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W W W. M A I N E B I Z . B I Z 9 S E P T E M B E R 3 , 2 0 1 8 Eyemart Express, an optical retailer, opened at 363 Center St. in Auburn. Mike's Runway Diner opened at 80 Airport Drive in the Auburn-Lewiston Airport. Rockland's commercial fish pier gets federal aid e U.S. Department of Commerce's Economic Development Administration is awarding $830,000 to Rockland to renovate the city's commercial fish pier. e pier sup- ports Rockland's lobster fleet and is also integral to the region's tour- ism and hospitality businesses. e renovations, which will cost $1.66 million, are expected to retain 86 jobs. e project was made possible by the regional planning efforts led by the Midcoast Economic Development District. e $830,000 EDA grant is matched by a $350,000 federal grant from the Northern Border Regional Commission as well as funding from the Maine Department of Transportation and city of Rockland. Increased visits to Acadia this year e number of visitors to Acadia National Park continues to rise. Numbers posted by the National Park Service show there were 759,165 visi- tors in July, an increase of 2.1% from a year earlier. Year-to-date, there were 1,628,133 visitors, an increase of 3.1% from the comparable period a year ago. Mount Desert Island, with the bulk of the park land, still attracts the lion's share of visitors, with 1,367,651 Downtown Augusta redevelopment may be first Opportunity Zone project in U.S. B y M a u r e e n M i l l i k e n A downtown Augusta building renovation may be the first project in the nation funded under the Opportunity Zone program, which offers tax breaks for investors who roll capital gains into projects in distressed areas. The redevelopment of 333 Water St. in Augusta is believed to be the first, said Jason Richardson, director of research and evaluation for the National Community Reinvestment Coalition. "We have heard about people getting the funds set up, but if this is really a project already moving ahead with money invested by a fund, it would be a big step ahead of anything I have heard about," Richardson said. The NCRC is a national group that supports about 600 members with policy analysis, training, organizing and research. "A lot of our members are interested in this program as a way to spur investment in the hardest-hit parts of their com- munities," Richardson said. He's tracking any Opportunity Zone funds that are operational and providing capital invest- ment across the country. Maine's 32 Opportunity Zones vary, ranging from sections of downtowns, as in Augusta, Auburn and Portland, to huge tracts in Washington and Aroostook counties. Kevin Mattson, of Dirigo Capital Advisors, one of the part- ners in the 333 Water St. project, said that developers got U.S. Treasury Department guidance before they proceeded. Under the program, part of last December's federal tax overhaul, capital gains realized in the sale of a property or asset within six months can be formed into an Opportunity Zone fund. At least 90% of the money in the fund must be rolled into development of a property or business in one of the designated zones and taxes are deferred for seven years, then paid with a 10% discount. If the property is held for 10 years, any money from the sale can be rolled back into that fund, with no taxes charged. The Augusta buildings fund, in this case 333 Water St. LLC, can be used to develop other projects within that same zone. Mattson said the Opportunity Zone "fund" can be an LLC, or any other entity set up to fund a project, and anyone can invest. The difference is how the money is used. The group bought an 118-year-old property for $195,000, closing earlier this month. Unrealized capital gains in the U.S. are valued at $61 trillion, according to the National Community Reinvestment Coalition. The organization anticipates the opportunity zones will see investment in incubators and help fuel the growth of startups, create jobs and investment in job training, as well as spur investment in affordable housing. B I Z M O N E Y P H O T O / M A U R E E N M I L L I K E N Downtown Augusta is part of the city's Opportunity Zone, one of 32 in the state expected to benefit from new investment into development. One project involves the former Odd Fellows Hall at 333 Water St. in Augusta (at right). of the total visitors. Visitors arriving by coach bus totaled 43,604 through July, an increase of 24.1% from the first seven months of 2017. If the pace continues, Acadia could have another record year of attendance. N O T E W O R T H Y M I D C O A S T & D O W N E A S T Axiom Education & Training Center's National Digital Equity Center in Machias received a $699,503 AmeriCorps grant from the Maine Commission for Community Service to support 16 AmeriCorps mem- bers who will provide digital literacy training. This grant will support AmeriCorps members in eight coun- ties across the state. View Our Portfolio: patcocommercialbuilder.com PATCO Whether you're starting with a brand new building, or renovating or expanding an existing facility, our team of commercial building experts is with you every step of the way. We're honored to have played a part in the growth of companies - large and small - throughout Maine and New Hampshire for over three decades. Pre-construction to completion, Pre-construction to completion, PATCO is dedicated to helping you achieve your construction goals! 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