Gardiner Economic Development Committee
Gardiner Public Library
Tuesday, June 10th, 2003, 8:00 a.m.
Minutes
Attending: Randy Clark, Rebecca Colwell, Anne Davis, Norman Gardner, Kim Greenleaf, Andrew MacLean, Patricia Rideout, Geri Robbins-Doyle, Norman Temple, Francis Grey, Chris Paszyc
Approval of Minutes from Previous Meeting
The minutes were approved as presented.
Loan Applications
Microtechnologies
Microtechnologies is a high-technology acquaculture business that does a lot of outsourced laboratory testing for other companies. They are proposing a complex of buildings to be located at the Libby Hill Business Park. They are on the cutting edge of the aquaculture industry, which has tremendous growth potential. Kim Greenleaf motioned, and Anne Davis seconded, to recommend approval of the loan at 4% with a 15 year amortization and a 5 year balloon payment. The motion was passed by a unanimous vote of members present and voting.
Mystic Maine Quilts
Mystic Maine Quilts is a new retail business opening on Water Street. The owner has put together one of the most solid business plans we have ever seen for an application. She has a large untapped client base of older women hobbyists with substantial disposable incomes. Geri Robbins-Doyle motioned, and Kim Greenleaf seconded, to recommend approval of the loan. The motion was passed by a unanimous vote of members present and voting.
John Polymues
John Polymues operates a very successful business providing entertainment equipment for children s events such as bounce houses. He is proposing to establish an art gallery in two storefronts. Geri Robbins-Doyle motioned, Kim Greenleaf seconded, to recommend approval of the loan at 4% for a term of five years. The motion was passed by unanimous vote of members present and voting.
Regular Review of RLF Accounts
All accounts were current except one.
Other Business
There was none.
Economic Development Director s Report
Pine State Trading Company s site is experiencing a substantial amount of construction activity.
EJP is moving forward with plans to occupy their site by next year.
The Newark Group is in negotiations with the City to move to a site within Gardiner instead of moving out of town.
The 7-11 convenience store site is suddenly vacant.
The Commonwealth Shoe building is being considered as a potential home for several businesses, including Downeast Solutions, Winterstick, and Biode.
Northern MicroComputers is relocating to Augusta after having merged with Word Wrap.
We are EDA s list to receive some money to fund our Access Improvements plans downtown, and to expand the Libby Hill Business Park.
The City Council will be considering DROP, the new name for the Sewer Rate Incentive program. It stands for Downtown Reinvestment Opportunity Program.
Schedule Next Meeting
The next meeting was scheduled for Tuesday July 8 at 8:00 am. at Gardiner City Hall.
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