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V O L . X X I X N O. I I JA N UA R Y 2 3 , 2 0 2 3 22 S O U T H E R N M A I N E F O C U S to the lending agent that he had the income stream necessary to make the numbers work. "It was a pretty good rate, but it's definitely money that we have to pay back," says Strater. "So we have to make sure that we're monetizing that property correctly so that it will stay as it is." Simultaneously, Strater and others formed a volunteer board of directors who acted as loan guarantors. Strater and Rundquist credit U.S. Sen. Angus King's office for expediting the foundation's nonprofit status, allow- ing it to finalize the purchase before its agreement with the Lowells expired and the finance arrangement became void. He adds, "Lots of people and entities worked together to make this happen." Board members have diligently cleared yard debris and organized boat storage to maximize space. Average onlookers will still see old buildings. e timeframe and budget for hooking up sewer and water are unclear. "It's hard because it looks like we haven't done anything," says Rundquist. "If you go down there, it doesn't show all the work we've been doing, because a lot of it is planning and conversations." GEI Consultants Inc. in Portland is developing a site plan as a collaborative process with the facility's users. "We have to have something that everyone needs and that's not too much for the site," Strater says. "We know it's not the right place for a big industrial facility. And we like the small-scale community that we have now." Gaiero speaks to that community feel. An aquaculture cooperative formed at the site bought a storage container and converted it into a refrigerated reefer approved to hold shellfish. A dock and equipment were added. Gaiero doesn't have her own fixed facility, which limits how she sells product on her own. "e coop acts as your shellfish dealer, which is huge," she says. Gaiero isn't a coop member, but "e industry is small and like a family," she says. If another farmer is unload- ing oysters from their harvest, she'll go down and help them. "at camaraderie is pretty common," she says. e project coincides with the town's interest in fostering aquaculture opportunities, in assessing industry need for working waterfront access, and in understanding how the town can miti- gate regulatory or spatial constraints on sector growth, says LaFlamme. "Continued growth at the site will involve public infrastructure improve- ments that will go through enhanced planning board review," he says. Rundquist notes that developing the site as a community asset is not just for Yarmouth. "We're trying to make a model for all communities that are los- ing their working waterfronts," she says. Henninger adds, "is is ours to create and we need to create it the right way." For Joe Lowell, it's simple: "I'm so glad this place is still working waterfront." Laurie Schreiber, Mainebiz senior writer, can be reached at lschreiber @ mainebiz.biz » C O N T I N U E D F RO M P R E V I O U S PA G E Help Maine entrepreneurs become successful along their startup journey. DEADLINE FEBRUARY 2 Mainebiz will produce a special magazine to examine the startup infrastructure in Maine and the resources available to help entrepreneurs at the various stages of their startup journey. SP ONSORED BY 2 0 2 2 C OV E R Startup Hub SP ONSORED BY How to navigate Maine's startup resources P H O T O S / F R E D F I E L D : B L U S H I F T A E RO S PA C E ; S T E R I Z I G N P R E C I S I O N T E C H N O L O G I E S ; S A L M O N I C S / T I M G R E E N WAY : W I L DWO O D O Y S T E R C O. / DAV I D C L O U G H : B I X B Y C H O C O L AT E $10.00 June 27, 2022 VO L . X X V I I I N O. X I I I § 2 www.mainebiz.biz Be a resource and a guide to our Maine entrepreneurs and business leaders today. Learn more by emailing advertising@mainebiz.biz P H O T O / T H O M A S H E N N I N G E R This is ours to create and we need to create it the right way. — Thomas Henninger Madeleine Point Oyster Farms Thomas Henninger, operating Madeleine Point Oyster Farms from the facility, says part of being in aquaculture is having a social contract with the general public.

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