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Bond Question: November 6, 2007
Question: Do you favor a bond issue to stimulate economic development and job creation that would provide $5,000,000 in loans and grant funds and would provide $50,000,000 in research, development and commercialization funds for targeted technology sectors, awarded after a competitive process administered by the Maine Technology Institute, and will leverage at least $50,000,000 in other funds?
Voting Result: Passed
View Authorization/Project Information
Authorization/Project Information
Department: Maine Technology Institute
Project Description: Provides funds for research, development and commercialization as prioritized by the Office of Innovation's 2005 Science and Technology Action Plan for Maine. The funds must be allocated to biotechnology, aquaculture and marine technology, composite materials technology, environmental technology, advanced technologies for forestry and agriculture, information technology and precision manufacturing technology through a competitive process, and must be awarded to Maine-based public and private entities to leverage matching funds on at least a one-to-one basis.
Amount: $50,000,000
Department: Finance Authority of Maine
www.famemaine.com/business/DirectLoansEconomicRecoveryLoan.asp
Project Description: Economic Recovery Loan Program
Amount: $1,500,000
Department: Finance Authority of Maine
www.famemaine.com/business/DirectLoansRegionalEconomicDevelopmentRevolvingLoan.asp
Project Description: Regional Economic Development Revolving Loan Program
Amount: $1,000,000
Department: Finance Authority of Maine
www.famemaine.com/business/DirectLoans_AgriculturalMarketingLoan.asp
Project Description: Agricultural Marketing Loan Fund
Amount: $1,000,000
Department: Maine Rural Development Authority
Project Description: Maine Rural Development Authority
Amount: $1,500,000
