Maine Company Receives Recovery Zone Facility Bond

12/29/2010

At their November 16th Board Meeting the Finance Authority of Maine approved for low-cost financing through the Recovery Zone Facility Bond Program Priority Development Group Holdings, LLC, a commercial real estate development company based in Topsham. Today the bond in an amount of $8.025 million closed and will assist in the financing of the development of several commercial properties in Sanford, Thomaston, Waterville, Richmond, Hollis and Winslow. The bonds will be privately placed with one or more banks, and the project does not carry any liability or credit enhancement on the part of FAME or the state.

“We are pleased to assist Priority Development Group Holdings in its efforts to move forward with a variety of new developments throughout the state. This is good news in a challenging economic environment and will increase good-paying jobs in Maine,” stated FAME Board Chair Glenn Lamarr.

“Priority Development appreciates FAME’s timely support of our ‘shovel-ready’ development projects,” stated James Howard, president of the company. “Our company and local communities will benefit from this low-cost financing, which will enable us to increase good paying jobs in various parts of the state.”