Mainebiz

May 19, 2025

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V O L . X X X I N O. X I M AY 1 9 , 2 0 2 5 12 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E Funding restored for Maine Sea Grant Two months after the federal govern- ment terminated funding for Maine Sea Grant, the U.S. Department of Commerce's National Oceanic and Atmospheric Administration noti- fied the University of Maine that it was awarding three more years of funding for the program. Money was made immediately available for the upcoming year, with funding for two additional years contingent on future appropriations by Congress. In February, NOAA informed UMaine that it was immediately discontinu- ing Maine Sea Grant, terminating a four-year, $4.5 million award with three years remaining. Maine's Sea Grant program, founded in 1971 and one of 34 nationwide, was the only one affected. At the urging of U.S. Sen. Susan Collins, R-Maine, who advocated directly to the secretary of Commerce, the department said that it would renegotiate the award. e Commerce department also released unspent funds from the first year of the original four-year award. 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 Voters in the town of Mount Desert unanimously approved a $470,000 general obligation bond to support expansion of a year-round hous- ing development called Ripples Hill Neighborhood. The vote allows Island Housing Trust to move forward with the third phase of the project, adding nine homes for local workforce and families, according to a news release. Air guard to get new hangar in Bangor e Maine Air National Guard, nick- named the MAINEiacs, will receive $50 million in federal money to build a new hangar in Bangor. U.S. Sen. Susan Collins, R-Maine, chair of the Senate Appropriations Committee, secured the funding as part of the Fiscal Year 2025 full-year continuing resolution. e existing hangar was designed and built to accommodate the wing's existing KC-135 aerial refu- eling tankers. e construction project will build a universal fuel cell hangar that can accommodate the Maine Air National Guard's existing aircraft as well as future generation tankers. e base includes an additive manufactur- ing workshop and has about 350 mili- tary personnel assigned to the 101st Air Refueling Wing. N O T E W O R T H Y N O R T H E R N & E A S T E R N Bangor-based Cross Insurance opened new office space in Providence, R.I. The 30,000-square-foot office, at a refurbished industrial site called the Foundry, will accommodate 75 Cross employees. The employees had previously been stationed in office space in the Rumford section of East Providence, about a 15-minute drive from the new location. Fidium, an internet provider, expand- ed its service to make it available to more than 2,400 homes and busi- nesses in Lincoln. Katahdin Bankshares Corp., the parent company of Katahdin Trust Co. in Houlton, announced 2025 first-quarter earnings of $2.38 mil- lion, or 75 cents per common share. The results represent an increase of $625,000 or 35.6% over the previ- ous quarter, and a 16.5% increase over the first quarter of 2024. In addition, total assets for the bank reached $1.1 billion, a $54.5 mil- lion increase over the same period in 2024. The bank also said that it invested $1 million into Housing New England Fund VI, a program dedi- cated to financing affordable housing projects across the region. Northern Light Pharmacy moved to 364 State St. in Bangor, effective May 21. Bodi Bar, a fitness and wellness stu- dio, opened at 1113 Stillwater Ave. in Bangor. University of Maine Athletics has re- ceived a $1 million pledge to support the renovation of the Harold Alfond Sports Arena and the Shawn Walsh Hockey Center at the Orono campus, from alumni David and Nancy Auger Hunt. The total cost of the project is $220 million. MEMBER FDIC EQUAL HOUSING LENDER KatahdinTrust.com/Why-Choose-Us See why our customers choose Katahdin Trust: Shawn Pelletier Owner, Evergreen Lanes featuring The Rendezvous Restaurant Matthew Polstein President, Ktaadn Resorts Dr. Kelton Cullenberg, PT, DPT Owner, Steady State Health Your Business Banking Partner From 16 Convenient Locations Across Maine Jane Freilicher (United States, 1924–2014), One Cat, Two Fish, 1974, oil on linen, 50 x 63 1/2 inches. Portland Museum of Art, Maine. Gift of the Alex Katz Foundation, 2023.37.12. © Estate of Jane Freilicher. Image courtesy Petegorsky/Gipe Photo N O R T H E R N & E A S T E R N M I D C O A S T & D O W N E A S T

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