DOVER-FOXCROFT — The town and Pinecrest Development Corp. are receiving a $420,000 U.S. Commerce Department grant to build a 57-acre business park.
The $420,000 grant, announced Tuesday through the Commerce Department’s Economic Development Administration, will create an estimated 20 jobs and spur more than $1 million in investment over its first two years. Within five years, developers estimate the park will attract an additional $3 million in investments and bring 60 jobs to the community.
In a joint announcement, U.S. Sens. Olympia Snowe and Susan Collins said the federal funding “will permit town and business officials to prepare land that will ultimately provide a wide range of services for businesses on nine lots.”
“This project not only makes public improvements in the community, but also has the potential for significant job creation in the long term,” they said in a statement.
Snowe’s office advocated the grant and recently urged the EDA to release the funding.