|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$575,000|
During FY 2012, EDA awarded 13 grants totaling more than $6.2 million throughout the State of Maine. These investments encourage the growth of advanced manufacturing and multi-modal transportation businesses, the redevelopment of blighted and non-productive commercial properties, strategic planning and the recovery of the commercial fishing industry. These grants will assist both urban and rural communities in achieving their bottom- up, regionally-owned economic development initiatives. These investments are expected to create or retain 453 jobs according to grantee estimates.
Investment Spotlight: EDA Infrastructure Investment Enables Riverfront Redevelopment in Portland
With a metropolitan area that includes more than a third of the state’s population, the City of Portland, Maine is the state’s largest city. With a history dating back to 1633, Portland has a long heritage as a maritime, manufacturing and financial center, and is recognized as the economic engine of the state.
Like many historic cities, Portland faces a shortage of developable and re-developable space to accommodate new business growth in this vibrant and desirable community. A 27-acre, long-blighted parcel of riverfront commercial property known as Thompson’s Point provides an opportunity to overcome these challenges. Known as the Forefront, the proposed redevelopment will include a professional sports and performing arts venue, conference center, commercial and medical office complex, and access to Portland’s multi-modal transportation center. The Forefront will also serve as a modern, visually-impressive gateway that welcomes 3.6 million tourists each year, and reflects the city’s vibrancy and crucial role in Maine’s economy. In 2012, EDA awarded $1.5 million for access, roadway and safety improvements to the Thompson’s Point project. This project is expected to create 455 new jobs and leverage more than $105 million in private investment.