1. TOOLS OF RURAL ECONOMIC DEVELOPMENT FINANCE

2. Underwriting – Art and Science  Usually requires flexibility on collateral often unconventional. Yet funding sources may require more/different type  Hardly ever just one funding source; This requires knowing your partners and knowing what they can and can not do  Work outside the numbers – “Momma said that’s where the fun is” - Bruce Springsteen  Always capture the story

3. The usual acronyms…. SBA USDA RBEG IRP SSBCI CDBG OCS RMAP B & I LIHTC NMTC HTC REAP CDFI Funding sources…. Put ‘em all together and it spells ECONOMIC DEVELOPMENT !! EIEIO…

4. Mayo Mill in Dover-Foxcroft, ME  This project has it all – local, state, federal, bank, CDFI and private equity funds  11 Sources of funding. Kids, don’t try this at home…. Transformational project for the community Great example and demonstration of the principles of community development and economic impact

5. Transformation to the 21 st Century Mixed Use residential/commercial $12.3MM TDC $10.9MM Construction cost $1.0MM perm loan Geothermal heating/cooling Hydro generation of all electricity 22 loft style apts. 8 commercial tenants Key node of broadband fiber in this part of Maine Historic Credits and Energy Credits Largest non-industrial project in rural west/central Maine in years

6. Restored bell tower

7. 58,000 sq. ft

8. Know your farmer. Know your power? This dam provides all the power for the mill tenants View from 3 rd floor apartment

9. The Deal  USDA funds - RBEG program  EPA – REAP grant, RLF soft loans  Northern Border Commission – infrastructure  EDA – the broadband expansion  Federal and State historic rehab credits – constr.  CDBG – infrastructure  TIF – local community loan fund for constr.  CEI Construction loan – all the other stuff

10. Many Hands Make Light Work Thank you John Egan SVP Loans & Investments jwe@ceimaine.org The End