiliates thereof

PROJECT LOCATIONS:  The Project comprises eleven (11) distinct components, each of which is or has been operated by the Company or its affiliates as an integrated solid waste operation, as follows:

  1. Biofuels – Approximately $100,000 stated principal amount for refinancing Project components located at:
    38 Alfred Plourde Parkway, Lewiston, Maine  04240 (Androscoggin County)
  2. Casella Organics – Not to exceed $1,500,000 stated principal amount for Project components located at:
    48 Liberty Drive, Suite A, Hermon, Maine  04401 (Penobscot County)
    5 Fundy Road, Falmouth, Maine  04105 (Cumberland County)
    1100 Waterville Road, Unity, Maine  04988 (Waldo County)
    73 Reynolds Road, Unity, Maine  04988 (Waldo County)
  3. Casella Recycling – Not to exceed $1,500,000 stated principal amount for Project
    components located at:
    424 River Road, Lewiston, Maine  04240  (Androscoggin County)
    13 Gibson Road, Scarborough, Maine  04074 (Cumberland County)
  4. Casella Eastern Region Office – Not to exceed $250,000 stated principal amount for Project components located at:
    207 Larrabee Road, Westbrook, Maine  04092 (Cumberland County)
    110 Main Street, Suite 1380, Saco, Maine  04072 (York County)
  5. Hampden, Maine Landfill – Approximately $7,500,000 stated principal amount for refinancing Project components located at:
    358 Emerson Mill Road, Hampden, Maine  04444 (Penobscot County)
  6. Hermon, Maine Collection – Not to exceed $6,500,000 stated principal amount for Project components located at:
    31 Freedom Parkway, Hermon, Maine  04401 (Penobscot County)
    25 Freedom Parkway, Hermon, Maine  04401 (Penobscot County)
    246 Gilman Falls Avenue, Old Town, Maine  04468 (Penobscot County)
  7. Houlton, Maine Collection – Not to exceed $2,000,000 stated principal amount of Project components located at:
    9 Florence Avenue, Houlton, Maine  04730 (Aroostook County)
    37 Florence Avenue, Houlton, Maine  04730 (Aroostook County)
  8. Juniper Ridge, Maine Landfill – Not to exceed $22,500,000 stated principal amount of Project components located at:
    2828 Bennoch Road, Old Town, Maine  04468 (Penobscot County)
  9. Maine Energy – Approximately $4,000,000 stated principal amount for refinancing Project components located at:
    3 Lincoln Street, Biddeford, Maine  04005 (York County)
  10. Southern Maine Portland Collection – Not to exceed $11,500,000 stated principal amount of Project components located at:
    66 Andrews Road, Biddeford, Maine  04005 (York County)
    64 Arthur J Reno Sr. Road, West Bath, Maine  04530 (Sagadahoc County)
    299 Walkers Mills Road, Bethel, Maine  04217 (Oxford County)
    30 Elm Street, Mechanic Falls, Maine  04256 (Androscoggin County)
    32A Lewiston Street, Mechanic Falls, Maine  04256 (Androscoggin County)
    87 Pleasant Hill Road, Scarborough, Maine  04074 (Cumberland County)
    594 County Road, Westbrook, Maine  04092 (Cumberland County)
  11. Waterville Maine Collection – Not to exceed $5,000,000 stated principal amount of Project components located at:
    73 Main Street, Mars Hill, Maine 04758 (Aroostook County)
    6 Gerald Terrace, Fairfield, Maine  04937 (Somerset County)
    3 Lafleur Road, Waterville, Maine  04901 (Kennebec County)

DESCRIPTION OF PROJECT: The Project consists of the (1) refinancing of the currently outstanding $25,000,000 stated principal amount of Finance Authority of Maine Solid Waste Disposal Revenue Bonds (Casella Waste Systems, Inc. Project) Series 2005R-3 (the “Series 2005 Bonds”), which financed certain solid waste disposal facilities, including landfill development costs and construction, disposal equipment and related improvements, Maine Energy Recovery Company capital maintenance, buildings and office improvements, office equipment, vehicles, containers, equipment, land and the costs of issuance of the Series 2005 Bonds; (2) financing of the acquisition, development, construction and/or equipping of facilities used in connection with the disposal, conversion, or reclamation of solid waste, including, without limitation: (A) the acquisition and equipping of new collection vehicles, trucks, trailers, solid waste disposal containers and related equipment, and computers; (B) the acquisition and installation of certain solid waste recycling sorting and processing equipment; (C) the acquisition, construction, improvement and equipping of certain solid waste disposal, collection, transfer, recycling and customer care facilities; (D) the acquisition and development of landfill facilities including (i) landfill cell development and liners to create additional disposal capacity at the Company’s permitted landfill sites, (ii) landfill gas treatment and processing infrastructure, and (iii) other related costs including paving, grading and other infrastructure improvements; and (E) additional capital expenditures for the development, design, engineering, replacements, demolition, construction, and renovation that were, or will be, undertaken or incurred to accomplish the foregoing; and (3) the funding of the costs of issuance and other common costs of the Series 2024 Revenue Obligation Securities. 

All such Project components were or are located or are to be located at and operated from and at one or more of the Project locations identified above.  The Project shall also include any installation, development, design, engineering, replacements, demolition, improvements, equipment, construction, renovation, structures, permitting and capital expenditures that were, or will be, undertaken or incurred to accomplish the foregoing.

MAXIMUM AMOUNT OF SERIES 2024 REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING AND REFINANCING FOR THE PROJECT:  $45,000,000

Interested members of the public are invited to attend the hearing.  The Authority staff will present information relative to the Project and the proposed financing and refinancing thereof by the Series 2024 Revenue Obligation Securities and invite questions from persons attending.  In addition, persons attending will have an opportunity to make a brief statement regarding the Project and the proposed financing and refinancing thereof by the Series 2024 Revenue Obligation Securities.  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 5:00 p.m. on November 4, 2024.  Members of the public may attend the hearing in person or via Zoom (Zoom link available from the Authority upon request).

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 Series 2024 Revenue Obligation Securities or the Project, please contact:

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

View the recording of this hearing.

Certificate of Approval-Signed

Findings and Conclusions-Signed

Pursuant to 10 MRS §1063, the Finance Authority of Maine (the “Authority”) will hold a public hearing on October 25, 2024 at 10:00 A.M. at 2 Portland Fish Pier (Marine Trade Center), Suite 204, Portland, Maine, on an application for an amended Certificate of Approval to be issued with respect to issuance by the Town of Cumberland, Maine (the “Issuer”) of refunding revenue bonds (the “Refunding Revenue Bonds”) to refinance and refund the currently outstanding principal of the Issuer’s $2,160,000 Town of Cumberland, Maine, Revenue Bonds (Friends School of Portland Project, Series 2014) (the “2014 Bonds”).

BOND ISSUER: Town of Cumberland, Maine

PROJECT OWNER / USER: Friends School of Portland (“FSP”)

PROJECT LOCATION: 11 Route 1, Cumberland, Maine

PROJECT DESCRIPTION: Proceeds of the Refunding Revenue Bonds will be loaned to FSP and used to refinance and refund the currently outstanding principal of the 2014 Bonds, issued to design, build and equip FSP’s current preschool – 8th grade school and campus.

MAXIMUM AMOUNT OF REVENUE OBLIGATIONS SECURITIES TO BE ISSUED BY THE MUNICIPALITY TO REFINANCE AND REFUND THE ORIGINAL BONDS: $1,700,000

Prior to issuing the amended Certificate of Approval, the Authority must make certain findings, including a finding under 10 MRS §1063(2)(B) that the Project and issuance of the Refunding Revenue Bonds will not result in substantial detriment to existing businesses.

All persons who desire to be heard on the proposed amended Certificate of Approval are invited to attend and speak at the public hearing. Any person or competitor who wishes to make an oral or written statement at the hearing should provide notice to the Authority on or before October 22, 2024. The notice should be sent to:

Finance Authority of Maine
Attn: Christopher H. Roney, General Counsel
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 623-3263

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.

AUGUSTA — At their annual meeting and awards celebration held at Lewiston’s Franco Center on September 13, 2024, the Maine Development Foundation (MDF) presented the Finance Authority of Maine’s (FAME’s) College Access and Financial Education (CAFE) Team with their Champion of Education and Workforce Development Award.

MDF’s awards this year recognize individuals, businesses, and community groups for demonstrating exceptional leadership and dedication to strengthening the state’s economy and/or their community with efforts to attract and/or retain young people in Maine.

FAME's College Access and Financial Education team pose with their Champion of Education and Workforce Development Award presented by the Maine Development Foundation
FAME’s College Access and Financial Education team with their MDF award. Pictured left to right are: Martha Johnston, Director of Education, and CAFE team members Jessica Whittier, Floreka Malual, Nikki Vachon, and Mila Tappan.

FAME’s CAFE Team provides comprehensive college access and financial education services to students, families, counselors, and advisors through a variety of college access, financial aid, financial education, and education debt management services that support higher education aspirations and attainment in Maine.

Martha Johnston, FAME’s Director of Education, accepted the award on behalf of the team and noted: 

“Each day, and many, many nights, FAME’s College Access Team hits the road literally and virtually to help Maine students and families learn about saving for higher ed, completing and filing the FAFSA, wise borrowing, and navigation of student loan processes, and student loan repayment. We believe in the transformative power of education beyond high school to benefit someone’s personal economic prospects as well as those of the state of Maine, a place we all love and call home.”

Helping students and families prepare to file for financial aid and supporting them through the entire process is a primary focus for FAME’s College Access Team. In FY 24 alone, the team coordinated and participated in:

  • 232 financial aid information sessions and workshops for over 6,800 Maine students and families;
  • 77 training workshops for over 4,800 counselors and advisors
  • 41 workshops attended by 537 individuals to help students complete the Free Application for Federal Student Aid (FAFSA); and 
  • 129 financial wellness events for 6,500 students.

Because it was such a challenging year for FAFSA completion due to problems with the roll-out of the new form by the U.S. Department of Education, FAME’s team worked extra hard through the summer and, as of the end of August, helped to increase the FAFSA completion rate for Maine high school seniors from the Class of 2024 nine full percentage points to over 61%.

Johnston also extended FAME’s appreciation to the many partners who contribute to the success of the team, especially Maine’s school counselors and other trusted professionals who share information about FAME events and available resources, as well as Maine’s institutions of higher education, public and private. 

The Finance Authority of Maine (FAME) is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. Our vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. To learn more about FAME, please visit www.famemaine.com.

The Maine Development Foundation (MDF) is a non-partisan, statewide driver of equitable, inclusive, and sustainable economic growth in Maine. MDF connects people, decision-makers, and communities though trusted research, leadership development, and creative partnerships to stimulate new ideas, solve problems, and improve lives. To learn more about MDF, please visit www.mdf.org.

AUGUSTA — At their monthly meeting held on September 19, 2024, the board of directors of the Finance Authority of Maine (FAME) approved $1 million in financing for Sawyer Enterprises, LLC d/b/a FISBA North America, a Portland-based precision manufacturer of microphotonics.

Microphotonics is a branch of technology that deals with directing light on a microscopic scale and is used in optical networking. Sawyer Enterprises, LLC uses microphotonics in optical designs that are used in medical and life sciences. 

FAME approved a $1 million FAME Direct Loan to the company. The financing will be used to help the company expand its Maine operations and finance a portion of construction costs at its Portland facility. FAME’s financing is expected to help to create more than eight Maine jobs in the near future and retain an additional ten Maine jobs.

“We are pleased to provide support for Sawyer Enterprises as it expands its operations here in Maine,” stated FAME Board Chair Richard Trafton. “Precision manufacturing is one of Maine’s targeted industries as outlined in Maine’s Economic Development Strategy. We hope this financing will enable the company to grow and innovate utilizing Maine’s STEM workforce.”

Sawyer Enterprises, LLC, formed in 2017 and originally operated as Gray Optics, was acquired in 2023 by FISBA North America LLC, a wholly owned subsidiary of FISBA AG. FISBA AG is a Swiss company that develops and manufactures microphotonics for medical and life sciences industries.

The planned renovations to the Portland plant will allow the parent company to move operations and equipment from Tucson, Arizona to Maine.

“We are grateful for FAME’s support, which will enable us to expand our Maine operations and create more good paying jobs,” stated Wallace Latimer, President of FISBA North America. “We appreciate Maine’s talented workforce and look forward to creating more innovative products that are in demand within the medical and life sciences markets.”

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available.

The Finance Authority of Maine (FAME) is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. Our vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment.

Maine Funding Network developed by DECD and FAME will provide financing resources for Maine businesses to start up and grow

Governor Janet Mills recently announced the launch of the Maine Funding Network, a new business funding portal designed to easily connect Maine businesses with one-stop access to funding options so that they may grow and succeed.

The Maine Funding Network is an initiative of the Maine Department of Economic and Community Development (DECD) and the Finance Authority of Maine (FAME). It results from feedback received from Maine’s business owners, lenders, and economic development ecosystem regarding the need for a centralized, easy-to-use platform for funding. The portal is sponsored and powered by FAME and is designed to be a gateway for interested borrowers to identify potential funding solutions from public and nonprofit agencies throughout Maine.

The network initially will be comprised of sixteen partner organizations ranging from Maine business advisors to lenders to venture capital and is expected to grow.

“FAME is pleased to host this business funding network and to amplify the collective impact of our fellow economic development partners,” said Carlos Mello, CEO of FAME. “Whether it be a state-sponsored financing program or a local lending product, Maine businesses and entrepreneurs will now have far more solutions available to them in one location.”

The concept of a business financing portal draws heavily on recommendations from the state’s 10-Year Economic Development Strategy and the 2024 Reset, including the need to support new Maine companies; better coordinate state business assistance; and enhance technical assistance and improve resource awareness.

FAME will be hosting a live webinar about the tool on May 29th from 3:00PM to 4:00PM. Click here to register to attend.

For more information, please visit www.mainefundingnetwork.com to learn more.

Please send email queries to support@mainefundingnetwork.com or phone (207) 620-3568 for more information.