U.S. Bank will provide more than $2.6 million in New Markets Tax Credit equity for the next phase of construction at Brunswick Landing, an expansive redevelopment of the former Naval Air Station Brunswick campus. U.S. Bank’s financing will fund the renovation of a 9,000-square-foot facility on the Brunswick campus into space for Providence Services Corporation (PSC), the largest provider of child behavioral health and autism services in the area. The renovation will also support the expansion of the Midcoast Veterans Resource Center (MVRC), a non-profit organization that seeks to enhance the ability of veterans to support and care for themselves and their families. Naval Air Station Brunswick was originally constructed in 1943 and was operated as a military base until 2011, since which time Midcoast Regional Redevelopment Authority (MRRA) has overseen its redevelopment into a progressive 3,200-acre, mixed-use campus. Equipped with state-of-the-art facilities, it includes nearly two million square feet of commercial and industrial space and Brunswick Executive Airport. “We’re pleased to play a role in funding the next phase of Brunswick Landing,” said Laura Vowell, vice president for U.S. Bancorp Community Development Corp. the U.S. Bank subsidiary that provided the financing. “This redevelopment project combines essential social services with innovative commercial and industrial space, giving Brunswick an economic boost for years to come.” The 9,000-square-foot PSC facility, a former bowling alley, will be renovated into professional offices, conference and classroom space, and an indoor playground, all to be operated by PSC. The project will bring PSC’s total employment at Brunswick Landing to 150 people, including 60 employees who will be relocated there as a result of the expansion. PSC serves more than 1,500 individuals annually across 15 counties in Maine. A conference room also will be built for the MVRC, providing additional space where veterans can obtain benefits, services and resources in support of their reintegration into the community. Since opening in September 2013, MVRC has served 240 veterans with a staff of 16 volunteers.
U.S. Bank’s investment was made possible by the Maine New Markets Capital Investment Program, which is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development. Priority Real Estate Group, a real estate investor and developer based in Topsham, Maine, is the developer and owner of the 35,000 square foot project.About U.S. Bancorp Community Development CorporationWith more than $13.6 billion in managed assets as of March 31, 2014, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc. About U.S. BankU.S. Bancorp (NYSE: USB), with $371 billion in assets as of March 31, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,083 banking offices in 25 states and 4,878 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.