In this episode of What’s Developing in FirstPark, Jim Dinkle, Executive Director shares recent news from the park.
In November of 2020, FirstPark made the final bond payment of $256,722.80 to the Maine Municipal Bond Bank for the development of the business park in 1999. The historic payment marks the end of the 20-year loan initiated when 24 Maine municipalities collaborated on building the park as a future source of tax revenue.
In a unique partnership of municipalities, FirstPark was established by the Kennebec Valley Regional Development Authority (KRDA), which represents 24 communities. The cities and towns include, Anson, Benton, Canaan, China, Clinton, Cornville, Fairfield, Farmingdale, Gardiner, Hartland, Manchester, Norridgewock, Oakland, Palmyra, Pittsfield, Readfield, Rome, Sidney, Smithfield, Solon, Starks, St. Albans, Waterville and Winslow.
In the video, Jim explains how if more businesses or corporations buy and develop land at FirstPark, the communities that have invested in the park will see more money coming to their community. The additional funds from FirstPark will now benefit communities with an additional revenue source that could help lower taxes in the communities that continue to invest in the business park.
Currently, T-Mobile is the anchor tenant and largest building in the park. Other businesses that have real estate inside the Oakland-based business park include, Bioenergetic Healing, Gateway Financial Partners, Northern Light Podiatry, L.L.Bean, MaineGeneral, Maine Medical Partners, Maine Eye Doctors, One River CPAs, Waterville Community Dental Center and SurgiCare.
Despite the the COVID-19 pandemic, the business park has attracted attention from entrepreneurs and businesses in Maine, nationally and overseas. The interest includes a visit from Kim Yonghyon, Consul General of the Republic of Korea in Boston.
Based on the recent activity and interest, the park plans to sell more lots or the entire campus. Earlier this year, the park added two new tenants and hired SVN | The Urbanek Group Advisors as the official commercial and industrial real estate broker for the business park.
The attributes that make the park attractive to entrepreneurs and business owners include shovel-ready lots, protective covenants, infrastructure and its location in a foreign trade zone. Lots are sold at $15,000 an acre, no matter where they are in the park. The park’s real estate options include high-speed fiber and pre-permitted sites that have the park poised for growth in the next three years.
In the year ahead, the park is expected to make more investments, including increased marketing, exploration of residential options and creating a community dog park, all designed to attract more interest in the large 285-acre campus.