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W W W. M A I N E B I Z . B I Z 11 M A R C H 9 , 2 0 1 5 Penobscot Bay chamber head resigns Staci Coomer, the executive direc- tor of the Penobscot Bay Regional Chamber of Commerce, has resigned to take a job in Washington, D.C. e Bangor Daily News reported that Coomer, who has led the chamber since October , will complete her last day on March . e cham- ber's board of directors is expected to launch a search committee and begin an official search for her replacement in the next few weeks. Islesboro to vote on borrowing $3M for broadband Voters in Islesboro will decide in May whether to borrow million to build a broadband Internet network, accord- ing to e Working Waterfront. Tilson Technology Management, a net- work construction company based in Portland, estimated the cost to build the network for the island at . mil- lion to million. e town's broadband committee said a municipal bond could cover construction costs. e service L awmakers are considering a measure that would raise the cap for the New Markets Capital Investment Program from million to million in order for the program to continue operating. Otherwise, with roughly of million of investment in six counties already being claimed, the cap could be reached by the end of the year or early next year based on the current pace of use. Established by the state Legislature in , the New Markets program is used to attract private investment to businesses operating in economically distressed areas in Maine. Eligible inves- tors can claim a credit against their state taxes, up to of a project's total cost. e credit can be claimed for up to million in aggregate statewide investment. e state's Labor, Commerce, Research and Development Committee will hold a work ses- sion on the bill, LD , "An Act to Increase Allowed Investments under the Maine New Markets Capital Investment Program," in the coming weeks. Sponsored by state Sen. Nate Libby, D-Lewiston, the bill received strong support from business own- ers and leaders, financial lenders and municipal leaders during a March public hearing. Among the supporters was Jim Oliver, controller for St. Croix Tissue and Woodland Pulp in Baileyville, where two new tissue machines are being installed as a result of the New Markets program. "is investment would not have happened without Maine's New Markets program," he said in a release issued by the Senate Democratic Office. "When the owners were investigating where to site this new facility, one of the key selling points was ... our ability to demonstrate that the state of Maine's economic development incentives were competitive to other states being considered." e project to install new tis- sue machines received up to . million in New Markets tax credits as part of an overall financing package that included a . mil- lion taxable bond approved by the Finance Authority of Maine last March through its Major Business Expansion Program. At that time, the St. Croix Tissue expansion was described as a million project that would preserve jobs cur- rently at the pulp facility, bring direct jobs to the St. Croix Valley and Washington County and create an additional jobs in the truck- ing industry and more than indirect support jobs. An impact statement prepared by CEI Capital Management LLC and based on a December report compiled by economist Charles Colgan concludes that for every million of New Markets credits claimed, an estimated . million will be returned to the state's General Fund. Additional data shows that for every million in credits claimed, an additional . million in private capital investment was brought to Maine. P O L I T I C S & C O. B Y J A M E S M C C A R T H Y New Markets tax credit program needs higher cap Online banking with mobile check deposit Smart Business Checking Growing businesses need more than a checkbook and a smile. They need real. Real honesty, real products, and real people with smart ideas who are willing to get out from behind the desk and make things happen for you. At least that's what we think at Gorham Savings Bank. We call it a breath of fresh banking. Spend more time at your business than ours — genius. " My bank doesn't waste my time." * No transaction fees for up to 450 paid or deposited items per statement cycle (additional items $.35 each). Member FDIC. No transaction fees on up to 450 items per cycle* Your personal banker to help along the way No monthly maintenance service charge gorhamsavingsbank.com M I D C O A S T & D O W N E A S T

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