EAST MILLINOCKET — The Katahdin Regional Development Corp. has been awarded a $125,000 grant to construct a building in the Great Northern Industrial Park.
The $125,000 was awarded to KRDC by the Department of Community and Economic Development, and the funds were included in the 1992-93 state budget signed into law in July. KRDC President Ronald Turcotte and state Rep. Michael Michaud annouced the award.
KRDC Executive Director Gordon C. Lane expects the building could be built in the Great Northern Industrial Park. Construction of the industrial park, located in East Millinocket, is nearly completed.
Lane said the $125,000 in state funds would be supplemented by Job Opportunity Zone funds already allocated for the project. Also, Lane said he might seek additional funds for the project.
Lane stressed that the building would not compete with existing industrial space already available in the industrial park, but would complement it.
“This building will be for sale only. Businesses that want to come to the park and lease space can use buildings already there. We have two buildings with space available,” he said.
Lane said construction could take place as early as this fall. “He would like to see the building built and on the market by the end of this calendar year.
He said, “Although industrial development marketing is a long, slow process, the timing of this award is ideal. The country is just coming out of a recession and aggressive companies are planning to expand as early as 1992.”
Lane said the grant would have never happened without the tremendous efforts of Michaud, who made sure the funding remained available. He said Michaud recognized the importance of economic development and the long-term impact it would have on the region.
The regional development corporation director said the building would give KRDC an opportunity to provide long-term jobs for people who needed them. “Once we sell the building, the funds will be available to go into other economic development projects so the area will be able to benefit continually from this grant,” he said.