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SEDC authorizes Phase I Northgate upgrades and green-lights RLF application
Summary
The Skowhegan EDC authorized Phase I building upgrades at Northgate using cash on hand, agreed to offer Maine Cedar Hot Tubs 3,300 sq. ft. at $3.00/sq. ft., and authorized Director Bryan Belliveau to pursue an RLF application for Northgate up to 50% of the fund balance.
The Skowhegan Economic Development Corporation voted to begin Phase I improvements at the Northgate property and to pursue financing options to support redevelopment.
The board authorized Phase I work — walls, HVAC and electrical upgrades — to be paid from cash on hand, with the stated goal of readying space for tenants. Chairman Matt DuBois and Director Bryan Belliveau said state dollars, bank financing and the RLF could be combined to make payments more manageable.
Tenant negotiations and rates: The board agreed to offer Maine Cedar Hot Tubs the excess 3,300 square feet at a discounted rate of $3.00 per square foot after discussion about tenant needs and project scale. Members noted the importance of retaining current tenants while planning future expansion.
Financing direction: The board authorized Bryan Belliveau to move forward with a Revolving Loan Fund application on behalf of SEDC for Northgate for up to 50% of the fund balance; members reiterated the maximum loan amount available is $100,000. Motions to start Phase I, offer the discounted space and authorize the RLF application were seconded and passed.
Next steps: Bryan will proceed with lending conversations and the RLF application; the board will return to the item with further financing details and tenant negotiations.
