AUGUSTA — At the April 30 meeting, the board of directors of the Finance Authority of Maine approved state new markets tax credit financing to assist with the planned expansion of the Bangor YMCA (the “Bangor Y”). The $57.8 million project is expected to make a significant positive economic impact on the local and regional economy. The project will transform a vacant stretch of downtown Bangor into a vibrant, mixed-use community hub.
The Bangor Y is constructing a new 82,000-square-foot, state-of-the-art community center to replace the existing, obsolete 45,000-square-foot facility. The project will allow the Bangor Y to significantly expand its programming. Project components include: an Early Learning Center with 104 seats for children ages six weeks to five years of age; doubling the capacity of the Before and After School Program to 200 children ages 5 to 12 years of age; a new STEAM Makerspace and Teen Center to expand out-of-school programs; a four-room healthcare suite to be operated by St. Joseph Healthcare and Community Health and Counseling; a community kitchen and food pantry; and extensive fitness and recreational spaces.
“We are pleased to support the Bangor Y’s expansion plans,” stated Renee Ouellette, chair of the FAME Board. “The facility’s programs help to strengthen the local workforce by ensuring that businesses have access to healthy, skilled employees.”
The board approved the issuance of a tax credit certificate related to a $10,416,666.66 investment by AMCREF FUND 106, LLC, a Community Development Entity, in New Bangor Region YMCA Support Corporation through the Maine New Markets Capital Investment Program. Up to $4,062,500 in tax credits will be available as a result of the investment.
The new center will be located on a 7.5-acre campus with playgrounds, outdoor learning classrooms, and recreational space. The project is expected to support 242 permanent jobs. The Bangor Y’s service area reaches across seven Maine counties: Penobscot; Aroostook; Hancock; Piscataquis; Somerset; Waldo; and Washington. The project is expected to strengthen health and economic outcomes across this region and serve an estimated 35,450 individuals annually.
“We deeply appreciate FAME’s support for this important project,” Diane Dickerson, chief executive officer of the Bangor Y, said. “This new facility, which will double the size of the current space, will better serve the Bangor region and offer new and expanded services to the community.”
FAME administers the Maine New Markets Capital Investment Program in cooperation with Maine Revenue Services. The program stimulates economic growth and community development in low-income areas of Maine by attracting private investment through tax incentives. A new round of funding was approved during the First Session of the 132nd Maine Legislature via Public Law 2025, ch. 497, An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program. Up to $250 million of qualified equity investments is available for allocation to eligible Community Development Entities through this program, but credits may not exceed $20 million in any given year over the seven years of the tax credit allowance dates. The program allows eligible investors to claim tax credits against state taxes in amounts up to thirty-nine percent of a project’s total cost.
The Finance Authority of Maine is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. FAME’s 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
