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V O L . X X I I N O. I I JA N UA R Y 2 5 , 2 0 1 6 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 Biomass plant closings create alarm e Professional Logging Contractors of Maine is calling on Gov. Paul LePage and legislative leaders to take action to sustain Maine's biomass electricity production in the wake of news that Covanta Energy plans to shut down its two Maine biomass plants at the end of March. As reported by the Bangor Daily News, Morristown, N.J.-based Covanta Holding Corp. (NYSE: CVA) plans to close its biomass plants in West Enfi eld and Jonesboro plant indefi nitely because of low energy prices. 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 Pulse Marketing Agency in Bangor formed Pulse Marketing Academy, featuring online and live resources to help small business owners to achieve their marketing goals, including monthly live marketing seminars in Bangor, monthly Vlogs, quarterly webinars and custom mar- keting training for organizations. 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Since 1827, we've made a positive impact in our communities by providing free financial education, donations to local organizations, and year-round volunteer work. . . all while providing you with the outstanding products, services, rates and fees that you have come to expect. at's what being Maine's Oldest Bank is all about. United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way United Way Professional Theatre in Lewiston/Auburn Season Underwriters: Austin Associates, Maine Magazine, Platz Associates, Sun Journal, WOXO, Z105.5, LAalerts.com Sponsored by: The Brand Collective, Evergreen Subaru, Praxis Production Studios, Residence Inn Marriott - Auburn, Visbaras Law / Excalibur Title Professional Theatre in Lewiston/Auburn he Jan 22-31 thepublictheatre.org thepublictheatre.org 782-3200 The Ladies FOURSOME Imagine "Sex and the City" on a golf course Directed by byNorm Foster Judith Ivey Imagine "Sex and the City" on a golf course Bill would boost FAME's large business investments A bill to create a capital investment fund to attract large economic investments to Maine received initial support from the Finance Authority of Maine and several other speakers during a public hearing Jan. 12 before the Legislature's Labor, Commerce, Research and Economic Development Committee. The bill, LD 1480, would establish the "Invest in Maine Capital Fund" within FAME to support business developments worth at least $50 million, or that cre- ate or retain at least 250 jobs that pay at least 125% of the state average wage. Speaking in favor of the bill were its sponsor, Sen. Stan Gerzofsky, D-Brunswick; Steve Levesque, executive director of the Midcoast Regional Redevelopment Authority (MRRA); William Norbert, governmental affairs manager for FAME; and Steven Weems, a volunteer trustee of the Bigelow Laboratory for Ocean Sciences and MRRA. No one testifi ed in opposition. The bill proposes to allow FAME to create and oversee a capital investment program that would provide loans or bond funding to qualifying major business development projects that meet the $50 million or 250 full-time job thresholds. As written, the fund would not take effect until FAME receives at least $250 mil- lion in funds for the program — but Norbert testifi ed that it could be launched with as little as $50 million at the start. "FAME supports the goal of making more capital available to support economic development," Norbert stated in written testimony posted on the Legislature's website. "This bill would allow us to help fi nance bigger deals to hopefully attract bigger employers to the state." Norbert noted the bill is similar to one considered in the fi rst session of the 127th Legislature, which died between the House and Senate following a divided report by the Labor, Commerce, Research and Economic Development Committee. Levesque, who has been spearheading the redevelopment of the former Brunswick Naval Air Station since its closure in May 2011, told the committee the bill is "game- changing legislation to make Maine more competitive without a risk to the taxpayer." "The Maine Capital Fund will essentially be a type of mutual fund for Maine company investments that will be capitalized by pension funds, institutional endowments, insurance companies and other types of investment instruments," Levesque stated in his written testimony before the committee. "It is not intended to be capitalized by taxpayer dollars, unless the Legislature desires to fl oat a future bond. Nor will it put Maine taxpayers on the hook should any investments fail." Levesque added that the proposed Maine Capital Investment program isn't just to lure new large-size companies into Maine; it's also intended "to support the large investment needs of some existing companies to remain and grow in the state." Weems, who told the committee he's spent 40 years working for sustainable development in Maine, including being a commercial banker, said the proposed bill addresses a shortcoming in Maine's existing capital investment programs. "We need to be able to pursue vigorously the occasional large business opportunity that materializes, when it is there," Weems stated in his written testimony. "This is especially true at Brunswick Landing, where eventually all or most of the non-airport property will be conveyed to the private sector, and MRRA will be operating an airport with major industrial facilities (hangars and other industrial buildings) on the premises. The path to success will be putting one or two large enterprises in the hangars, or possibly new structures." The committee is expected to hold a work session on the bill in the coming weeks. — J a m e s M c C a r t h y