Acting U.S. Commerce Secretary Rebecca Blank today announced a $1.5 million Economic Development Administration (EDA) grant to the Pinecrest Development Corporation of Dover-Foxcroft, Maine, to help redevelop a former mill into a high-tech business center. The project is expected to create 82 new jobs and generate $7.9 million in private investment, according to grantee estimates.
"This $1.5 million Economic Development Administration investment is Maine is an example the Obama administration's commitment to strengthening critical business infrastructure," said Acting U.S. Commerce Secretary Rebecca Blank. "The grant announced today will help Dover-Foxcroft develop a high-tech business center to meet the needs of growing industries, such as information technology and green tech, which will help create jobs and support the local economy."
"I am pleased that the U.S. Economic Development Administration has awarded this critical grant funding to the Pinecrest Development Corporation for the creation of a high-tech business center in Dover-Foxcroft," said Senator Olympia Snowe. "This project holds the promise of both good-paying jobs for people in Piscataquis county and new business opportunities for the entire region."
"This federal investment will help lay vital groundwork for the future growth of a high-tech economy in Piscataquis County," said Senator Susan Collins, a member of the Senate Appropriations Committee. "By investing in this infrastructure, we are investing in the future of the Dover-Foxcroft region, creating much-needed jobs, improving the economy, and creating new opportunities for those who live and work here."
"This is exactly the type of investment our state needs right now," said Congressman Mike Michaud. "The community of Dover-Foxcroft is doing a lot to position itself for economic growth, and this project will take them another important step forward. The team behind the redevelopment of the mill is made up of committed partners that have a vision for the future and a plan for growing jobs and attracting additional investments to the region. I couldn't be more pleased that the EDA is helping to revitalize this local landmark and bring new opportunities to the area."
The EDA grant funds the renovation and fit-out of approximately 19,000 square feet of the former Mayo Mill. The renovations will provide usable commercial and industrial space, including about 2,000 square feet for a high-capacity data center that will take advantage of the site's location at the juncture of three important fiber-optic lines that cross Dover-Foxcroft. An existing hydroelectric generator on the Piscataquis River will be upgraded and solar and geothermal power systems will be added to create a truly green facility.
About the U.S. Economic Development Administration (www.eda.gov)The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.