Mainebiz

V O L . X X I N O. X V I I A U G U S T 1 0 , 2 0 1 5 6 Maine has fifth-lowest mortgage closing costs: Mortgage closing costs dropped 7% nationally over the past year, with Maine having the fifth-lowest costs in the nation, according to numbers released Aug. 3 by Bankrate.com. Nationally, mortgage closing costs average $1,847 on a $200,000 loan. Hawaii was most expensive at $2,163, followed by New Jersey, Connecticut, West Virginia and Arizona. e least expensive state was Ohio at $1,613, followed by Idaho, Wyoming, Utah and Maine. Average origination fees in Maine were $897 and average third-party fees were $830 to total $1,727 in closing costs, according to Bankrate.com. Nationwide, the aver- age origination fee declined 22% to $1,041 and the average third-party fee rose 22% to $807. 150 business leaders support raising minimum wage e Maine Small Business Coalition revealed on July 29 a list of more than 150 business leaders who support a citizen-led initiative to increase the state's minimum wage. e group said the businesses, which represent nearly every Maine county, are backing an effort to put a ques- tion on the November 2016 ballot that, if approved, would increase the minimum wage from $7.50 an hour to $12 by 2020. e initiative is being led by the Maine People's Alliance and the Maine AFL-CIO. e groups are hoping to collect more than the required 60,000 sig- natures by January, and said they're 25% of the way there. e initia- tive calls for raising the minimum wage to $9 an hour in 2017. It would then increase a dollar a year until it reaches $12 in 2020, after which it would increase in relation to the cost of living. "Raising the minimum wage is a matter of basic fairness for working Mainers, but it would also make a more level playing field for my business," Elena Metzger, owner of Bangor print and copy shop Northeast Reprographics, said in a statement. Joe Bornstein of the Law Office of Joe Bornstein in Portland, Adam Lee of Lee Auto Malls in Westbrook and Jim Wellehan of Lamey-Wellehan Shoes in Auburn are among the more than 150 busi- ness leaders putting their names behind the initiative. Maine lobster selling well in China Demand for North American lob- ster, with its "good luck" red color and savory taste, is skyrocketing in China, along with prices. e 2012 glut of lobster in the Gulf of Maine caused prices to plummet, making Maine lobster more attrac- tive to people halfway around the world, according to the news service. Maine lobstermen caught 123.3 million pounds of lobster during the 2012 season, which represents a 15% increase from 2011 and an 88% increase from landings two decades ago, according to Maine Department B U S I N E S S M A I N E Business news from around the state S T A T E W I D E 207-358-7900 | www.milkstreetcapital.biz | 84 Middle Street, Portland Milk Street Capital llc Get to your gate quicker and get home faster! www.parknjetportland.com located 100 yards from baGGaGe claim. look for our Green siGn. per day $10 Valet parking at the airport open 4:30 am - 1 am Maine Lottery sees record year as winnings hit $156M The Maine Lottery broke several records in fiscal year 2015 ended June 30, with players taking home a record $156.2 million in pretax winnings, up from $135.5 million in fiscal 2014, while lottery sales hit a high of $251.9 million, up from $228.85 million last year. The largest prize in fiscal 2015 was a $2 million Powerball ticket sold at Bracketts Market in Bath, Gregg Mineo, director of the Bureau of Alcoholic Beverages & Lottery Operations, told Mainebiz. Retailers earned a record $16.8 million in com- missions in fiscal 2015, an all-time high, up from $14.9 million the previous year. Sales from the close to 30 instant games offered by the lottery also were very high, up 16.64% to $198 million, and comprising 78% of all lottery sales in fiscal 2015, he said. The lot- tery has a total of 35 different games. The instant games include six $5 games, which he said are very popular. "They were far and away the best instant games we had," Mineo said. "It's all about disposable income." Another instant game that did well was the $25 ticket introduced in December 2014, which had sales of $17.7 million, he said. He added that the Red Sox David Ortiz instant game also performed well. Mineo said the lottery had expected 2015 to be a good year, but, "I didn't know it would be this high." He added that the first month of fiscal 2016 already is looking good, with July sales up versus fiscal 2015's July sales. In another record for fiscal 2015, the Maine State Lottery contributed its $54 million profit to Maine's general fund, the highest in its 41-year history. Last fiscal year's figure was $51.85 million. "These funds will provide much-needed revenue to support programs and services that benefit Maine citizens all across the state," Mineo said in releas- ing the information. "We look forward to offering exciting new games, bigger prizes and more ways to win in the coming year." The Maine Lottery also transferred $647,500 to the State of Maine's Outdoor Heritage Fund through the sale of select instant tickets. That fund, created by the Legislature in 1996, supports critical wildlife and conservation projects throughout Maine. The amount is the highest transferred to the fund since 2010. The last record-setting year was in 2007, just before the recession. Sales were $230 million that fiscal year and prizes were $145.48 million. — L O R I V A L I G R A P H O T O / C O U R T E S Y O F M A I N E L O T T E R Y Gregg Mineo, director of the Bureau of Alcoholic Beverages & Lottery Operations.

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