BRUNSWICK, Maine--(BUSINESS WIRE)--May 8, 2014--
U.S. Bank will provide more than $2.6 million in New Markets Tax Credit
equity for the next phase of construction at Brunswick Landing, an
expansive redevelopment of the former Naval Air Station Brunswick
campus. U.S. Bank’s financing will fund the renovation of a
9,000-square-foot facility on the Brunswick campus into space for
Providence Services Corporation (PSC), the largest provider of child
behavioral health and autism services in the area. The renovation will
also support the expansion of the Midcoast Veterans Resource Center
(MVRC), a non-profit organization that seeks to enhance the ability of
veterans to support and care for themselves and their families.
Naval Air Station Brunswick was originally constructed in 1943 and was
operated as a military base until 2011, since which time Midcoast
Regional Redevelopment Authority (MRRA) has overseen its redevelopment
into a progressive 3,200-acre, mixed-use campus. Equipped with
state-of-the-art facilities, it includes nearly two million square feet
of commercial and industrial space and Brunswick Executive Airport.
“We’re pleased to play a role in funding the next phase of Brunswick
Landing,” said Laura Vowell, vice president for U.S. Bancorp Community
Development Corp. the U.S. Bank subsidiary that provided the financing.
“This redevelopment project combines essential social services with
innovative commercial and industrial space, giving Brunswick an economic
boost for years to come.”
The 9,000-square-foot PSC facility, a former bowling alley, will be
renovated into professional offices, conference and classroom space, and
an indoor playground, all to be operated by PSC. The project will bring
PSC’s total employment at Brunswick Landing to 150 people, including 60
employees who will be relocated there as a result of the expansion. PSC
serves more than 1,500 individuals annually across 15 counties in Maine.
A conference room also will be built for the MVRC, providing additional
space where veterans can obtain benefits, services and resources in
support of their reintegration into the community. Since opening in
September 2013, MVRC has served 240 veterans with a staff of 16
volunteers.
U.S. Bank’s investment was made possible by the Maine New Markets
Capital Investment Program, which is administered by the Finance
Authority of Maine, in cooperation with Maine Revenue Services and the
Maine Department of Economic and Community Development. Priority Real
Estate Group, a real estate investor and developer based in Topsham,
Maine, is the developer and owner of the 35,000 square foot project.
About U.S. Bancorp Community Development Corporation
With
more than $13.6 billion in managed assets as of March 31, 2014, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S. Bank,
provides innovative financing solutions for community development
projects across the country using state and federally sponsored tax
credit programs. USBCDC's commitments provide capital investment to
areas that need it the most and have contributed to the creation of new
jobs, the rehabilitation of historic buildings, the construction of
needed affordable and market-rate homes, the development of renewable
energy facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $371 billion
in assets as of March 31, 2014, is the parent company of U.S. Bank
National Association, the 5th largest commercial bank in the United
States. The Company operates 3,083 banking offices in 25 states and
4,878 ATMs and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at
usbank.com.
Source: U.S. Bank
Nicole Garrison-Sprenger, U.S. Bank Public Relations
(612)
303-0731, nicole.sprenger@usbank.com