Midcoast Regional Redevelopment Authority (MRRA)mrra.us/wp-content/uploads/MRRA-Board-Packet-11-28-18.pdf · 28-11-2018 · July 30, 2018, and incorporated by reference: Temporary

Board Meeting (November 28, 2018)Time: 4:00 p.m.

Location: Brunswick Town HallTable of Contents:

Suggested Motions 1Agenda 2Minutes of the 10/22/18 Board Meeting 3Executive Committee Meeting Notes of 11/07/18 19Finance Committee - Financial Statements for period ending 10/31/18 25Connector Road 69Executive Director's Report 100Proposed 2019 MRRA Meeting Dates 109

1

Midcoast Regional Redevelopment AuthorityNOVEMBER 28, 2018

Suggested Motion

Agenda Item #I move that the following Resolution be approved:

RESOLVED, At a meeting of the Midcoast Regional Redevelopment Authority (“MRRA”) on the 28th day of November 2018, after due consideration and debate, and in accordance with 5 M.S.R.A. Section 13083-G, et seq., the MRRA Board of Trustees voted in favor of the Executive Director of MRRA executing and delivering the following easements to effectuate the agreements provided for in the Memorandum of Understanding between the Town of Brunswick and MRRA dated July 30, 2018, and incorporated by reference: Temporary Construction Easement, Traffic Control Easement, and Grading Easement.

Board Meeting - Suggested Motions

1

MRRA Annual Board MeetingNOVEMBER 28, 2018 at 4:00 P.M.

Town of Brunswick Council Chambers, 85 Union Street, BrunswickAgenda

Agenda Item Requested Action

1. Board Meeting - Welcome and Introductions

2. Host Community Comment

3. Minutes from the 10/22/18 Board Meeting Approval

4. Committee Reports

∑ Executive Committee o Meeting Notes of 11/07/18

∑ Finance Committee o Financial Statements for the Period Ending October 31, 2018

5. Nomination Committee∑ Proposed Slate of Officers Approval

6. Connector Road∑ Memorandum of Understanding∑ Temporary Construction Easement Approval∑ Traffic Control Easement Approval∑ Grading and Drainage Easement Approval

7. Dashboard Presentation

8. Executive Director’s Report

9. Other Business∑ Proposed 2019 MRRA Board Meeting Dates

10. Public Comment

11. Executive Session – Property Disposition and Personnel Matters (1 MRSA Sec. 405(6)(A)(C))

12. Adjourn

Please check our website at www.mrra.us for upcoming meetings and updates, or call us at 207-798-6512

1Board Meeting - Agenda

2

http://www.mrra.us/

1

MIDCOAST REGIONAL REDEVELOPMENT AUTHORITY

Meeting Minutes of MRRA Board Meeting

October 22, 2018

Present: John Peters (Chair), Rita Armstrong (Vice Chair), Nick Nichols(Treasurer), Lois Skillings (Secretary), John Moncure, Sharon Eggleston and John Kilbourne

Excused: Larissa Darcy, Lennie Burke, Carl Flora, and Denise Garland

Others: Linda Smith from the Town of Brunswick, Catherine Ferdinandfrom Bowdoin College, Tim Gill from Runyon Kersteen Ouellette, and Hannah LaClaire from the Times Record

Staff: Steven Levesque, Jeffrey Jordan, and Kathy Paradis

Location: MRRA, 15 Terminal Road, Brunswick, Maine

Time: 4:00 p.m.

Welcome & Introductions. Chair John Peters welcomed the Board andinvited the attendees at the meeting to introduce themselves.

Minutes from June 27, 2018. Lois Skillings made a motion to approve the Minutes of the June 27, 2018 Board meeting, which was seconded by John Moncure. The vote was unanimous of the Board members present.

Committee Reports.

Executive Committee. Chair John Peters gave the Committee report noting that the Committee met on August 1, September 18 and October 16, 2018. John highlighted the meetings as follows:∑ August 1st Meeting:

o MRRA is expecting a Lease in Furtherance of Conveyance (LIFOC) from the Navy for the former Navy Public Works compound shortly.

2

Board Meeting - Minutes of the 10/22/18 Board Meeting

3

2

o The University of Maine entered into a lease for a portion of Hangar 6 for a UAV (unmanned aerial vehicle) school.

o HERE Engineering, currently located in TechPlace, is planning to relocate to Hangar 6.

o The Committee approved airport bid awards for: ß Bid award to Gordon Contracting, Inc.: Drainage Repairs and

Improvements, Phase Two (Amount: $1,127,512.50) and Pavement Maintenance (Amount $184,400.00). Chair Peters noted this bid was tabled pending more information and approved on August 7.

ß Bid award to KOBO Utility Construction Group: Airfield Electrical Improvements, Phase 1 (Amount $248,969.00)

ß Bid award to G.B. Hastie Fence Co, Inc: South End Obstruction Removal and Wildlife Fence Installation (Amount: $570,036.10)

ß Bid award to Blane Casey Building Contractor, Inc.: Construct New Itinerant Box Hangar ($3,581,057.00).

o MRRA staff is negotiating with an entity to acquire Lot 1, the former Sea Bee compound for the construction of a 40,000 sq. ft. medical office building. This will necessitate the relocation of Blue Dog.

∑ September 13th Meeting: o We are still awaiting the LIFOC from the Navy for the former Public

Works compound.o The project for Lot 1 (former Sea Bee compound) is moving forward.

Plans are being made to relocate Blue Dog.o The Committee approved the snow plowing bid to ETTI and the

plumbing bid to Damon Mechanical.

∑ October 3rd Meeting: o The LIFOC from the Navy for the former Public Works compound is

imminent. o Executive Director Steve Levesque advised the Committee that there

was auction notification on the Village Green Venture property. The notice was required so investors can reacquire the property. VGV also wants to revise our Power Purchase Agreement with them. Steve mentioned that he will seek a new provision in the agreement that require VGV to pay MRRA for any charges levied by CMP or Constellation if they are not producing power. In addition, before entering into an agreement, VGV has to be up-to-date in rent (it was noted that they are current on payments) and operational expenses and the odor issue mitigated.

o MRRA may have identified a partner for it’s A&P school – Wings Realty EDU of Orono, Maine. They are interested in being our curriculum partner on-line. The hands-on application work would be at Brunswick Landing. MRRA is applying to MTI to get additional equipment.

2


4

3

∑ EDC – Bowdoin Property – Will be discussed with the Executive Director’s Report.

∑ Finance Committee. Chair Nick Nichols gave the Committee report noting that the Committee met on July 17, September 18 and October 16, 2018. Nick reported that atthe end of June 2018, the balance of the Annuitization Reserve is $2,290,430.73. At June 30, the balance of the operating budgets are as follows:

Revenues Expenditures Balance

FY 2018 Brunswick Landing Budget $1,820,544.44 $1,725,453.75 $95,090.69

FY 2018 Executive Airport Budget $1,115,868.21 $1,850,996.51 ($735,128.30)

FY 2018 Electric Budget $2,070,505.87 $2,059,596.56 $10,909.31

FY 2018 Water Budget $235,014.23 $258,573.36 ($23,559.13)

FY 2018 Sewer User Budget $350,855.54 $438,203.83 ($87,348.29)

$5,592,788.29 $6,332,824.01 ($740,035.72)

Balance of Annuization Reserve as of June 30, 2018 (prior to transfer) $2,290,430.73

Transfers to FY 2018 Budget to close out fiscal year ($740,035.72)

Annuitization Reserve Balance $1,550,395.01

Nick noted that in the Brunswick Landing budget the workers compensation went up and that in the Airport budget heating and legal services went up.

Audit Reports for FY2019. Tim Gill thanked MRRA’s CFO and Deputy Director, Jeffrey Jordan, for his work relating to the preparation of the financial statements. Tim reported that MRRA had received an un-modified option (clean option) from the accounting firm of Runynon Kersteen and Ouellette (RKO) on the financial statements for the period ending June 30, 2018. The following documents were discussed in detail:

a. Letters to the Board of Trustees Regarding Internal Controls and Financial Statements. Tim presented a letter to the Board of Trustees reporting Runyon Kersteen and Ouellette’s (RKO) findings in relation to testing of internal controls and review of the Financial Statements under the Governmental Accounting Standards Board (GASB) requirements. Headvised of the processes RKO used to test internal control procedures and then stated that they did not identify any deficiencies in MRRA’s internal control procedures. He also reported that MRRA’s financial statements are free from material misstatement and their tests disclosed no instances of

2


5

4

noncompliance or other matters that are required to be reported under Governmental Accounting Standards Board requirements.

b. The Letter to the Board of Trustees Regarding Compliance for each Major Program as Required by OMB Uniform Guidance.

Tim discussed the second letter to the Board of Trustees regarding the required testing and reporting under the provisions of Office of Management and Budget (OMB) Uniform Guidance (formerly Circular A-133, Audits of States, Local Governments and Non-Profit Organizations). This report is intended to test and report on compliance with federal grant requirements. Tim noted that the RKO review did not find any material deficiencies.

The Letter also stated that RKO did not identify any material deficiencies in internal control over compliance. Finally, the Letter to the Board also reports on the Schedule of Expenditures of Federal Awards. The letter states RKO has audited MRRA’s Financial Statements and issued an unmodified opinion (clean opinion) on those financial statements in accordance with the auditing standards Generally Accepted Accounting Procedures (GAAP) in the United States.

c. Management Letter. Tim reviewed the Management Letter with the Board. The Management Letter stated that RKO considered and reviewed internal control over financial reporting and did not identify any deficiencies in internal controls. While RKO issued an unmodified opinion on internal controls and the financial statements, they did identify the one issue: personnel payroll deductions were not current in personnel files.

d. Finance Report. The report on Financial Statements begins with a two page letter to the Board of Trustees. The Letter describes both management’s and the auditor’s responsibility in the preparation of financial statements. Runyon Kersteen and Ouellette stated that “in our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Midcoast Regional Redevelopment Authority as of June 30, 2018, and the changes in financial position and cash flows thereof for the year then ended in accordance with the accounting principles generally accepted in the United States of America.”

e. Tim Gill made specific reference to the quality of the Management Discussion and Analysis (MD&A)section that was prepared by the Deputy Director. Rita recommended the MD&A section is a great summary and overview of MRRA’s financial status.

The Financial Report presents a statement of revenue, expenditures, assets and liabilities of the organization consistent with GASB 34, a format of governmental accounting that presents financial information in a format likea private business, rather than the historical method of governmental fund

2


6

5

accounting, which did not capitalize or depreciate equipment or infrastructure. Tim advised the Board that overall Runyon Kersteen and Ouellette have provided MRRA with an unmodified (clean) audit opinion.

Action Item: Lois Skillings made a motion that the Board of Trustees accept the Audited Financial Statements prepared by Runyon Kersteen and Ouellette for the period ending June 30, 2018, as recommended by the Finance Committee, which was seconded by Rita Armstrong. The vote was unanimous of the Board members present.

Chair John Peters thanked Tim for his presentation, thanked Deputy Director Jeffrey Jordan for a job well done, and expressed his thanks for the work that MRRA’s Financial Officer, Tushima Sims, did during the audit process.

Quarterly Financials – Periods ending June 30 and September 30, 2018. The Committee reviewed the quarterly financials at each meeting, including profit and loss statements, balance sheets and statements of cash flows for all MRRA entities, including Brunswick Landing, the airport, the utility budgets for electric, water and sewer, capital improvement and grants budgets, the reserve, the homeless assistance fund, Tech Place, Brunswick Landing MHC and the Midcoast Charitable Foundation. These were found to be in good order and the Committee recommends that the Board accept the Quarterly Financial reports.

∑ Action Item: Nichols Nichols made a motion that the MRRA Board of Trustees accept the Quarterly Financial Statements for the periods ending June 30 and September 30, 2018 as recommended by the Finance Committee, which was seconded by John Moncure. The vote was unanimous of the Board members present.

Amendments to FY2019 CIP: Deputy Director Jeffrey Jordan and the trustees discussed the following recommended CIP amendments:

Approved CIP Final Budget Numbers

Recommended Amendment

50581 Local Share of MAP Projects $69,600 $71,300 ($1,700)50767 Maine DOT Share of MAP Projects $625,700 $713,000 ($87,300)50799-n FAA Pavement Maintenance AIP MAP 029 $303,400 $201,000 $102,400 50799-p FAA Military Airport Funds (Electrical Improvements) AIP MAP 030

$330,300 $330,300 $0

50799-q FAA Military Airport Funds (North/South Obstruction) AIP MAP 031

$1,029,400 $1,029,400 $0

50799-r FAA Military Airport Funds (Drainage Repairs ) AIP MAP 032

$1,219,300 $1,219,300 $0

50799-s FAA Military Airport Funds (Box Hangar) AIP MAP 033

$3,375,000 $3,636,800 ($261,800)

$6,952,700 $7,201,100 ($248,400)

2


7

6

∑ Action Item: Nick Nichols made a motion that the MRRA Board of Trustees approve the amendment to the FY2019 Capital Improvement Plan that reflects the changes in budget amounts for the FAA MAP projects, as recommended by the Finance Committee, which was seconded by John Moncure. The vote was unanimous of the Board members present.

Nick reported that the Committee discussed ways to create a metric to show the big picture of revenues and expenditures in relation to the five-year financial forecast to be able to detect large issues or trends that would be important to identify and raise to the Board.

Deputy Director Jeffrey Jordan presented Banking Resolutions, the purpose of which is to update MRRA’s banking authorizations from former MRRA treasurer, Steve Weems, to current Treasurer, Nick Nichols.

∑ Action Item: John Moncure made a motion that the MRRA Board of Trustees approve the banking resolutions of Bath Savings, Androscoggin Bank, Mechanics Savings Bank, and Bangor Savings bank as presented, which was seconded by Rita Armstrong. The vote was unanimous of the Board members present.

Board of Trustees Officers – Nominating Committee. Chair John Peters asked for volunteers to staff the Nominating Committee. Rita Armstrong and Lois Skillings answered the call and will recommend a slate of officers for the annual Board meeting on November 28, 2018.

Executive Director’s Report.

Bowdoin Property. Executive Director Steve Levesque reported, by way of background, that in 2007, as part of the Reuse Master Plan development process, Bowdoin College requested and was approved for a public benefit conveyance for approximately 250 acres of land along the west side of the former base property. Since that period, Bowdoin has been working with the Navy and Department of Education on the transfer and reuse opportunities of those parcels. Bowdoin has recently made the decision that they do not need all that acreage to meet their future needs and is returning approximately 144 acres to the Navy. They may be willing to acquire some of these properties from MRRA in the future at fair market value. The Navy, in turn, is asking MRRA to accept this land into our EDC parcels. Steve said he believes that these properties offer potential development and revenue generating opportunities, without any significant associated costs to MRRA. In light of the above, he recommends an action of the Board to accept these properties into our EDC parcel and to commence with a revision of our reuse master plan and related zoning amendments.

2


8

7

Catherine Ferdinand of Bowdoin College added that Bowdoin did not receive the property until 2016 and their application expired in 2017. Because they had delays due to a new administration, they could not get the application completed and the Department of Education rules specify that the property goes back to the Navy.

∑ Action Item: Lois Skillings made a motion that the MRRA Board of Trustees authorize the Executive Director to execute documents to accept approximately 144 acres of former Bowdoin EDC land into MRRA’s EDC land, as recommended by the Executive Committee, which was seconded by Rita Armstrong. The vote was unanimous of the Board members present.

The Executive Director then summarized the remaining Executive Director’s Report, a copy of which is attached to these Minutes.

Other Business.Brain Storming Session. Trustee John Kilbourne suggested that the Board find an informal venue to discuss attracting businesses, in particular aviation and aeronautical, to Brunswick Landing – a freer place to come up with ideas. Rita felt it would be important to include strategy and sustainability concepts as well. Steve Levesque said he is welcome to new ideas and that MRRA would be looking at a new business plan in January 2019. After some discussion, it was decided that after the next Board retreat (date to be determined), the Board will have brainstorming session.

Public Comment: None.

Executive Session: A motion was made at 5:13 p.m. by John Moncure and seconded by Rita Armstrong to go into Executive Session pursuant to MRSA Sec. 405(6)(C). The vote was unanimous of the Board members present.

At 6:10 p.m. a motion was made and seconded to adjourn from the Executive Session and resume the Board meeting. The vote was unanimous of the Board members present.

Adjournment: A motion was made by John Moncure at 5:30 p.m. to adjourn from the Board meeting, which was seconded by Rita Armstrong. The vote was unanimous of the Board members present.

_____________________________________Lois Skillings, Secretary

2


9

8

To: MRRA Board of TrusteesFrom: Steve Levesque, Executive DirectorSubj: Director’s ReportDate: October 12, 2018

The purpose and intent of this report is to briefly update the MRRA Board of Trustees about current activities related to MRRA operations and the NASB closure process.

Federal Property Conveyances/Leases

Navy Transfers

Since the approval of the Public Benefit Conveyance and the signing of the Economic Development Conveyance (EDC) Purchase and Sale Agreement in 2011:¸ The Navy has transferred approximately 1,773 acres of the approximately 2,100 acres

MRRA is slated to receive. ¸ In October, we received a Lease in Furtherance of Conveyance (LIFOC) for several

buildings located in the former public works compound, building #9 (corner of Admiral Fitch and Orion) and the adjacent parking lot. Building #9 (former base housing office) will take a bit of rehab work, but it is located in a very strategic spot. The large parking lot could be used to accommodate planned Wayfair expansions. Full property transfer may occur in 2019.

¸ We are expecting a transfer of about 25 acres of properties in November (see attached map).

¸ With these EDC transfers and the various previous public benefit transfers, the Navy has transferred approximately 84% of the property that was once NASB.

¸ All the remaining properties at the former NASB and Topsham Annex will be conveyed once appropriate environmental clearances are obtained. The PFOA/PFOS issue continues to substantially delay the issuance of future FOSTs and related property transfers.

Bowdoin Property

¸ In 2007, as part of the Reuse Master Plan development process, Bowdoin College requested and was approved for a public benefit conveyance for approximately 250 acres of land along the west side of the former base property.

2


10

9

¸ Since that period, they have been working with the Navy and Department of Education on the transfer and reuse opportunities of those parcels.

¸ Bowdoin has recently made the decision that they do not need all that acreage to meet their future needs and is returning approximately 144 acres to the Navy (see attached map). They may be willing to acquire some of these properties from MRRA in the future at fair market value.

¸ The Navy, in turn is asking MRRA to accept this land into our EDC parcels.¸ It is my belief that these properties offer potential development and revenue generating

opportunities, without any significant associated costs to MRRA. ¸ In light of the above, I will ask for an action of the Board to accept these properties into

our EDC parcel and to commence with a revision of our reuse master plan and related zoning amendments.

TechPlace

¸ We currently have 35 companies located in the facility and we continue to see significant interest from additional companies. It’s also exciting that several existing companies have expanded their original presence and have taken more space.

¸ Currently, these businesses collectively occupy approximately 45,000 SF, or about 85% of the available space for rent.

¸ The shared composites lay-up facility and re-establishment of the paint facility are both in place and are nearly complete. Both facilities are being utilized.

¸ TechPlace is continually being utilized by a number of partner organizations for training and networking events.

¸ We also continue to explore the use of the facility to host and support an aviation maintenance technician training program.

Redevelopment Activity

General Overview

¸ Property lease and sale activity continues to be very brisk at Brunswick Landing and the Topsham Commerce Park. We currently have nearly 600,000 SF under lease to over 65 direct business tenants (includes TechPlace). And we have several exciting new business leases in the working stages.

¸ When we account for the latest Navy conveyances and the property we have sold, MRRA currently owns approximately 1,280 acres of land and over 780,000 SF of building space.

¸ We have now sold over 400 acres of land and 45 buildings (over a half million SF) to date. And all the properties that we have sold are all undergoing further redevelopment.

¸ We also have properties in Topsham under contract (former Army recruiting building and former Marine Corps Reserve property), which are expected to close this fall.

¸ Between MRRA controlled property and those properties owned by others, I am pleased to report that there are now approaching 120 private and public entities doing

2


11

10

business on the former base properties at Brunswick Landing and the Topsham Commerce Park.

¸ As of this month, collectively, these entities employ approximately 1,385 people on a full-time basis and 312 on a part-time basis for a total of 1,697 (see attached employment table).

¸ It should also be noted that there are 120 Maine Army National Guard members and 124 Marine Corps Reservists assigned to their units at Brunswick Landing.

¸ In addition, the new L.L. Bean project at Brunswick Landing has resulted in the creation of approximately 75 new jobs at the off-site Brunswick manufacturing facility.

¸ To date, the redevelopment effort has realized over $350 million in private and public-sector investments made into the properties over the past four years. In addition to the attraction of individual business entities, we have been fortunate to attract seven major real estate developers who are acquiring and redeveloping properties at both Brunswick Landing and the Topsham Commerce Park.

¸ In fact, several of these developers are applying revenue proceeds from subsequent sales and leases at the former base to reinvest in other properties here.

¸ We have also been very fortunate to attract significant local, state and federal financial assistance to help fund critical improvements to the aging infrastructure and facilities on the former base.

¸ We continue to be wrapping up another very busy construction year at Brunswick Landing, with the completion of the sewer improvement project, new office and industrial buildings and energy generation facilities, as well as planned hangar and other airport improvements.

New Development/Business Activity

¸ There continues to be significant interest in the acquisition and development of properties at Brunswick Landing and Topsham; with over 60,000 sf of office and commercial spaces in the que for construction next summer, as well as fit-up of tenant spaces.

¸ I will be asking the Board to approve the sale of two properties, as recommended by the Executive Committee.

¸ We are also working with the Town of Brunswick, the State DOT and several property owners on the construction of a new connector road between Admiral Fitch Avenue and Rt. 24, which was identified in the Reuse Master Plan. This project is expected to start within the next few months.

¸ We have successfully transferred the sewer distribution system to the Brunswick Sewer District on the transfer of the distribution system at Brunswick Landing, which is planned to occur this spring. In addition, we have been notified by the Economic Development Administration that they will help fund the upgrades of the commercial area pump stations, which will enable these to also be transferred to the District.

¸ We are all very excited to welcome several new businesses that have recently choose to locate and/or expand at Brunswick Landing, including: Clamar Floats, HERE Engineering, Hodgdon Yachts, Great Island Boat Yard, University of Maine-Augusta, Captive Drone Technologies, Noble Wellness, Lean East, Introspective Systems, Bamforth Marine, Ocean Renewable Power Company, Griffin LLC, Center for Diagnostic

2


12

11

Imaging. Kennebec Bio Sciences, Midcoast Senior College, Maine Made Photos and Running Tide Technologies.

Brunswick Executive Airport (BXM)

¸ The airport continues to realize continued growth in operations and business interest.¸ Through September, aircraft operations are up over 10% over the same period in 2017

(an airshow year). We are expecting over 20,000 operations in 2018.¸ The major contributors to this growth, include an increase in jet charter flights to BXM,

increases in general aviation visits and flying club, flight school and scenic flight operations from two of our tenant businesses; Maine Instrument Flight and American Classic aviation.

¸ MRRA has received a $6.2 million grant from the FAA to continue to upgrade the aviation complex, as part of the ten-year $40 million modernization program. This year’s funding will support the construction of a new general aviation hangar, drainage and electrical improvements, tree clearing, wildlife fencing and other airport upgrades.

Aviation Technician School

¸ MRRA staff continues to work with potential partners on the establishment of an Aviation Technician School to be based at TechPlace, to meet the needs of the existing and future aviation business community in Maine.

Business Attraction Marketing

¸ MRRA staff is in the middle of a very busy business attraction season. In keeping with our strategy of recruiting business investment from away, we are very active in the out of State and out of country activities associated with our target sectors.

¸ While time consuming, this strategy is very effective, as it gives us the opportunity to have recurrent and face to face discussions with key prospects. This year, our primary sectors of focus is the aerospace industry, particularly MRO and manufacturing companies, and information services, particularly cybersecurity and back office operations. These two sectors provide the “best fit” opportunities to occupy our remaining building assets.

¸ On the international scene, we are continuing to participate in a number of key trade shows and conferences aimed at promoting our assets and securing foreign direct investment focusing on European and Canadian companies. We partner with the Maine International Trade Center on many of these outreach activities. Our efforts are starting to bear fruit, as we have now hosted several visits from foreign companies that we met at these events.

¸ We will continue to market in-country as well and have attended multiple trade shows for our target industries. We do maintain an in-state marketing trade show program as well, aimed at showcasing TechPlace, some smaller commercial properties and vacant land available for development.

¸ Because of all the recent good news about the redevelopment effort, we continue to experience numerous inquiries for property and buildings.

2


13

12

Maine Flying Trail

¸ One of the initiatives that we plan to continue, is the operation and management of the Maine Flying Trail. This is a promotion activity that was initiated by MRRA and involves every airport in Maine, encouraging people to fly in Maine and of course visit BXM.

¸ The way it works is that MRRA produces a passport book, of which multiples are sent to each airport in Maine, with an accompanying poster. When a pilot lands at five Maine airports, with the last one being BXM, we give them two lobsters.

¸ We believe this is creating state-wide and national exposure for BXM and perhaps a contributor to the operations increases. This past year, we have seen numerous out-of-state visitors, as well as several visitors from Canada.

¸ We plan to augment the passport book and expand this activity to a web-based and app platform for the 2019 season.

¸ We are once again applying for a grant from the Maine Office of Tourism to support our efforts to promote the Maine Flying Trail to the nation’s general aviation pilot community.

2


14

13

BRUNSWICK LANDING/TCP EMPLOYEE UPDATE

Tenant/Owner Number of Employees at Inception

Number of Full-time Employeesas of 10/2018

Number of Part- Time Employees as of 10/2018

STEM SECTOR EMPLOYEES

Accel Physical Therapy 2 3 1 0All Natural Technologies

2 2 0 1

American Classics, LLC 1 1 0 0Avita of Brunswick 1 50 17 0BIW (Leavit Drive) 25 0BIW (Orion Street) 32 0Black Diamond Whiskey

3 3 0 0

Blue Dog 2 FT/2 PT 8 7 0Brillant and Son's 3 FT 3 0 0Brunswick Aviation Services

3 8 0

Brunswick Landing Venture

11 12 0 0

Brunswick Naval Museum

Volunteers (15)

0 0 0

Brunswick, Town of 4 13 55 0Center for Diagnostic Imaging

2 4 0 1

Coastal Landing/Coastal Shores

48 16 0

Embrace A Vet 1 2 0 0Family Focus 12 2 0Firehouse Tumbling, LLC

3 2 0 0

FirstLight (formerly Oxford)

10 21 0 21

Flight Deck 3 5 4 2

2


15

14

Flight Level Aviation 4 5 1 1Frosty's Donuts 0 0 0 0Goodwill Workforce 1 2 0 0Harpswell Coastal Academy

11 13 5 4

Harpswell House 3 3 4 0Harris Golf 1 5 0 0Kennebec Bio Sciences 16 15 2 2Kornetsky (Ellen), LCSW

1 0 1 0

L.L. Bean's 0 0 0 0Linwood & Sons Construction

2 9 0

Maine Army National Guard

21 0 18

Maine Coastal Flight 1 2 2 0Maine Dept. of Corrections

1 0 0

Maine Technology Institute

8 11 0 0

Midcoast Senior College 1 0 2Midcoast Veterans Center

Volunteers (20)

0 0 0

MRRA 6 9 4 1Molnlycke Health Care 20 79 0 18New England Tent & Awning

1 8 3 1

New Ventures Maine 2 3 0 0North East Mobile Health Services

13 15 23 18

O'Neals Janitorial 1 FT 3PT 3 5 0Opportunity Alliance 1 1 0 0Pathways 122 12 6Planus 2.5 2 1 0Rusty Lantern Markets 6 FT/8 PT 8 7 0Sailboat Interiors (Quahog Bay)

3 FT/2 PT 5 2 0

SaviLinx, LLC 3 137 2 3Seeds of Independence 2 4 2 0Skorda 3 2 1 0SMCC Midcoast Campus 6.5 and 18 PT 19 58 24.5SMMC 2 1 1 0Spooner Enterprises 1 1 0 0STARC Systems 1 30 0 12

2


16

15

Sunray Animal Clinic 15 11 4 8Southern Midcoast Career Center

3 3 1 0

TBW, LLC 2 2 0 0Tempus 11 3 0 3The REAL School 24 24 0 3Turtle Rock Maine 1 1 0 0University College 5 4 20 0.5University Maine Augusta

5 3 0 0

U.S. Marine Reserve Center

10 9 0 0

U.S. Navy 1 1 0 0VGV 2 2 0 2Washburn Doughty 0 0 0Wayfair 425 0 3Wicked Joe 12 31 3 0YMCA 4.00 2 19 0TOTALS 246 1311 287 153.5

TechPlace

AdmitHub 1 1 0 1Atayne 1 2 1 3Altha Technology 1 1 0 1ATOL USA, Inc. /Klamar Floats

1 3 0 1

Blushift Aerospace 1 1 1 2Bourgeois Guitars 1 1 0 1CERL 2 2 1 3Composites Technology Center

1 1 0 1

Fiddlehead Design 1 1 0 0Field Phyto Nutrients 2 2 2 4GHG Underground 1 1 0 1Greisen Aerospace 1 1 0 1Grifin 1 1 0 1Harbor Digital 1 3 0 3Harpswell Coastal Academy

1 0 1 0.5

HERE Engineering 1 12 0 12JMH Associates 3 0 3 3

2


17

16

InSphero/Insphero Mfg.

1 3 1 3

Krolak Industries ( Top-Me-Tags)

1 1 3 1.5

Lean East 2 2 0 2Maine Composites Alliance

1 1 0 1

Maine Made Photos 2 2 0 0Maine MEP 1 2 0 2Maine PTAC 1 2 0 0Maritime Surveillance Assoc.

2 7 0 7

New England Oceanographic Lab

1 1 1 2

Nobleheart Products 1 1 0 1Noble Wellness 3 10 4 1ORPC 1 1 2 2Running Tide Technologies

4 3 2 4

SteriZign 1 1 2 3Studio V 1 1 1 2University of Maine 1 1 0 0Veterans Assembled Electronics

1 1 0 0

VGV 1 1 0 0TOTALS 47 74 25 70

GRAND TOTALS 293 1385 312 223.5

TOTAL FULL AND PARTTIME EMPLOYEES:

1697

Not included in totals:L.L. Bean's: 50-75

EmployeesBL lease supports 50-75 new mfg jobs in Brunswick Industrial Pk

Maine Army National Guard:

140 Guardsmen

All STEM

U.S. Marine Reserve Center:

124 Reservists

2


18

1

Executive CommitteeMeeting Notes for Wednesday, November 7, 2018

Committee Members: Chair John Peters (via conference phone), Vice Chair Rita Armstrong, Treasurer Nick Nichols, and John Moncure

Excused: Trustee Lois Skillings (Secretary)

MRRA Staff: Steve Levesque, Kristine Logan and Kathy Paradis

Location: MRRA, 15 Terminal Road, Suite 200, Brunswick, ME

The meeting was called to order at 7:30 a.m. by John Moncure at the request of Chair John Peters.

Property Sales/Transfers/Leases. Executive Director Steve Levesque reported the following:

∑ Transfers: Executive Director Steve Levesque said that this month he’s expecting the deed for the land under the housing under Captain’s Way off of Admiral Fitch Avenue. (Per an arrangement worked out with the former owner of base housing, George Schott, this land will go directly to the current owner of the housing (Brunswick Landing Venture)). Also, this month we are expecting deeds for the EDC conveyances discussed at the last Board meeting, including the land that Bowdoin College is abdicating (about 144 acres).

∑ Sales:o The Lot 1 purchase by Priority Group is moving forward. The existing buildings

on the site leased by Blue Dog will be moved to a location near the fuel farm. MRRA is getting estimates, but we expect the cost to move the buildings to be in the $150,000 to $200,000 range, plus additional costs for foundation work and utilities. The total cost is expected to be in the neighborhood of $600,000 to $750,000. We will be applying for a grant through Maine Rural Development Authority (MRDA) to help with the cost.

o A purchase and sale agreement has been drafted for the Coastal Humane Society to purchase land on the lot located at the corner of Orion Street and Purington Road. MRRA will work with the Town for a needed subdivision plan change for this location, as well as the Public Works compound.

3

Board Meeting - Executive Committee Meeting Notes of 11/07/18

19

2

∑ Leases:o We are drafting a term sheet for building 53 (former Navy Public Works

building) and lease to Priority Group, which will contain an option to purchase.o HERE Engineering is moving from TechPlace into a portion of the second floor of

Hangar 6. The lease will start December 1.o Noble Wellness has expressed interest in leasing the Navy former Navy SCIF

building. They also plan to activate the Foreign Trade Zone designation.

Redevelopment.

∑ Brunswick Landing Ventures is planning to build additional condominiums and apartments off Admiral Fitch Avenue on Captain’s Way.

∑ The construction for the new road near the entrance to Brunswick Landing is expected to commence next month.

Airport Update

∑ The airport expects a 10% increase this year over last year with over 20,000 air ops projected for 2018. Steve said that corporate aircraft is driving the increase in operations, as well as the American Classic Aviation flight school.

∑ The Marine Heavy Helicopter squadron is coming to Brunswick Landing again early next year for to perform training exercises.

∑ MRRA’s airport snow removal crew is working on equipment in anticipation of winter.∑ Steve said he would be attending ICAS in Las Vegas in December and will speak to the

Air Show Network about a contract. Steve wants to ensure that MRRA receives a guaranty for $50,000 from the Air Show Network (or MRRA will put the Air Show out to bid). He also wants assurances from Brunswick Landing businesses that they will assist in sponsoring the air show if they hold events on their properties to view the air show (because such events diminish air show tickets/profitability to MRRA).

∑ The construction of the box hangar for general aviation should commence next month.

Utilities Update

∑ We have received a grant from the Economic Development Administration regarding improvements to the sewer pump stations. We have sent out an RFP for engineering services to design the upgrades to the three pump stations, preparation of the bid package and inspection services. . The plan is to have the Water District take over the stations as they are upgraded.

∑ We have received word from Central Maine Power (CMP) regarding a new rate proposal for power delivery services. The Public Utility Commission (PUC) and CMP have acknowledged that our utility system doesn’t fit in their models and so theycreated a new rate structure for us. The negotiation involved three charges: transmission, demand and energy charges which total about $0.135 per kilowatt hour for commercial customers versus $0.16 to $0.18 per kilowatt hour outside the fence. Steve said MRRA could save approximately $40,000 a year, which does not include

3


20

3

residential customers. The residential users would be in charged more in line with what CMP charges. MRRA has contracted with Michael Hubbard of the Financial Engineering Company to help with the terms and conditions in developing a full tariff for MRRA’s electric utility.

∑ Village Green Venture (VGV)o Executive Director Steve Levesque advised VGV and MRRA are moving forward

to revise their existing Power Purchase Agreement. (Steve noted that VGV is current on rent/operational expenses to MRRA and part of its plan is to have an enclosure built to mitigate odor issues.) VGV is investing about $6 million in its facility at Brunswick Landing which will include two additional generators and another digester. MRRA will buy about 2 megawatts of energy from VGV. When those 2 megawatts are combined with the 1.5 megawatts generated from the ReVision Energy solar farm at Brunswick Landing, 100% of Brunswick Landing’s energy demand should be met. However, if VGV is unable to provide all of the 2 megawatts for whatever reason, there will be a provision in the PPA that VGV will have to pay the difference between their charge and the additional charge of getting energy outside the fence.

o VGV is negotiating with Maine Natural Gas to sell any extra methane gas it generates, which would then be piped in the existing pipeline at Brunswick Landing. Theoretically, if VGV cannot meet demand, it could pull gas back that it had generated. Working with us on this is GI Electric, a subsidiary of Shell Energy, and GO Energy – both assist with microgrid solutions.

o MRRA has been approached by an entity for large scale, off-site, battery storage. Steve explained that the batteries would not be connected to our utility but directly to CMP.

Environmental Update

Steve advised the Committee that the per- and polyfluoroalkyl substance (PFOS/PFAS)(most notably associated with firefighting foams) national issue still hasn’t been resolved –the EPA has not set any standards – only advisories. The Navy is working with MRRA on getting the Ground Water Treatment System at Brunswick Landing ready to process contaminated ground water on the few hot spots that exist at Brunswick Landing. The Navy will modify the ground water treatment system (GWTS) to treat the PFOS/PFASchemicals.

∑ Tech Placeo Kristine Logan, TechPlace Administrator, said that the shared spaces available to

TechPlace members are being well utilized. These spaces include a machine shop, woodworking shop, paint booth, oven, layup room, bio lab, welding shop and 3-D printer room. With certain restrictions, these shared shops are open for affiliate users. There are 37 companies in TechPlace with only four or five offices currently for available lease and three spaces in the manufacturing space.

o Kaitlin Feiler was recently hired as a part time administrative assistant. It was noted that her background is in land use planning. Kristine said she was very pleased with her performance.

3


21

4

Other Business. Steve said he would be reaching out to the Governor-elect, her transition team and legislative leaders to make sure they are up to speed on the what is happening at Brunswick Landing.

Executive Session

Action Item: Nick Nichols made a motion for the Executive Committee to go into Executive Session to pursuant to 1 MRSA Section 405.6(c), which was seconded by Rita Armstrong.The vote was unanimous of the Committee members present.

Adjournment. The Executive Committee meeting was adjourned at 9:20 a.m.

3


22

5

3


23

6

3


24

Midcoast Regional Redevelopment AuthorityConsolidated Financial Report

Revenue Assets

Federal Grants $0.00 Current Assets

Intergovernmental Revenue $147,959.22 Bank Accounts $3,941,857.37

Charge For Services Revenue $710,183.42 Accounts Receivable $1,900,812.73

Lease Revenue $1,064,661.00 Other current assets $156,913.84

Miscellaneous Income $30,951.08 Total Current Assets $5,999,583.94

Interest Income $10,923.50

Annuitization Revenue and Reserve Funds $352,331.38 Fixed Assets $124,395,473.54

Total Revenue $2,317,009.60 Other Assets (security deposits and reserves for uncollectable leases) ($824,208.10)Total Assets $129,570,849.38

Expenses Personnel Services $247,405.27 Liabilities and Equity Employee Benefits $90,600.92 Liabilities Supplies $30,018.09 Current Liabilities Professional Services $118,910.17 Accounts Payable $202,478.65 Property Services $837,117.20 Other Current Liabilities $2,485,130.25 Other Purchased Services $68,528.42 Total Current Liabilities $2,687,608.90 Capital Outlay $369,529.89 Debt Service and Contribution to Reserve for Uncollectables $199,834.46 Long-Term Liabilities $15,346,438.43 Income and Property Taxes $29,141.59 Total Liabilities $18,034,047.33 Charges to Other Entities $1,651.55Total Expenses $1,992,737.56 Equity

DFB MRRA and BXM Capital Reserve #REF!Other Expenses DFB Lease Hold Improvement Fund #REF! Depreciation $175,730.72 DFB Revenue for Annuitization #REF!Total Other Expenses $175,730.72 DFB Special Projects Capital Reserve #REF!

Retained Earnings $110,975,236.95Transfers Net Income $562,181.10 Transfers $275,847.04 Total Equity #REF!Total Transfers $275,847.04

Total Liabilities and Equity #REF!Net Income ($86,490.80)

Net Income without Depreciation $48,425.00

Brunswick Landing MHC LLC (Mölnlycke Healthcare Building) $14,265,000.00Treasurer State of Maine (MaineDOT Line of Credit) $1,078,328.93Contributed Capital $3,109.50

$15,346,438.43

Other Contingent Long Term Liability

Land $53,279,808.44Buildings $51,094,625.50Machinery and Equipment $1,584,851.37Furniture $0.00Vehicles $56,792.19Electrical $2,630,065.25Water and Sewer $10,622,778.02Roads and Sidewalks $419,083.66Construction in Progress $5,408,803.76

$125,096,808.19

Treasurer of the United States (EDC Transfer) 25.0% of all lease and sales revenue

Consolidated Fixed Assets Net of Accumulated Depreciation

Consolidated Profit and Loss Statement for MRRA Operating Entities July 1, 2018 to October 31, 2018

Consolidated Balance Sheet for the period ending October 31, 2018

Consolidated Long Term Liabilities

Personnel Services

Supplies

Professional Services

Property Services

Other Purchased

Services

Debt Service and Contribution

to Reserve for Uncollectables

Income and Property Taxes

Charges to Other Entities

FY 2019 Consolidated Expenditures Operating Entities

Federal Grants

Intergovern.. Revenue

Charge For Services Revenue

Lease Revenue

Miscellaneous Income

Interest Income

Annuitization Revenue and

Reserve Funds

FY 2019 Consolidated Revenue for Operating Entities

Page 1 of 44

4

Board Meeting - Finance Committee - Financial Statements for period ending 10/31/18

25

Midcoast Regional Redevelopment AuthorityConsolidated Financial Report

Revenue Operating Activities Federal Grants $23,989,074.22 Income $937,177.49 State Grants $5,545,355.51 Intergovernmental Revenue $1,443,645.78 Expenses Miscellaneous Income $0.00 Personnel Services $62,464.39 Interest Income $173,322.59 Employee Benefits $20,783.76 Annuitization of Revenue and Reserve Funds $1,122,165.53 Supplies $19,498.79 Sale of Property $0.00 Professional Services $22,543.23Total Revenue $32,273,563.63 Property Services $413,379.98

Other Purchased Services $353,397.89Expenses Capital Outlay $94,840.43 Professional Services $0.00 Debt Service $75,929.56 Other Purchased Services $567,797.01 Bad Debt Expense $42,499.16 Capital Outlay $32,782,293.15 Transfers / Gain or Loss on Sale of Property/Taxes $40,474.22 Debt Service and Contribution to Reserve for Uncollectables $0.00 Total Expenses $1,145,811.41Total Expenses $33,350,090.16

Net Income ($208,633.92)Transfers

Transfers ($3,999,943.83) Adjust. to reconcile Net Income to Net Cash provided by operations:Total Transfers ($3,999,943.83) 11410 Intergovernmental Receivable $0.00

11510-2 MRDA Loan Receivable - SaviLinx $0.00Net Income $2,923,417.30 11510- Loan Receivable Kestrel Aircraft $0.00

11510- Revolving Loan Funds (multiple) $800.36 11511 Note Receivable SaviLinx $0.00 11530 Accounts Receivable ($44,254.60) 11532 Accounts Receivable MaineDOT $0.00 11537 Growth Fund Loan Receivable - SaviLinx $0.00

Reporting Entities: 11535 Accounts Receivable MTI/EDA $0.00 11533 Accounts Receivable - FAA $0.00 11540 Allowance for Undeceivable $0.00 11810 Prepaid Expenses $0.00 12220 Accumulated Depreciation Land Improvements $0.00 12320 Accumulated Depreciation Buildings and Equipment $6,001.68 24000 Payroll Liabilities $0.00 24110 Maine Sales Tax Payable $52.51 24210 Accounts Payable and 24215 Credit Card ($85,601.79) 24215 Accrued Expense ($612.50) 24500 MRDA Loan Payable . 24610 Accrued Salaries and Wages $0.00 24216 Brunswick Landing MHC - Reserve $29,036.76 24320 Construction Retainage Payable $0.00 24710-3 Payroll 401(a) and 457(b) Withholding $544.51 24710-4 Payroll FSA Withholding $468.08 24710-5 Payroll United Way Withholding $240.00 24720 Property Tax Holding Account $12,025.39 24810-6 Deferred Revenue - Homeless Asst. $0.00 24810 Deferred Revenue Rent ($300.00) 24850 Billed to Others ($200.01) 24910 Security Deposit $13,890.00 25510 Line of Credit Payable ($844.74) 25510 Compensated Absences Payable $0.00 Total ($68,754.35)Net Cash provided by Operating Activities ($277,388.27)

Investing Activities (primarily sale of property) 12110 Land $337,400.00 12310 Buildings and Building Improvements $0.00 12410 Machinery and Equipment $39,931.00 12810 and 12910 Utility Infrastructure $0.00 13500 Construction in Progress ($133,289.13)Net Cash Provided by Investing Activities $244,041.87

Financing Activities 37141 Designated Fund Bal. - MRRA Capital Reserve $0.00 37142 Designated Fund Bal. - Bruns. Exec Airport Capital Reserve $0.00 37143 Designated Fund Bal. - Lease Hold Improvement Fund $0.00 37144 Designated Fund Bal. - Reserve of Sale Rev. for Annuitization $0.00 37145 Designated Fund Bal. - Special Project Capital Reserve $0.00 37300 Retained Earnings $0.00Net cash provided by financing activities $0.00

Net cash increase for period ($33,346.40)Cash at beginning of period $3,975,819.77Cash at end of period $3,942,473.37

Brunswick Landing Economic Development Company - A company formed by MRRA for the purpose of filing an application as a Community Development Entity with the United States Department of Treasury for a New Market Tax Credit Allocation. The application filed in 2012 was unsuccessful. The organization has not been active.

Midcoast Charitable Foundation of Maine - A 501(c.)(3) organization created by MRRA for the purpose of distributing funds to local community organizations from the proceeds from the Great State of Maine Air Show.

Midcoast Regional Redevelopment Authority (MRRA) - Federally recognized redevelopment authority for the former NAS Brunswick facility. Created by the State of Maine, 5 MRSA §13083-G. Eleven member Board appointed by the Governor and confirmed by the Maine Senate. MRRA began operations on January 1, 2008.

Brunswick Landing MHC USA, LLC - Entity created by MRRA as limited liability corporation to construct a build to suit 79,600 square foot manufacturing facility for Mölnlycke Health Care using federal New Market Tax Credits and loan from CCML Community Development XXII.

Consolidated Statement of Cash Flows for July 2018Grants, Reserves and Homeless Assistance Fund

Brunswick Landing Realty Development Corporation - A corporation formed by MRRA to participate with Brunswick Landing MHC USA, LLC (minority partner) in the development of the building for Mölnlycke Health Care.

Page 2 of 44

4


26

Table of Contents

page

Financial Dashboard 1

Index 3

Consolidated ReportsConsolidated Profit and Loss Statement 4Consolidated Balance Sheet 5Consolidated Statement of Cash Flows 9

Budget ReportsBudget Summary and Tie to Cash 12FY 2019 Brunswick Landing Budget 13FY 2019 Brunswick Executive Airport Budget 16FY 2019 Electric Utility Budget 18FY 2019 Water Utility Budget 19FY 2019 BL Capital Improvement Budget 20FY 2019 Brunswick Landing Realty Development (TechPlace) 21FY 2019 Brunswick Landing Realty Development (TechPlace) Capital Improvement Budget 23FY 2018 Capital Improvement Budget 24FY 2017 Capital Improvement Budget 25FY 2017 Grants Fund Budget 26FY 2016 Grants Fund Budget 27Reserve Fund Budgets 28Homeless Assistance Trust Fund 29Brunswick Landing MHC USA, LLC Profit and Loss Statement 30Brunswick Landing Economic Development Company Profit and Loss Statement 31Midcoast Charitable Foundation of Maine Profit and Loss Statement 32

Balance SheetsMidcoast Regional Redevelopment Authority Balance Sheet 33Brunswick Landing Realty Development Corporation Balance Sheet 35Brunswick Landing MHC USA, LLC Balance Sheet 36Brunswick Landing Economic Development Company Balance Sheet 37Midcoast Charitable Foundation of Maine Balance Sheet 38

Statement of Cash FlowsMidcoast Regional Redevelopment Authority Statement of Cash Flows 39Brunswick Landing Realty Development Corporation Statement of Cash Flows 41Brunswick Landing MHC USA, LLC Statement of Cash Flows 42Brunswick Landing Economic Development Company Statement of Cash Flows 43Midcoast Charitable Foundation of Maine Statement of Cash Flows 44

Page 3 of 44

4


27

Midcoast Regional Redevelopment Authority Consolidated Profit and Loss Statement

October 31, 2018 FY 2019 Brunswick Landing, Executive Airport, all utilities, FY 2019 Capital Improvement

Program and Brunswick Realty Development and BL Realty CIP

(this fiscal year to date)

FY 2017 Grants, FY 2016 and Prior Grants, Reserves, FY 2018 CIP, FY

2017 CIP, FY 2016 CIP, FY 2018 BL Realty CIP, and Homeless

Assistance (all dates)

Brunswick Landing MHC USA LLC (this fiscal year)

Brunswick Landing Economic

Development Company and

Midcoast Charitable Foundation (this

fiscal year)

Total Operating Only

Income Federal Grants $0.00 $23,989,074.22 $0.00 $0.00 $23,989,074.22 $0.00 State Grants $0.00 $5,545,355.51 $0.00 $0.00 $5,545,355.51 $0.00 Intergovern. Revenue $147,959.22 $1,443,645.78 $0.00 $0.00 $1,591,605.00 $147,959.22 Charge For Services Revenue $710,183.42 $0.00 $0.00 $0.00 $710,183.42 $710,183.42 Lease Revenue $577,290.25 $0.00 $487,370.75 $0.00 $1,064,661.00 $1,064,661.00 Miscellaneous Income $30,289.42 $0.00 $661.66 $0.00 $30,951.08 $30,951.08 Interest Income $10,923.50 $173,322.59 $0.00 $0.00 $184,246.09 $10,923.50 Annuitization Revenue and Reserve Funds $352,331.38 $1,122,165.53 $0.00 $0.00 $1,474,496.91 $352,331.38 Sale of Property $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total Income $1,828,977.19 $32,273,563.63 $488,032.41 $0.00 $34,590,573.23 $2,317,009.60

Expenses Personnel Services $247,405.27 $0.00 $0.00 $0.00 $247,405.27 $247,405.27 Employee Benefits $90,600.92 $0.00 $0.00 $0.00 $90,600.92 $90,600.92 Supplies $30,018.09 $0.00 $0.00 $0.00 $30,018.09 $30,018.09 Professional Services $118,910.17 $0.00 $0.00 $0.00 $118,910.17 $118,910.17 Property Services $837,117.20 $0.00 $0.00 $0.00 $837,117.20 $837,117.20 Other Purchased Services $61,128.42 $567,797.01 $5,500.00 $1,900.00 $636,325.43 $68,528.42 Capital Outlay $369,529.89 $32,782,293.15 $0.00 $0.00 $33,151,823.04 $369,529.89 Debt Service and Contribution to Reserve for Uncollectables $46,448.50 $0.00 $153,385.96 $0.00 $199,834.46 $199,834.46 Income and Property Taxes $16,114.23 $0.00 $13,027.36 $0.00 $29,141.59 $29,141.59 Charges to Other Entities $1,651.55 $0.00 $0.00 $0.00 $1,651.55 $1,651.55 Total Expenses $1,818,924.24 $33,350,090.16 $171,913.32 $1,900.00 $35,342,827.72 $1,992,737.56

Other Expenses Depreciation $0.00 $0.00 $175,730.72 $0.00 $175,730.72 $175,730.72 Total Other Expenses $0.00 $0.00 $175,730.72 $0.00 $175,730.72 $175,730.72

TransfersTransfers $96,543.75 ($3,999,943.83) $181,447.04 ($2,143.75) ($3,724,096.79) $275,847.04

Total Transfers $96,543.75 ($3,999,943.83) $181,447.04 ($2,143.75) ($3,724,096.79) $275,847.04

Total Expenditures, Other Expenses and Transfers $1,915,467.99 $29,350,146.33 $529,091.08 ($243.75) $31,794,461.65 $2,444,315.32

Net Income ($86,490.80) $2,923,417.30 ($41,058.67) $243.75 $2,796,111.58 ($127,305.72)

Net Income without Depreciation ($86,490.80) $2,923,417.30 $134,672.05 $243.75 $2,971,842.30 $48,425.00

$51,965.97 $2,923,417.30 ($41,058.67) $243.75 $2,934,568.35 $11,151.05

-$138,456.77 $0.00 $0.00 $0.00 -$138,456.77 -$138,456.77

Page 4 of 44

4


28

Midcoast Regional Redevelopment AuthorityConsolidated Balance Sheet

October 31, 2018 FY 2019 Brunswick Landing, Airport, Utilities, Capital

Improvements and Grants

Brunswick Landing MHC USA, LLC

Brunswick Landing Realty

Development Company

BL Economic Development

Company

Midcoast Charitable

Foundation of Maine

Total

Assets

Current Assets

Bank Accounts

Androscoggin Savings Bank $30,394.64 $103,258.76 $133,653.40

Bath Savings Institution Check. - 8906 $221,029.28 $221,029.28

Homeless Assistance Trust Fund -1352 $530.08 $530.08

Bath Savings - Payroll - 3166 $77,197.27 $77,197.27

Bangor Savings - Restricted 2374 $2,069,249.24 $2,069,249.24

Bangor Savings - Project Operating 2366 $12,728.99 $12,728.99

Mechanic Savings Bank - 10472 $13,738.37 $13,738.37

Mechanic Savings Bank $1,246,226.80 $1,246,226.80

Bath Savings 3339556 Checking $1,900.00 $1,900.00

Bangor Savings 2358 Checking $164,603.94 $164,603.94

Prepaid Expenses $0.00

Bath Savings Checking 3339262 $1,000.00 $1,000.00

Check Clearing Account $0.00 $0.00

Total Bank Accounts $3,671,094.67 $164,603.94 $103,258.76 $1,900.00 $1,000.00 $3,941,857.37

Accounts Receivable

11290 - Allowance for accrued but unbilled accounts receivable $35,870.41 $35,870.41

11410 Intergovernmental Receivable $0.00 $0.00

11510-5 Loan Receivable - Frosty's Donuts $27,440.99 $27,440.99

11510-6 Loan Receivable Family Donuts $8,817.50 $8,817.50

11510-7 Loan Receivable - Fire House Realty $32,075.50 $32,075.50

11530 Accounts Receivable $444,954.35 $38,353.14 $0.00 $483,307.49

11510-8 Demand Note Receivable - Brunswick Naval Museum $220,000.00 $220,000.00

11510-9 Revolving Loan Fund - New Beet Market $47,040.65 $47,040.65

11510-9 Demand Note Receivable - Wayfair Maine, LLC $300,000.00 $300,000.00

11510-9 Loan Receivable TBW, LLC $200,000.00 $200,000.00

11510-d Flight Deck Brewery Loan $40,558.99 $40,558.99

11510-e Loan Receivable - Tempus Applied Solutions, LLC $494,821.64 $494,821.64

11510-d Loan Receivable - Tempus Jets Center II $961.31 $961.31

11150 Loan Receivable - Tempus Jets Center II $0.00 $9,918.25 $9,918.25

11536 Accounts Receivable (Property Taxes) $0.00 $0.00

Total Accounts Receivable $1,852,541.34 $0.00 $48,271.39 $0.00 $0.00 $1,900,812.73

Page 5 of 44

4


29






Development Company


Company

Midcoast Charitable

Foundation of Maine

Total

Other current assets

11535 Accounts Receivable - EDA/MTI $148,470.84 $148,470.84

11537 Growth Fund Loan Receivable - SaviLinx $0.00 $0.00

11810 Prepaid Expenses $0.00 $3,043.00 $5,400.00 $8,443.00

12000 Undeposited Funds $0.00 $0.00 $0.00

Total Other current assets $148,470.84 $3,043.00 $5,400.00 $0.00 $0.00 $156,913.84

Total Current Assets $5,672,106.85 $167,646.94 $156,930.15 $1,900.00 $1,000.00 $5,999,583.94

Fixed Assets

12110 Land $42,303,014.63 $15,815,763.59 $58,118,778.22

12111 Allowance for Loss on Land Sale $0.00 $0.00

12220 A/D on Site Improvements ($4,838,969.78) ($4,838,969.78)

12310 Buildings and Building Improvements $65,885,458.93 ($2,811,691.52) $81,555.97 $63,155,323.38

12320 A/D Building & Building Improvement ($12,040,457.97) ($20,239.91) ($12,060,697.88)

12410 Machinery & Equipment $1,541,530.90 $43,320.47 $1,584,851.37

12420 A/D - Machinery & Equipment ($689,421.56) ($11,913.09) ($701,334.65)

12510 Furniture and Equipment $27,963.87 $27,963.87

12520 A/D Furniture ($27,963.87) ($27,963.87)

12610 Vehicles $130,251.50 $130,251.50

12620 A/D Vehicles ($73,459.31) ($73,459.31)

12710 Photocopier $0.00 $0.00

12720 A/D Photocopier $0.00 $0.00

12810 Infrastructure Electrical $3,146,521.89 $3,146,521.89

12820 A/D - Electrical Infrastructure ($516,456.64) ($516,456.64)

12910 Infrastructure Water and Sewer $14,865,093.92 $14,865,093.92

12920 A/D - Water & Sewer Infrastructure ($4,242,315.90) ($4,242,315.90)

13110 Infrastructure Streets and Roads $452,850.23 $452,850.23

13120 A/D - Streets & Roads ($33,766.57) ($33,766.57)

13500 Construction in Progress $5,408,803.76 $0.00 $5,408,803.76

Total Fixed Assets $111,298,678.03 $13,004,072.07 $92,723.44 $0.00 $0.00 $124,395,473.54

Page 6 of 44

4


30






Development Company


Company

Midcoast Charitable

Foundation of Maine

Total

Other Assets

11540 Allowance for Uncollectable Lease Receivables ($32,467.35) ($10,316.64) ($42,783.99)

11541 Allowance for Uncollectable Loans ($354,992.22) ($354,992.22)

11542 Allowance for Performance on Demand Notes ($520,000.00) ($520,000.00)

11910 Security Deposits $93,568.11 $93,568.11

Total Other Assets ($813,891.46) $0.00 ($10,316.64) $0.00 $0.00 ($824,208.10)

Total Assets $116,156,893.42 $13,171,719.01 $239,336.95 $1,900.00 $1,000.00 $129,570,849.38

Liability and Equity

Liabilities

Current Liabilities

Accounts Payable

24210 Accounts Payable $202,349.28 $0.00 $129.37 $0.00 $0.00 $202,478.65

Total Accounts Payable $202,349.28 $0.00 $129.37 $0.00 $0.00 $202,478.65

Credit Cards $9,026.33 ($461.09) $8,565.24

Total Credit Cards $9,026.33 $0.00 ($461.09) $0.00 $0.00 $8,565.24

Other Current Liabilities

24000 Payroll Liabilities $0.00 $0.00

24110 Maine Sales Tax Payable ($1,944.29) ($1,944.29)

24214 Air Show Reserve $0.00 $0.00

24215 Accrued Expense $10,212.50 $720.00 $192.50 $11,125.00

24216 Brunswick Landing MHC - Reserve $2,038,301.00 $2,038,301.00

24510 Line of Credit Loan Payable $23,106.75 $23,106.75

24610 Accrued Salaries & Wages $0.00 $0.00

24710 Payroll Deduct. & Withholdings $0.00 $0.00

24710-1 State and Federal Withholdings $0.00 $0.00

24710-2 FICA Withholdings $0.00 $0.00

24710-3 401(a) and 457(b) Withholding $0.00 $0.00

24710-4 FSA Withholding and Child Support $1,746.67 $1,746.67

24710-5 United Way Withholding $240.00 $240.00

24720 Property Tax Escrow Account $50,776.52 $50,776.52

24320 Construction Retainage $0.00 $0.00

24810 Deferred Revenue $18,552.67 $0.00 $18,552.67

24911 Other Current Liabilities $114,969.16 $114,969.16

24810-6 Deferred Revenue - Homeless Assistance/rent $0.00 $7,649.32 $7,649.32

Page 7 of 44

4


31






Development Company


Company

Midcoast Charitable

Foundation of Maine

Total

24810-7 Deferred Revenue - Town of Brunswick $0.00

24850 Billed to Others $4,065.00 $0.00 $4,065.00

24910 Other Current Liabilities $180,202.56 $180,202.56

24911 Security Deposit $0.00 $27,774.65 $27,774.65

24610 - Accrued Payroll $0.00 $0.00

25510 Compensated Absences Payable $0.00 $0.00

Total Other Current Liabilities $2,440,228.54 $720.00 $35,616.47 $0.00 $0.00 $2,476,565.01

Total Current Liabilities $2,651,604.15 $720.00 $35,284.75 $0.00 $0.00 $2,687,608.90

Long-Term Liabilities

24511 Line of Credit - MDOT $1,078,328.93 $1,078,328.93

25210-1 MRRA Vehicle Loan $0.00 $0.00

25310 Capital Lease Photocopier $0.00 $0.00

25900 Notes Payables $0.00 $14,265,000.00 $14,265,000.00

Contributed Capital $0.00 $1,962.00 $680.00 $467.50 $3,109.50

Total Long-Term Liabilities $1,078,328.93 $14,266,962.00 $680.00 $467.50 $0.00 $15,346,438.43

Total Liabilities $3,729,933.08 $14,267,682.00 $35,964.75 $467.50 $0.00 $18,034,047.33

Equity

Retained Earnings $111,865,849.60 ($1,054,904.32) $162,102.92 $1,432.50 $756.25 $110,975,236.95

Net Assets - Equipment $0.00 $0.00

Net Income $561,110.74 ($41,058.67) $41,885.28 $0.00 $243.75 $562,181.10

Total Equity $112,426,960.34 ($1,095,962.99) $203,988.20 $1,432.50 $1,000.00 $111,537,418.05

Total Liabilities and Equity $116,156,893.42 $13,171,719.01 $239,952.95 $1,900.00 $1,000.00 $129,571,465.38

$0.00 $0.00 ($616.00) $0.00 $0.00 ($616.00)

ok ok ok ok ok

$116,156,893.42 $13,171,719.01 $239,952.95 $1,900.00 $1,000.00 $129,571,465.38

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Page 8 of 44

4


32

Midcoast Regional Redevelopment AuthorityConsolidated Statement of Cash Flows

Month of October 2018 FY 2019 Brunswick Landing, Airport, Utilities, Capital




Development Corporation

Brunswick Landing Realty Development

Corporation

Midcoast Charitable

Foundation of Maine

Total

Operating Activities Income $796,428.46 $97,474.15 $0.00 $43,274.88 $0.00 $937,177.49

ExpensesPersonnel Services $62,464.39 $62,464.39Employee Benefits $20,783.76 $20,783.76Supplies $19,498.79 $19,498.79Professional Services $22,234.92 $308.31 $22,543.23Property Services $404,379.25 $9,000.73 $413,379.98Other Purchased Services $350,197.89 $0.00 $3,200.00 $0.00 $353,397.89

Capital Outlay $94,840.43 $94,840.43Debt Service $25,912.40 $50,017.16 $75,929.56 Bad Debt Expense, Depreciation Expense or Charged to Others ($3,019.61) $43,932.68 $1,586.09 $42,499.16

Transfers / Gain or Loss on Sale of Property/Taxes ($8,644.85) $29,036.76 $20,082.31 $0.00 $40,474.22Total Expenses $988,647.37 $122,986.60 $0.00 $34,177.44 $0.00 $1,145,811.41

Net Income ($192,218.91) ($25,512.45) $0.00 $9,097.44 $0.00 ($208,633.92)

Adjust. to reconcile Net Income to Net Cash provided by operations: 11410 Intergovernmental Receivable $0.00 $0.00 11510-2 MRDA Loan Receivable - SaviLinx $0.00 $0.00 11510- Loan Receivable Kestrel Aircraft $0.00 $0.00 11510-5 Loan Receivable Frosty's Donuts $0.00 $0.00 11510-6 Loan Receivable Family Focus $715.13 $715.13 11510-7 Loan Receivable Fire House Realty $85.23 $85.23 11510-b Revolving Loan - MVP Aero $0.00 $0.00 11510-c Revolving Loan - TBW LLC Loan $0.00 $0.00 11510-9 New Beet Market $0.00 $0.00 11510-d Revolving Loan - Flight Deck Brewing $0.00 $0.00 11530 Accounts Receivable ($39,727.84) ($4,526.76) $0.00 ($44,254.60) 11532 Accounts Receivable MaineDOT $0.00 $0.00 11536 Property Taxes Receivable $0.00 $0.00 24500 MRDA Loan Payable - SaviLinx . $0.00 11537 Growth Fund Loan Receivable - SaviLinx $0.00 $0.00 11534 Accounts Receivable - State Jobs Bond $0.00 $0.00 11533 Accounts Receivable - FAA $0.00 $0.00 11535 Accounts Receivable - EDA/MTI $0.00 $0.00 11511 Loan Receivable Savi Links $0.00 $0.00 11540 Allowance for Uncollectible Receivables $0.00 $0.00 $0.00 12220 A/D Land and Site Improvements $0.00 $0.00 12320 A/D Building & Building Improvement $43,932.68 $43,932.68 12420 A/D Machinery and Equipment ($37,931.00) ($37,931.00)

Page 9 of 44

4


33








Corporation

Midcoast Charitable

Foundation of Maine

Total

12820 A/D Electrical Infrastructure $0.00 25510 - Compensated Absences Payable $0.00 $0.00 24320 Construction Retainage $0.00 $0.00 24000 Payroll Liabilities $0.00 11810 - Prepaid Expenses $0.00 $0.00 $0.00 $0.00 24110 Maine Sales Tax Payable $52.51 $52.51 24210 Accounts Payable ($81,473.50) $0.00 $0.00 $129.37 $0.00 ($81,344.13) Androscoggin Savings Credit Card ($3,796.57) ($461.09) ($4,257.66) 24215 Accrued Expense $0.00 ($612.50) ($612.50) 24510 Line of Credit Loan Payable ($844.74) ($844.74) 24610 Accrued Salaries and Wages $0.00 $0.00 24216 Brunswick Landing MHC - Reserve $29,036.76 $29,036.76 24710-3 Payroll 401(a) and 457(b) Withholding $544.51 $544.51 24710-4 Payroll FSA Withholding $468.08 $468.08 24710-5 Payroll United Way Withholding $240.00 $240.00 24720 Property Tax Holding Account $12,025.39 $12,025.39 24810-6 Deferred Revenue - Homeless Asst. $0.00 $0.00 24910 Security Deposit $13,065.00 $825.00 $13,890.00 24810 Deferred Revenue - Rent ($300.00) ($300.00) 24850 Billed to Others ($200.01) $0.00 ($200.01) 24911 Other Current Liabilities $0.00 $0.00 $0.00Net cash provided by operating activities ($108,041.05) $43,932.68 $0.00 ($4,645.98) $0.00 ($68,754.35)

Investing Activities 12110 Land $337,400.00 $337,400.00 12310 Buildings and Building Improvements $0.00 $0.00 12410 Machinery & Equipment $39,931.00 $39,931.00 12810 Infrastructure Electrical $0.00 $0.00 12910 Infrastructure Water and Sewer $0.00 $0.00 13500 Construction in Progress ($133,289.13) $0.00 ($133,289.13)Net cash provided by Investing Activities $244,041.87 $0.00 $0.00 $0.00 $0.00 $244,041.87

Page 10 of 44

4


34








Corporation

Midcoast Charitable

Foundation of Maine

Total

Financing Activities 25900 Notes Payable $0.00 $0.00 25210-1 MRRA Vehicle Loan $0.00 $0.00 25310 Capital Lease Photocopier $0.00 $0.00 37141 Designated Fund Bal. - MRRA Capital Reserve $0.00 $0.00 37142 Designated Fund Bal. - Bruns. Exec Airport Capital Reserve $0.00 $0.00 37143 Designated Fund Bal. - Lease Hold Improvement Fund $0.00 $0.00 37144 Designated Fund Bal. - Reserve of Sale Rev. for Annuitization $0.00 $0.00 37145 Designated Fund Bal. - Special Project Capital Reserve $0.00 $0.00 37300 Retained Earnings $0.00 $0.00Net cash provided by financing activities $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Net cash increase for period ($56,218.09) $18,420.23 $0.00 $4,451.46 $0.00 ($33,346.40)

Cash at beginning of period $3,727,312.76 $146,183.71 $1,900.00 $99,423.30 $1,000.00 $3,975,819.77

Cash at end of period $3,671,094.67 $164,603.94 $1,900.00 $103,874.76 $1,000.00 $3,942,473.37

Per Quick Books $3,671,094.67 $164,603.94 $1,900.00 $103,874.76 $1,000.00 $3,942,473.37$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

ok ok ok ok ok

Page 11 of 44

4


35

Midcoast Regional Redevelopment Authority Summary Budget

Received as of October 31, 2018

Expended as of October 31, 2018

Balance

Prior Year Closed Out Accounts $37,224,234.99 $38,956,578.73 ($1,732,343.74)

FY 2019 Brunswick Landing $647,375.38 $502,480.26 $144,895.12 FY 2019 Executive Airport $333,381.13 $317,616.54 $15,764.59 FY 2019 Electric Utility Budget $534,552.77 $561,323.24 ($26,770.47)FY 2019 Water Utility Budget $67,278.41 $65,202.80 $2,075.61 FY 2019 Capital Improvement Budget $254,445.73 $369,529.89 ($115,084.16)FY 2018 Capital Improvement Budget $2,456,145.52 $2,501,338.84 ($45,193.32)FY 2017 Capital Improvement Budget $5,609,770.19 $5,159,305.04 $450,465.15 FY 2016 Capital Improvement Budget $1,606,863.28 $1,606,863.28 $0.00 FY 2017 Grants Fund Budget $440,667.98 $482,543.91 ($41,875.93)FY 2016 Grants Fund Budget (and prior years) $22,962,139.53 $23,006,598.50 ($44,458.97)Reserve Fund Budget $3,548,532.41 $944,052.71 $2,604,479.70 Homeless Assistance Budget $567,797.68 $567,797.01 $0.67 Totals $76,253,185.00 $75,041,230.75 $1,211,954.25

Budget Report Balance $1,211,954.25

Register Balance $3,671,094.67

Balance Sheet ReservesAccounts Receivable ($1,852,541.34)Other Current Assets $238,988.73 Other Assets $426,431.89 Accounts Payable $202,349.28 Credit Card Payable $9,026.33 Other Current Liabilities $2,440,228.54 Other Long Term Liabilities $1,078,328.93 Audit Adjustment to Retained Earnings ($6,203.30)

Audit Adjustment to Retained Earnings ($77,468.64)

$2,459,140.42

Cash Balance $1,211,954.25

($0.00)

(RKO Adjusting Journal Entry 001 FY 2017 to post prior year entry for accrued wages that was not recorded by client - JE 3108)

(RKO Adjusting Journal Entry 001 FY 2018 to post prior year entry for natural gas contingent liability not recorded by client - JE 3597)

Page 12 of 44

4


36

Midcoast Regional Redevelopment AuthorityBrunswick Landing FY 2019

Operating Budget

FY 2019 Brunswick

Landing Budget

Received/Expended as of October 31,

2018

Percent

Revenue40200-1 OEA Grant Revenue $135,000 $0.00 0.0%40280 Intergovernmental Revenue (JTIF) $91,700 $66,701.64 72.7%40303-2 Charge for Services (CAM charge) $113,400 $105,597.23 93.1%40405 Special Service Assessments $8,000 $2,939.60 36.7%40411 Lease Revenue 360,700 $103,132.83 28.6%40450 Miscellaneous Income $19,300 $6,745.58 35.0%40450-3 ADC Conference Revenue $0 $9,235.00 na

Total Revenue $593,100 $294,351.88 49.6%

Other Revenue41510 - Interest Earned $29,800 $10,923.50 36.7%50900-e Annuitization Fund Revenue $830,700 $276,800.00 33.3%50904-1 Transfer BL Operating and Brunswick Landing MHC USA, LLC (revenue) $158,800 $65,300.00 41.1%

Other Revenue $1,019,300 $353,023.50 34.6%

Total Revenue $1,612,400 $647,375.38 40.1%

Expenses50100 · Personnel Services

50102 Salaries $621,200 $182,092.81 29.3%50103 - Wages $199,200 $52,154.46 26.2%50130 Temporary Wages $54,000 $13,158.00 24.4%

Total 50100 · Personnel Services $874,400 $247,405.27 28.3%

50200 · Employee Benefits50201 · Unemployment Compensation $3,000 $584.08 19.5%50202 · Workers' Compensation Insurance $10,100 $1,353.39 13.4%50211 · Deferred Compensation $63,000 $18,571.84 29.5%50230 · FICA Taxes $66,900 $16,023.38 24.0%50260 · Other Employee Benefits $140,000 $52,386.52 37.4%

Total 50200 · Employee Benefits $283,000 $88,919.21 31.4%

50300 · Supplies50301 · Office Supplies $5,000 $1,358.49 27.2%50305 · Books and Periodicals $400 $197.46 49.4%50306 · Postage $2,000 $0.00 0.0%50307 · Photocopier $4,500 $506.56 11.3%50340 - Heating Fuel $5,000 $926.61 18.5%50371 · Gasoline & Oil $3,200 $91.22 1.8%50380 - Uniform and Personal Safety Equipment $700 $0.00 0.0%

Total 50300 · Supplies $20,800 $3,080.34 14.8%

50400 · Professional Services50401 · Employee Training $5,000 $199.00 4.0%50402 - Dues and Memberships $900 $919.99 102.2%50412 - Board Expenses $1,100 $0.00 0.0%50413 - Executive Director Meeting Expenses $2,000 $212.05 10.6%50414 - Annual Dinner $11,000 $0.00 0.0%50415 - ADC Conference $0 $11,000.00 na50420 - Computer Services $34,000 $21,824.03 64.2%50430 - Permits & Fees $1,000 $88.00 8.8%50450 Legal Services $25,000 $2,435.98 9.7%

Page 13 of 44

4


37


Operating Budget

FY 2019 Brunswick

Landing Budget


2018

Percent

50451 · Other Professional Services50451-3 Banking Services $10,000 $1,511.44 15.1%50451-4 Payroll and Tax Preparation Services $1,900 $545.25 28.7%50451-e Business Attraction $5,000 $3,737.84 74.8%50451-i Engineering Services $50,000 $30,405.00 60.8%50451-j Accounting Services $1,500 $300.00 20.0%50451-s Appraisals $2,000 $10,000.00 500.0%50451-c Environmental Consulting Services $50,000 $0.00 0.0%

50452 Audit Services $24,500 $0.00 0.0%Total 50400 · Professional Services $224,900 $83,178.58 37.0%

50500 · Property Services50501 - Vehicle Maintenance $1,200 $0.00 0.0%50510 - Electricity $0 $0.00 0.0%50511 - Water & Sewer $700 $0.00 0.0%50512 - Telephone $15,200 $3,875.33 25.5%50531 - Rental Expenses $1,200 $0.00 0.0%50540 - Infrastructure Maintenance - Sewer Pump Stations $22,000 $7,596.33 34.5%50541 - Equipment Maintenance $2,500 $178.30 7.1%50556 - Snow Removal $100,000 $0.00 0.0%50560 - Pavement & Markings $35,000 $4,756.25 13.6%50565 - Vegetation Maintenance $7,000 $0.00 0.0%50570 - Security Maintenance $800 $364.94 45.6%50580 - Building Repairs/Maintenance $25,000 $3,903.10 15.6%

Total 50500 · Property Services $210,600 $20,674.25 9.8%

50600 · Other Purchased Services50601 · Liability Insurance $3,000 $1,175.66 39.2%50603 · Automobile Insurance $4,600 $2,820.39 61.3%50602 - Building Insurance $1,400 $1,174.61 83.9%50610 · Travel $4,100 $1,721.45 42.0%50620 · Advertising $4,500 $911.23 20.2%50621 · Printing $4,500 $3,259.78 72.4%50699 · Contingency $7,100 $6,475.31 91.2%

Total 50600 · Other Purchased Services $29,200 $17,538.43 60.1%

50700 · Capital Outlay50702 Capital Outlay - Streets & Sidewalks $0 $0.00 na50720 - Capital Outlay - Vehicles $0 $0.00 na50730 - Capital Outlay - Equipment & Furniture $0 $0.00 na50740 · Capital Outlay - Tech. Hardware $1,200 $0.00 0.0%50741 · Capital Outlay - Tech. Software $0 $0.00 0.0%

Total 50700 · Capital Outlay $1,200 $0.00 na

50800 · Debt Service50810 - Amortization - Navy Covenant Agreement Payment $94,300 $25,783.20 27.3%50850 - Contribution to Reserve for Uncollectable Leases $21,600 $21,227.05 98.3%50851 - Contribution to Reserve for Uncollectable Loans $3,000 ($561.75) -18.7%

Total 50800 · Debt Service $118,900 $46,448.50 39.1%

50900 - Charged to Other Entities50999 Charged to Other Entices $0 $0.00 na

Total Charged to Other Entities $0 $0.00 na

Total Expenditures $1,763,000 $507,244.58 28.8%

Page 14 of 44

4


38


Operating Budget

FY 2019 Brunswick

Landing Budget


2018

Percent

50900 · Transfers 50900-1 Transfer to/from BL Operating and Capital Improvement Sinking Fund $0 $0.00 0.0%50901-1 Transfer to/from BL and and BL Realty (expenses) ($124,400) ($2,245.00) 0.0%50900-d Transfer to/from Subsidiary $5,000 $2,143.75 42.9%50901-i Transfer to/from BL Operating and Reserve for Uncollectable $36,100 $12,000.00 33.2%50902-1 Transfer to/from Electric Utility and BL Operating Budget (Loan Repayment) ($30,800) $0.00 0.0%50902-2 Transfer to/from Electric Utility and BL Operating (Administration Overhead) ($44,700) ($14,800.00) 33.1%50902-3 Transfer to/from Water Utility and BL Operating Budget (Revenue Support) $60,500 $20,000.00 33.1%50902-4 Transfer to/from Water Utility and BL Operating Budget (Administration Overhead) ($14,400) ($4,800.00) 33.3%50902-6 Transfer to/from BL Operating Budget and Bruns. Exec. Airport (Revenue Support/Loan) $62,500 $20,800.00 33.3%50902-7 Transfer to/from BL Operating Budget and Bruns. Exec. Airport (Grounds Maint) ($118,600) ($39,600.00) 33.4%50903-1 Transfer to/from BL Operating Budge to Electricity for Services Delivered $8,300 $1,685.98 20.3%50903-2 Transfer to/from BL Operating Budget to Water for Services Delivered $600 $50.95 8.5%50904-2 Transfer to/from BL Operating and BL Realty Development (revenue support) $157,300 $0.00 0.0%50906-1 Transfer to/from BL Operating and Brun. Airport (audit) ($9,000) $0.00 0.0%50906-2 Transfer to/from BL Operating and BL MHC USA, LLC (audit) ($2,000) $0.00 0.0%50906-3 Transfer to/from BL Operating and BL Realty Development (audit) ($2,000) $0.00 0.0%

Total 50800 · Transfers Out ($15,600) ($4,764.32) 30.5%

Total Expenditures and Transfers $1,747,400 $502,480.26 28.8%

Gross Net ($135,000) $144,895.12

Page 15 of 44

4


39

Midcoast Regional Redevelopment AuthorityFY 2019

Airport BudgetFY 2019

Brunswick Executive Airport

Budget

Received/Expended as of October 31, 2018

Percent

Revenue40405 Special Service Assessments $114,900 $541.81 0.5%40411-1 Lease Revenue $923,500 $285,205.38 30.9%40411-2 Transient Aircraft Fees and Fuel Flowage $37,800 $10,129.14 26.8%40411-3 Landing Fees $31,500 $7,200.00 22.9%40450 - Miscellaneous Revenue $5,000 $9,504.80 190.1%40450-3 ADC Conference Revenue $0

Total Revenue $1,112,700 $312,581.13 28.1%

Other Revenue40901-3 Transfer to/from MRRA (Annuitization Reserve) $62,500 $20,800.00 33.3%

Total Other Revenue $62,500 $20,800.00 33.3%

Total Revenue $1,175,200 $333,381.13 28.4%

Expenses50100 · Personnel Services

50130 - Temporary Help $32,000 $0.00 0.0%Total 50100 · Personnel Services $32,000 $0.00 0.0%

50200 · Employee Benefits50201 · Unemployment Compensation $700 $0.00 0.0%50202 · Workers' Compensation Insurance $1,400 $1,681.71 120.1%50230 · FICA Taxes $2,400 $0.00 0.0%

Total 50200 · Employee Benefits $4,500 $1,681.71 37.4%

50300 · Supplies50301 · Office Supplies $500 $0.00 0.0%50305 · Books and Periodicals $100 $0.00 0.0%50306 · Postage $1,400 $903.72 64.6%50307 · Photocopier $100 $0.00 0.0%50320 - Cleaning Supplies $0 $0.00 0.0%50340 · Heating Fuel $344,000 $14,848.40 4.3%50371 · Gasoline & Oil $21,100 $10,385.26 49.2%50380 - Uniforms & Personal Safety Equipment $300 $0.00 0.0%

Total 50300 · Supplies $367,500 $26,137.38 7.1%

50400 · Professional Services50401 · Employee Training $0 $0.00 0.0%50402 · Dues and Memberships $1,200 $529.00 44.1%50420 - Computer Services $0 $864.00 0.0%50430 - Permits and Fees $1,800 $1,570.00 87.2%50450 · Legal Services $15,000 $3,168.22 21.1%50451-d Aviation Consulting Services $50,000 $18,943.13 37.9%50451-e Business Attraction $35,000 $9,361.37 26.7%50451-j Engineering Services $0 $0.00 0.0%

Total 50400 · Professional Services $103,000 $34,435.72 33.4%

Page 16 of 44

4


40

Midcoast Regional Redevelopment AuthorityFY 2019

Airport BudgetFY 2019

Brunswick Executive Airport

Budget


Percent

50500 · Property Services50501 - Vehicle Maintenance $12,000 $5,210.80 43.4%50510 · Electricity $0 $0.00 0.0%50511· Water and Sewer $4,000 $0.00 0.0%50512 · Telephone $9,500 $1,781.90 18.8%50531 · Rental Expenses $1,000 $0.00 0.0%50541 - Equipment Maintenance $26,000 $11,007.52 42.3%50551 · Waste Collection $4,300 $1,293.33 30.1%50556 - Snow Removal $27,500 $0.00 0.0%50560 - Pavement and Markings $7,000 $6,128.20 87.5%50565 - Vegetation Maintenance $1,500 $15,789.48 1052.6%50570 - Security Maintenance $12,200 $5,993.09 49.1%50575 - Navigation Aid Maintenance and Service $14,100 $11,088.53 78.6%50580 - Building Maintenance $81,000 $54,090.22 66.8%


50600 · Other Purchased Services50601 · Liability Insurance $4,400 $308.32 7.0%50602 - Building Insurance $24,700 $22,686.56 91.8%50603 · Automobile Insurance $0 $0.00 0.0%50610 · Travel $800 $915.23 114.4%50620 · Advertising $1,000 $661.20 66.1%50621 · Printing $400 $0.00 0.0%

Total 50600 · Other Purchased Services $31,300 $24,571.31 78.5%

50700 Capital Outlay50730 Capital Outlay - Equipment and Furniture $0 $0.00 0.0%50740 Capital Outlay - Tech Hardware $0 $0.00 0.0%50741 Capital Outlay - Tech Software $0 $0.00 0.0%

$0 $0.00 0.0%50800 · Debt Service

50850 - Contribution to Reserve for Uncollectables Leases $55,400 $0.00 0.0%50851 - Contribution to Reserve for Uncollectables Loans $50,000 $0.00 0.0%

Total 50800 · Debt Service $105,400 $0.00 0.0%

50900 - Charges to Other Entities50999 - Charges to Other Entities $0 $0.00 na

Total Charges to Other Entities $0 $0.00 na

Total Expenditures $843,800 $199,209.19 23.6%

50900 Transfers Out50900-o Transfer to/from Exec. Airport to Capital Reserves $0 $0.00 0.0%50901-j Transfer to/from BXM and Reserve for Uncollectable Leases $92,400 $30,800.00 33.3%50901-n Transfer to/from BXM and Reserve Account $0 $0.00 0.0%50902-7 Transfer to/from BL Operating Budget and Bruns. Exec. Airport (Grounds Maint) $118,600 $39,600.00 33.4%50903-4 Transfer to/from Exec. Airport to Electricity for Services Delivered $175,200 $47,829.70 27.3%50903-5 Transfer to/from Exec. Airport to Water for Services Delivered $3,500 $353.75 10.1%50903-6 Transfer to/from Exec. Airport to Sewer for Services Delivered $0 $0.00 0.0%50904-2 Transfer to/from Bruns. Exec. Airport and BL Realty Development (reimb. expenses)($67,300) ($176.10) 0.3%50906-1 Transfer to/from BL Operating and Exec. Airport (audit) $9,000 $0.00 0.0%

Total 50900 Transfers $331,400 $118,407.35 35.7%


Net $0 $15,764.59

Page 17 of 44

4


41

Midcoast Regional Redevelopment AuthorityFY 2019 Electrical Utility Budget

FY 2019 Electric Utility Budget


2018

Percent

Revenue40405 Special Service Assessments $1,886,300 $534,552.77 28.3%40405-1 Service Extension Revenue $0 $0.00 na

Total Revenue $1,886,300 $534,552.77 28.3%

50400 · Professional Services50450 · Legal Services $20,000 $0.00 na

Total 50400 Professional Services $20,000 $0.00 na

50500 · Property Services50510-1 - Electrical Energy and Transmission Charges $2,022,000 $597,907.91 29.6%

$50,000 $23,987.70 48.0%50540-1 Infrastructure - New Service Extension $0 $0.00 na

Total 50500 · Property Services $2,072,000 $621,895.61 30.0%

50700 · Capital Outlay50730 - Equipment $0 $0.00 0.0%50740 · Capital Outlay - Tech. Hardware $0 $0.00 0.0%50741 · Capital Outlay - Tech. Software $0 $0.00 0.0%

Total 50700 · Capital Outlay $0 $0.00 0.0%

Total Expenditures $2,092,000 $621,895.61 29.7%

50900 Transfers Out50901-h Transfer Electrical to Reserve (electrical maintenance) $16,500 $0.00 0.0%50902-1 Transfer to/from Electric Utility and BL Operating Budget (Loan Repayment) $30,800 $0.00 0.0%50902-2 Transfer to/from Electric Utility and BL Operating (Administration Overhead) $44,700 $14,800.00 33.1%50903-1 Transfer to/from BL Operating Budget to Electricity for Services Delivered ($8,300) ($1,685.98) 20.3%50903-4 Transfer to/from Exec. Airport to Electricity for Services Delivered ($175,200) ($47,829.70) 27.3%50904-3 Transfer to/from BL Realty to Electricity for Services Delivered ($114,200) ($25,856.69) 22.6%

Total 50900 Transfers ($205,700) ($60,572.37) 29.4%


Net $0 ($26,770.47)

50540 - Infrastructure Maintenance

Page 18 of 44

4


42

Midcoast Regional Redevelopment Authority FY 2019 Water Utility

FY 2018 Electric Budget


Percent

Revenue40405 Special Service Assessments (Brunswick) $202,500 $47,278.41 23.3%40406 Special Services Assessments (Topsham) $28,500 $0.00 0.0%50902-3 Transfer to/from Water Utility and BL Operating Budget (Revenue Support) $60,500 $20,000.00 33.1%

Total Revenue $291,500 $67,278.41 23.1%

Expenses50400 Professional Services

Billing Services $2,000.00 $0.00 0.00%Total 50400 Professional Services $2,000.00 $0.00 0.00%

50500 · Property Services50511 - Water Service - Brunswick Topsham Water District $230,200 $60,289.99 26.2%

$32,000 $0.00 0.0%50540 - Infrastructure Maintenance (Brunswick) $17,200 $950.31 5.5%50541 - Infrastructure Maintenance (Topsham) $2,800 $0.00 0.0%


Total Expenses50900 · Transfers

50902-4 Transfer to/from Water Utility and BL Operating Budget (Administration Overhead) $14,400 $4,800.00 33.3%50903-2 Transfer to/from BL Operating Budget to Water for Services Delivered ($600) ($50.95) 8.5%50903-5 Transfer to/from Exec. Airport to Water for Services Delivered ($3,500) ($353.75) 10.1%50904-2 Transfer to/from BL Realty to Water Utility for Services Delivered ($3,000) ($432.80) 14.4%

Total 50800 · Transfers Out $7,300 $3,962.50 54.3%

Total Expenditures and Transfers $291,500 $65,202.80 22.4%

Net $0 $2,075.61 0.0%

50512 - Water Service - Brunswick Topsham Water District (Topsham Service)

Page 19 of 44

4


43

Midcoast Regional Redevelopment AuthorityFY 2019 Capital Improvement Program

FY 2019 Capital Improvement

Program


2018

Percent

Revenue

FAA Pavement Maintenance AIP MAP 029 $201,000 $10,981.45 5.46%FAA Military Airport Funds (Electrical Improvements) AIP MAP 030 $330,300 $37,208.23 11.26%FAA Military Airport Funds (North/South Obstruction) AIP MAP 031 $1,029,400 $33,067.90 3.21%FAA Military Airport Funds (Drainage Repairs ) AIP MAP 032 $1,219,300 $34,731.38 2.85%FAA Military Airport Funds (Box Hangar) AIP MAP 033 $3,636,800 $138,456.77 3.81%State of Maine Department of Transportation Funds $713,000 $0.00 0.00%Brunswick TIF ( draw on previous balances) $183,200 $0.00 0.00%Brunswick Landing TIF $462,300 $0.00 0.00%Brunswick Executive Airport TIF $87,700 $0.00 0.00%MRRA Capital Reserve Funds $13,400 $0.00 0.00%

$7,876,400 $254,445.73 3.23%

Program50561 Street Lights $215,000 $0.00 0.00%50581 Local Share of MAP Projects $71,300 $3,695.28 0.00%50702 Streets and Sidewalks $125,000 $0.00 0.00%50704 Electrical Distribution System $50,000 $0.00 0.00%50705 Building Improvements $85,000 $0.00 0.00%50706 Water Distribution System $50,000 $0.00 0.00%50710 Equipment - Stormwater/Sewer Inspection Equipment $12,000 $0.00 0.00%50767 Maine DOT Share of MAP Projects $713,000 $33,257.69 4.66%50799-n FAA Pavement Maintenance AIP MAP 029 $201,000 $12,633.01 6.29%50799-p FAA Military Airport Funds (Electrical Improvements) AIP MAP 030 $330,300 $38,576.03 11.68%50799-q FAA Military Airport Funds (North/South Obstruction) AIP MAP 031 $1,029,400 $105,971.50 10.29%50799-r FAA Military Airport Funds (Drainage Repairs ) AIP MAP 032 $1,219,300 $36,939.61 3.03%50799-s FAA Military Airport Funds (Box Hangar) AIP MAP 033 $3,636,800 $138,456.77 3.81%50799-t Connector Road $140,000 $0.00 0.00%

$7,878,100 $369,529.89 4.69%

Net ($1,700) ($115,084.16)

Page 20 of 44

4


44

Brunswick Landing Realty Development CorporationTech Place

FY 2018 Budget

FY 2019 TechPlace

Budget


2018

Percent

Revenues40405 - Special Service Assessments $3,700 $0.00 0.0%40411 - Lease Revenue $370,500 $123,652.04 33.4%40450 - Miscellaneous Income $39,100 $4,804.04 12.3%40451 - Billable Expense Income $0 $1,944.46 na50904-2 Transfer to/from BL Operating and BL Realty Development (revenue support) $157,200 $0.00 0.0%

Total Revenues $570,500 $130,400.54 22.9%

Expenditures

Supplies50301 Office Supplies $2,000 $0.00 0.0%50305 Books and Periodicals $200 $0.00 0.0%50306 Postage $200 $13.11 6.6%50307 - Photocopier $2,900 $787.26 27.1%50340 - Heating Fuel $0 $0.00 0.0%

Total Supplies $5,300 $800.37 15.1%

Professional Services50401 Employee Training $2,000 $0.00 0.0%50420 Computer Services $2,800 $830.87 29.7%50450 Legal Fees $2,500 $0.00 0.0%50451-3 Bank Charges $200 $0.00 0.0%50451-i Engineering Services $0 $0.00 0.0%50451-e Business Attraction $3,400 $465.00 13.7%50452 - Audit $1,100 $0.00 0.0%

Total Professional Services $12,000 $1,295.87 10.8%

Property Services50510 Electricity $0 $0.00 0.0%50511 Water and Sewer $3,000 $0.00 0.0%50512 Telephone $5,700 $1,298.46 22.8%50531 Rental Expense $400 $0.00 0.0%50540 - Cleaning Services $28,000 $9,962.10 35.6%50541 - Equipment Maintenance $11,000 $2,315.16 21.0%50551 - Waste Collection $4,700 $850.25 18.1%50580 Building Repairs $23,000 $6,498.00 28.3%

Total Property Services $75,800 $20,923.97 27.6%

50800 · Debt Service and Expense for Uncollectible50850 - Expense for Uncollectable Leases $37,100 $0.00 0.0%

Total 50800 · Debt Service $37,100 $0.00 0.0%

Other Purchased Services50601 Liability Insurance $11,800 $10,761.00 91.2%50602 Building Insurance $0 $4,985.74 na50610 Travel $1,700 $71.94 4.2%50699 Contingency $500 $3,200.00 640.0%

Other Purchased Services $14,000 $19,018.68 135.8%

Page 21 of 44

4


45

Brunswick Landing Realty Development CorporationTech Place

FY 2018 Budget

FY 2019 TechPlace

Budget


2018

Percent

Capital Outlay50740 Capital Outlay $0 $0.00 na

Total Capital Outlay $0 $0.00 na

Income and Property Taxes50910 Federal Income Taxes $7,700 $0.00 0.0%50910 Maine State Sales Tax $7,200 $1,393.15 na50920 State Income Taxes $0 $0.00 0.0%50913 Property Taxes $47,900 $0.00 0.0%50910-a Common Area Maintenance Charges $15,500 $14,721.08 95.0%

Total Income and Property Taxes $78,300 $16,114.23 20.6%

Charges to Other Entities509999 Charges to Other Entities $0 $1,651.55 na

Total Charges to Other Entities $0 $1,651.55 na


Transfers50901 - Transfer to/from BL Realty to MRRA $0 $2,245.00 0.0%50901 - Transfer to/from BL Realty to Reserve for Uncollectables $0 $0.00 0.0%50901 - Transfer to/from BL Realty to Capital Improvement Budget $37,100 $10,800.00 29.1%50904-3 Transfer to/from BL Realty to Electricity for Services Delivered $114,200 $25,856.69 22.6%50904-4 Transfer to/from BL Realty to Water Utility for Services Delivered $3,000 $432.80 14.4%50904-5 Transfer to/from BL Realty to Sewer for Services Delivered $0 $0.00 0.0%50904-1 Transfer to/from BL Operating and BL Realty Development (revenue support) $124,400 $0.00 0.0%50904-2 Transfer to/from Bruns. Exec. Airport and BL Realty Development (reimb. expenses)$67,300 $176.10 0.3%50906-3 Transfer to/from BL Operating and BL Realty Development (audit) $2,000 0.00 0.0%

Total Transfers $348,000 $39,510.59 11.4%

Adjusted Total Expenditures $570,500 $99,315.26 17.4%

Net $0 $31,085.28

Page 22 of 44

4


46

Brunswick Landing Realty DevelopmentFY 2019 Capital Improvement Budget

Budget Received/Expended as of October 31,

2018

Percent

Revenues$0 $0.00 0.00%

ExpendituresBuilding Improvements at TechPlace $32,700 $0.00 0.00%

$32,700 $0.00 0.00%Transfers

Transfer BL Realty to BL Realty CIP ($32,700) ($10,800.00) 33.03%Transfer Prior Year Balance $0 ($37,585.73) na

($32,700) ($48,385.73) 0.00%

$0 $48,385.73 $0

$416,084.69

($367,698.96)

Page 23 of 44

4


47

Midcoast Regional Redevelopment AuthorityCapital Improvement Plan FY 2018

FY 2018 Capital Improvement

Budget


2018

Percent

RevenueBrunswick Landing TIF $299,000 $299,000.00 100.00%Brunswick Executive Airport TIF $28,500 $28,500.00 100.00%FAA 027 Military Airport Funds - Pavement Improvements $126,800 $140,474.20 110.78%FAA 028 Military Airport Funds - Hangar Improvements Phase 4 hangars 5 and 6 $2,014,200 $1,658,377.19 82.33%State of Maine Department of Transportation Funds $214,100 $154,094.13 71.97%Transfer Capital Improvement Reserves $175,700 $175,700.00 100.00%

$2,858,300 $2,456,145.52 85.93%

ProgramFAA MAP 027 Project - Pavement Repairs and Maintenance $126,800 $140,474.20 110.78%FAA MAP 028 Project - Hangar Improvements, Phase 4 - Hangars 5 and 6 $2,014,200 $1,661,799.15 82.50%MaineDOT Share of MAP Projects $214,100 $180,227.35 84.18%Local Share of MAP Projects $23,800 $17,948.74 75.41%Capital Outlay - Buildings $200,000 $134,685.81 67.34%Capital Outlay - Streets, Sidewalks and Parking Lots $48,900 $0.00 0.00%Capital Outlay - Pick Up Truck Replacement $30,700 $38,475.00 -$145,000Capital Outlay - Sanitary Sewer and Stormwater Pipe Inspection Equipment $10,000 $0.00 0.00%Capital Outlay - Water Distribution System $25,000 $40,625.00 162.50%Capital Outlay - Electrical Distribution System $50,000 $36,592.40 73.18%Capital Outlay - Street Lights $114,800 $250,511.19 218.22%

Total $2,858,300 $2,501,338.84 87.51%

$0 ($45,193.32)

Page 24 of 44

4


48

Midcoast Regional Redevelopment AuthorityFY 2017 Capital Improvement Program

FY 2017 Received/Expended as of October 31,

Percent

RevenueEconomic Development Administration Grant (Sewer Pump Stations) $615,000 $0.00 0.0%Sewer User Fund and Water Fund Transfer $543,200 $543,190.79 100.0%Brunswick Landing TIF $163,600 $162,701.32 99.5%Brunswick Executive Airport TIF $22,900 $71,926.64 314.1%Brunswick Executive Airport Capital Reserve Funds $83,100 $82,800.00 99.6%Brunswick Landing Capital Reserve Funds $18,000 $18,000.00 100.0%FAA MAP 023 Grant $119,300 $85,293.66 71.5%FAA MAP 024 Grant $2,900,000 $2,608,640.80 90.0%FAA MAP 025 Grant $1,558,100 $1,511,504.21 97.0%FAA MAP 026 Grant $71,000 $70,946.05 99.9%State of Maine Department of Transportation Funds $258,300 $204,766.72 79.3%Reserve Fund Capital Improvement Budget $278,400 $250,000.00 89.8%

Total Revenue $6,630,900 $5,609,770.19 84.6%

ExpendituresAirport Improvement Program

FAA MAP 023 - Pavement Repairs and Maintenance $119,300 $85,293.68 71.5%50799-f FAA MAP 024 - Hangar Improvements, Phase 3 - Hangar 4. Fire protection systems and alarms in Hangar 4, separate heating system from TechPlace. Renovate office and shop spaces and install elevator to mezzanine.

$2,900,000 $2,725,179.10 94.0%

FAA MAP 025 Hangar 4 Radiant Heating Project $1,558,100 $1,511,774.22 97.0%50799-h FAA MAP 026 - Environmental Assessment and permitting - Tree Clearing and Fence and Box Hanger

$71,000 $78,536.65 110.6%

Street, Sidewalk and Parking Lot Resurfacing $75,000 $55,220.00 73.6%

Sewer System Inflow and Infiltration Removal Project $100,000 $81,346.04 81.3%

Sewer Pump Station UpgradeAdministrative/Legal $5,500Architectural and Engineering Fees $120,000Inspection Fees $50,000Sewer Pump Station Construction $945,500Contingency $109,000

$1,230,000 $0 $0

Water Distribution System $50,000 $0.00 0.0%

50581 Local Match FAA Projects (Current and Previous Years) $258,300 $377,467.27 146.1%

50767 State of Maine MDOT Match $258,300 $244,488.08 94.7%

Total $6,620,000 $5,159,305.04 77.94%

Transfers Carry Forward Transfer CIP 2017 to/from Reserve $10,900 $0.00 0.0%

Total Transfers $10,900 $0.00 0.0%

Total Expenditures and Transfers $6,630,900 $5,159,305.04 77.8%

Net $0 $450,465.15

Page 25 of 44

4


49

Midcoast Regional Redevelopment Authority Grants Fund Budget

FY 2017Budget Received/Expended as of

October 31, 2018Percent

RevenueMaine Technology Institute (Composite Lab) $495,165 $440,667.98 89.0%

Total Revenue $495,165 $440,667.98 0.0%

ExpensesComposite Lab (Lay up area and paint booth) $495,165 $482,543.91 97.5%


50900 TransfersTBD $0 $0.00 na

Total 50900 Transfers $0 $0.00 0.0%

Total Expenditures and Transfers $495,165 $482,543.91 97.5%

Net $0 ($41,875.93) 0.0%

Page 26 of 44

4


50

Midcoast Regional Redevelopment Authority Grants Fund Budget

FY 2016 and Prior

Budget Received/Expended as of October 31, 2018

Percent

Revenue40220-8 Maine DOT FAA Project State Share $846,773 $678,824.78 80.2%FAA Military Airport Program (MAP) AIP 3-23-0056-19-2015 $1,049,364 $1,152,817.51 109.9%

Total Revenue $1,896,137 $1,831,642.29 96.6%

Expenses50700 · Capital Outlay

Maine DOT FAA Projects State Match (50767) $846,773 $723,284.48 85.4%

FAA Military Airport Program - Grant 019 $1,049,364 $1,152,817.52 109.9%Hangar 6 Door Improvements

Total 50700 · Capital Outlay $1,896,137 $1,876,102.00 98.9%

Total Expenditures $1,896,137 $1,876,102.00 98.9%

Total Expenditures and Transfers $1,896,137 $1,876,102.00 98.9%

Net $0 ($44,459.71)

Page 27 of 44

4


51

Midcoast Regional Redevelopment Authority Reserve Account and Property Sale Report

Revenue Received/Expended as of October 31,

2018

Other Miscellaneous Sales 40410-1 Growth Fund Loan Interest Income $172,042.73

Total Revenue $172,042.73

Expenditures 50701 - Capital Outlay - Land Acquisition Costs $4,390.4050705 - Capital Outlay - Buildings $0.0050720 - Capital Outlay - Vehicles $0.0050805 - Interest Expense $522.91

Expenditure Total $4,913.31

Other Expenditures Transfers Out

50901-E Transfer to/from Annuitization Fund to MRRA $939,139.4050901-b Transfers Reserves and CIP $0.00

Total Transfers Out $939,139.40

Transfers In50900-x Transfer from Sale of Properties to Annuitization Reserve Account $0.0050900-1 Transfers in to MRRA Reserve ($380,236.46)50900-p Transfers in to BXM Reserve $0.00Transfer from Annuitization Fund to Capital Reserve $0.0050901-f Snow Reserve MRRRA and Reserves ($79,076.72)50901-h Transfer in to Electrical Reserve (part of VGV Power Purchase Agreement) ($22,410.15)50901-I Transfers MRRA and Reserve for Uncollectables ($19,602.93)50901-j Transfer BXM and Reserves for Uncollectables ($30,800.00)50901-; Transfer to/from Reserve Revolving Loan Fund Year to Year ($500,000.00)50901-m Transfer to/from Annuitization Reserve Year to Year ($2,290,430.73)50901-n Transfer to/from BXM and Reserves ($45,932.69)50902-8 Transfers to/from BL and Reserves (Venue Fees) ($8,000.00)

Total Transfers In ($3,376,489.68)

Other Expenditures ($2,437,350.28)

Total Expenditures and Other Expenditures ($2,432,436.97)

Net $2,604,479.70

Annuitization Reserve Balance: $1,397,224.02

Page 28 of 44

4


52

Midcoast Regional Redevelopment Authority Homeless Assistance Trust Fund

July 1, 2011 to June 30, 2018

Budget Received/Expended as of October 31,

2018

Percent

Revenue

40252-0 Homeless Assistance Contributions $686,605 $566,517.82 82.5%

40450 - Miscellaneous (Interest Income) $0 $1,279.86 na

Total Revenue $686,605 $567,797.68 82.7%

Expenses

50630 · Donations $686,605 $567,797.01 82.7%

Total Expenses $686,605 $567,797.01 82.7%

Net $0 $0.67

Page 29 of 44

4


53

Brunswick Landing MHC USA, LLCFY 2018 Budget Report

FY 2019 BL MCH USA, LLC Budget


Percent

Revenue 40411 Lease Revenue $1,145,100 $487,370.75 42.6% 40450 Miscellaneous Income $0 $661.66 na

Total Revenue $1,145,100 $488,032.41 42.6%

ExpensesProfessional Services 50450 Legal & Professional Fees $25,000 $0.00 0.0% 50451-3 Bank Charges $700 $0.00 0.0% 50451-v Economic Development $0 $0.00 0.0% 50452 Audit Fees $600 $0.00 0.0%Total Professional Services $26,300 $0.00 0.0%

Other Purchased Services 50601 Insurance $10,100 $5,500.00 54.5%Other Purchased Services $10,100 $5,500.00 54.5%

Debt Service 50801 Principal Reduction $174,900 $0.00 0.0% 50805 Interest Expense $498,500 $153,385.96 30.8%Total Debt Service $673,400 $153,385.96 22.8%

50910 Common Area Maintenance Charge $13,000 $13,027.36 100.2%

Depreciation Expense $527,200 $175,730.72 33.3%

Total Expenses $1,250,000 $347,644.04 27.8%

Other Expenses - Transfers50900-v Transfer to/from BL MHC and MRRA (Reserve) $261,400 $116,147.04 44.4%50904-6 Transfer BL Operating and Brunswick Landing MHC USA, LLC (revenue) $158,900 $65,300.00 41.1%50906-2 Transfer to/from BL Operating and BL MHC USA, LLC (audit) $2,000 $0.00 0.0%

Total Other Expenses - Transfers $422,300 $181,447.04 43.0%


Net Income ($527,200) ($41,058.67) 7.8%

Net Income without Depreciation Expense $0 $134,672.05

Page 30 of 44

4


54

Brunswick Landing Economic Development Company FY 2018 Budget Report


Revenue

40450 Miscellaneous Revenue $0.00Total Revenue $0.00

ExpensesProfessional Services 50450 Legal Services $0.00 50452 Audit Services $0.00 50602 Insurance $0.00

Total Expenses $0.00

Net Operating Income $0.00

Other Expenses50900 Transfers in/to MRRA $0.00

Total Other Expenses $0.00

Net Income $0.00

Page 31 of 44

4


55

Midcoast Charitable Foundation of MaineFY 2018 Budget Report


Revenue 40420 Donations $0.00 40450 Miscellaneous Revenues $0.00

Total Revenue $0.00

ExpendituresSupplies & Materials 50306 Postage $0.00Total Supplies & Materials $0.00

Professional Services 50430 - Permits & Fees $0.00 50451-1 Banking Services $0.00 50452 Audit Services $0.00Total Professional Services $0.00

Other Purchased Services 50601 Insurance $1,900.00 50620 Advertising $0.00 50621 Printing $0.00 50630 Donations $0.00Total Other Purchased Services $1,900.00

Total Expenses $1,900.00

Other Expenses - Transfers

50900 Transfers MRRA and Midcoast Charitable Foundation ($2,143.75)

Total Other Expenses - Transfers ($2,143.75)

Net Operating Income $243.75

Page 32 of 44

4


56

Midcoast Regional Redevelopment AuthorityBalance Sheet

October 31, 2018Assets Current Assets Bank Accounts Bath Savings Institution Check. - 8906 $221,029.28 Homeless Assistance Trust Fund -1352 $530.08 Bath Savings - Payroll - 3166 $77,197.27

Bangor Savings - Restricted 2374 $2,069,249.24 Bangor Savings - Project Operating 2366 $12,728.99 Androscoggin Savings Bank 45433651 $30,394.64 Mechanic Savings Bank - 10472 $13,738.37 Mechanic Savings Bank $1,246,226.80 Check Clearing Account $0.00 Total Bank Accounts $3,671,094.67

Accounts Receivable 11290 - Allowance for accrued but unbilled accounts receivable $35,870.41 11410 Intergovernmental Receivable $0.00 11510-5 Loan Receivable - Frosty's Donuts $27,440.99 11510-6 Loan Receivable - Family Focus $8,817.50 11510-7 Loan Receivable - Fire House Realty $32,075.50 11530 Accounts Receivable $444,954.35 11510-8 Demand Note Receivable - Brunswick Navel Museum $220,000.00 11510-9 Revolving Loan Fund - Maple and Oaks Café $47,040.65 11510-a Demand Note Receivable - Wayfair Maine LLC $300,000.00 11510-c Loan Receivable TBW LLC $200,000.00 11510-d Loan Receivable - Flight Deck Brewing $40,558.99 11510-e Loan Receivable - Tempus Applied Solutions, LLC $494,821.64 11510-d Loan Receivable - Tempus Jets Center II $961.31 11533 Accounts Receivable FAA $0.00 11536 Accounts Receivable (Property Taxes) $0.00 Total Accounts Receivable $1,852,541.34

Other current assets 11535 Accounts Receivable - EDA/MTI $148,470.84 11537 Growth Fund Loan Receivable - SaviLinx $0.00 11540 - Allowance for Uncollectable Receivables - Leases ($32,467.35) 11541 - Allowance for Uncollectable Receivables - Loans ($354,992.22) 11810 Prepaid Expenses $0.00 12000 Undeposited Funds $0.00 Total Other current assets ($238,988.73)

Total Current Assets $5,284,647.28

Fixed Assets 12110 Land $42,303,014.63 12220 A/D on Site Improvements ($4,838,969.78) 12310 Buildings and Building Improvements $65,885,458.93 12320 A/D Building & Building Improvement ($12,040,457.97) 12410 Machinery & Equipment $1,541,530.90 12420 A/D - Machinery & Equipment ($689,421.56) 12510 Furniture and Equipment $27,963.87 12520 A/D Furniture ($27,963.87) 12610 Vehicles $130,251.50 12620 A/D Vehicles ($73,459.31) 12810 Infrastructure Electrical $3,146,521.89 12820 A/D - Electrical Infrastructure ($516,456.64) 12910 Infrastructure Water and Sewer $14,865,093.92 12920 A/D - Water & Sewer Infrastructure ($4,242,315.90) 13110 Infrastructure Streets and Roads $452,850.23 13120 A/D - Streets & Roads ($33,766.57) 13500 Construction in Progress $5,408,803.76 Total Fixed Assets $111,298,678.03

Page 33 of 44

4


57

Midcoast Regional Redevelopment AuthorityBalance Sheet

Other Assets 11542 Allowance for Performance on Demand Notes ($520,000.00) 11910 Security Deposits $93,568.11 Total Other Assets ($426,431.89)

Total Assets $116,156,893.42

Liability and Equity Liabilities Current Liabilities Accounts Payable 24210 Accounts Payable $202,349.28 Total Accounts Payable $202,349.28

Credit Cards $9,026.33 Total Credit Cards $9,026.33

Other Current Liabilities 24020 Interfund Accounts Payable $0.00 24110 Maine Sales Tax Payable ($1,944.29) 24215 Accrued Expense $10,212.50 24216 Brunswick Landing MHC - Reserve $2,038,301.00 24320 Construction Retainage $0.00 24501 - Line of Credit Loan Payable $23,106.75 24710-3 401(a) and 457(b) Withholding $0.00 24710-4 FSA Withholding & Child Support $1,746.67 24710-5 United Way Withholding $240.00 24730 Accrued Contingent Liability $114,969.16 24720 Property Tax Escrow Account $50,776.52 24810-4 Deferred Revenue - Rent $18,552.67 24810-6 Deferred Revenue - Homeless Assistance $0.00 24850 Billed to Others $4,065.00 24910 Security Deposit $180,202.56 24911 Other Current Liabilities $0.00 24610 - Accrued Payroll $0.00 Total Other Current Liabilities $2,440,228.54

Total Current Liabilities $2,651,604.15

Long-Term Liabilities 24511 Line of Credit - MDOT $1,078,328.93 25900 Notes Payables $0.00 Contributed Capital $0.00 Total Long-Term Liabilities $1,078,328.93 Total Liabilities $3,729,933.08

Equity Retained Earnings $111,865,849.60 Net Income $561,110.74 Total Equity $112,426,960.34

Total Liabilities and Equity $116,156,893.42

Page 34 of 44

4


58

Brunswick Landing Realty Development CorporationBalance Sheet

October 31, 2018Assets Current Assets Bath Savings $616.00 Androscoggin Savings $103,258.76 Loan Receivable - Tempus Jets Center II $9,918.25 Accounts Receivable $38,353.14 Reserve for Uncollectable Leases and Loans ($10,316.64) Undeposited Funds $0.00 Construction in Progress $0.00 Prepaid Expenses $5,400.00 Total Current Assets $147,229.51

Fixed Assets Buildings $81,555.97 Accumulated Depreciation - Buildings ($20,239.91) Machinery & Equipment $43,320.47 Accumulated Depreciation - Machinery ($11,913.09) Total Fixed Assets $92,723.44

Total Assets $239,952.95

Liabilities and Equity Liabilities Current Liabilities Accrued Expense $192.50 Security Deposits $27,774.65 Accounts Payable (A/P) $129.37 Credit Card ($461.09) Deferred Revenue (rent) $7,649.32 Billed to Others $0.00 Total Current Liabilities $35,284.75

Total Liabilities $35,284.75

Equity Opening Balance Equity $680.00 Retained Earnings $162,102.92 Net Income $41,885.28 Total Equity $204,668.20

Total Liabilities and Equity $239,952.95

Page 35 of 44

4


59

Brunswick Landing Brunswick Landing MHC USA, LLCBalance Sheet

October 31, 2018Assets Current Assets Bank Accounts Bangor Savings 2358 Checking $164,603.94 Total Bank Accounts $164,603.94

Accounts Receivable/Pre Paid Accounts Receivable/Pre-paid $3,043.00 Total Accounts Receivable $3,043.00 Total Current Assets $167,646.94

Fixed Assets Buildings $15,815,763.59 Accumulated Depreciation - Buildings ($2,811,691.52) Total Fixed Assets $13,004,072.07Total Assets $13,171,719.01

Liabilities and Equity Liabilities Current Liabilities Other Current Liabilities Accrued Expense $720.00 Accounts Payable $0.00 Deferred Revenue $0.00 Total Other Current Liabilities $720.00 Total Current Liabilities $720.00

Long-Term Liabilities 25215 Leverage Loan A and Loan B $14,265,000.00 26000 Contributed Capital $1,962.00 Total Long-Term Liabilities $14,266,962.00 Total Liabilities $14,267,682.00

Equity Retained Earnings ($1,054,904.32) Net Income ($41,058.67) Total Equity ($1,095,962.99)

Total Liabilities and Equity $13,171,719.01

Page 36 of 44

4


60

Brunswick Landing Economic Development Company Balance Sheet

October 31, 2018Assets Current Assets Bank Accounts Bath Savings 3339556 Checking $1,900.00 Total Bank Accounts $1,900.00 Total Current Assets $1,900.00 Total Assets $1,900.00

Annuitization Revenue and Reserve Funds Accounts Payable $0.00 Total Liabilities $0.00

Equity Contributed Capital $467.50 Retained Earnings $1,432.50 Net Income $0.00 Total Equity $1,900.00 Total Liabilities and Equity $1,900.00

$0.00

Page 37 of 44

4


61

Midcoast Charitable Foundation of MaineBalance Sheet

October 31, 2018Assets

Current Assets Bank Accounts Bath Savings Checking 3339262 $1,000.00 Accounts Receivable $0.00 Total Current Assets $1,000.00

Total Assets $1,000.00

Annuitization Revenue and Reserve FundsLiabilities

Current Liabilities Accounts Payable $0.00 Total Current Liabilities $0.00

Total Liabilities $0.00

EquityRetained Earnings $756.25 Net Income $243.75

Total Equity $1,000.00

Total Liabilities and Equity $1,000.00

Page 38 of 44

4


62

Midcoast Regional Redevelopment AuthorityStatement of Cash Flows

October 2018

Operating Activities Net Income ($192,218.91) Adjustments to reconcile Net Income to Net Cash provided by operations: 11410 Intergovernmental Receivable $0.00 11530 Accounts Receivable ($39,727.84) 11510-5 Loan Frosty's Donuts $0.00 11510-6 Loan Family Focus $715.13 11510-7 Loan Fire House Realty $85.23 11510-d Loan Receivable - Flight Deck Brewing $0.00 11510-9 New Beet Market $0.00 11510-c Loan Receivable TBW, LLC $0.00 12320 A/D Building & Building Improvements, on Site Improv.., M&E $0.00 12420 A/D - Machinery & Equipment ($37,931.00) 11532 Accounts Receivable - MDOT $0.00 11533 Accounts Receivable - FAA $0.00 11534 Accounts Receivable - EDA/MTI $0.00 11534 Accounts Receivable - State Jobs Bond $0.00 11536 Accounts Receivable (Property Taxes) $0.00 11537 Growth Fund Loan Receivable Savi Linx $0.00 11540 Allowance for Uncollectable Receivables $0.00 11810 - Prepaid Expenses $0.00 24210 Accounts Payable ($81,473.50) Androscoggin Bank ($3,796.57) Accounts Payable - Credit Card $0.00 24110 Maine Sales Tax Payable $52.51 24215 Accrued Expense $0.00 24216 Brunswick Landing MHC - Reserve $29,036.76 24501 Mechanic Savings Line of Credit ($844.74) 24510 Line of Credit Loan Payable $0.00 24710-3 Payroll Deduct. & Withholdings:401(a) and 457(b) Withholding $544.51 24710-4 Payroll Deduct. & Withholdings: FSA & Child Support $468.08 24710-5 Payroll Deduct. & Withholdings: United Way Withholding $240.00

24720 Property Tax Holding Account $12,025.39 24810 Deferred Revenue - Rent ($300.00) 24810-6 Deferred Revenue - Homeless Assistance $0.00 24850 Billed to Others ($200.01) 24911 Other Current Liabilities $0.00 24910 Security Deposit $13,065.00 25510 - Compensated Absences Payable $0.00 Net cash provided by operating activities ($108,041.05)

Page 39 of 44

4


63

Midcoast Regional Redevelopment AuthorityStatement of Cash Flows

Investing Activities 12110 Land $337,400.00 12410 Machinery & Equipment $39,931.00 12310 Building Improvements $0.00 12610 Vehicles $0.00 13500 Construction in Progress ($133,289.13) 12810 Infrastructure Electrical $0.00 12910 Infrastructure Water and Sewer $0.00 25900 Notes Payable $0.00 Net cash provided by investing activities $244,041.87 Net cash increase for period ($56,218.09)Cash at beginning of period $3,727,312.76 Cash at end of period $3,671,094.67

Page 40 of 44

4


64

Brunswick Landing Realty Development CorporationStatement of Cash Flows

October 2018

Operating Activities

Net Income $9,097.44

Adjustments to reconcile Net Income to Net Cash provided by operations:

11530 - Accounts Receivable ($4,526.76)

11540 - Reserve for Uncollectables $0.00

13500 - Construction in Progress $0.00

11810 - Prepaid Expenses $0.00

24210 - Accounts Payable $129.37

24850 - Billed to Others $0.00

Visa Credit Card ($461.09)

24910 - Security Deposits $825.00

24215 - Accrued Expense ($612.50)

Net cash provided by operating activities ($4,645.98)

Net cash increase for period $4,451.46

Cash at beginning of period $99,423.30

Cash at end of period $103,874.76

$127,356.99

Page 41 of 44

4


65

Brunswick Landing MHC USA, LLCStatement of Cash Flows

October 2018


Net Income ($25,512.45)

Adjustments to reconcile Net Income to Net Cash provided by operations:

111810 Prepaid Expense $0.00

12320 - Accumulated Depreciation $43,932.68

Accounts Payable $0.00

Deferred Revenue $0.00

Net cash provided by operating activities $43,932.68

Net cash increase for period $18,420.23



$215,989.48

($51,385.54)

Page 42 of 44

4


66

Brunswick Landing Economic Development CompanyStatement of Cash Flows

October 2018


Net Income $0.00

Adjustments to reconcile Net Income to Net Cash provided by operations: $0.00

Net cash provided by operating activities $0.00

Net cash increase for period $0.00



Page 43 of 44

4


67

Midcoast Charitable Foundation of MaineStatement of Cash Flows

October 2018Operating Activities Net Income Adjustments to reconcile Net Income to Net Cash provided by operations: Accounts Receivable $0.00 Accounts Payable $0.00 Net cash provided by operating activities $0.00

Net cash increase for period $0.00



$14,500.00

($13,500.00)

Page 44 of 44

4


68

5

Board Meeting - Connector Road

69

5


70

5


71

5


72

5


73

5


74

5


75

5


76

5


77

5


78

5


79

5


80

5


81

5


82

5


83

5


84

5


85

5


86

5


87

5


88

5


89

5


90

5


91

5


92

5


93

5


94

5


95

5


96

5


97

5


98

5


99

Page 1 of 9

To: MRRA Board of TrusteesFrom: Steve Levesque, Executive DirectorSubj: Director’s ReportDate: November 20, 2018

The purpose and intent of this report is to briefly update the MRRA Board of Trustees aboutcurrent activities related to MRRA operations and the NASB closure process.

Federal Property Conveyances/Leases

Navy Transfers

Since the approval of the Public Benefit Conveyance and the signing of the Economic Development Conveyance (EDC) Purchase and Sale Agreement in 2011:¸ The Navy has transferred approximately 1,773 acres of the approximately 2,100 acres MRRA is

slated to receive. ¸ In October, we received a Lease in Furtherance of Conveyance (LIFOC) for several buildings

located in the former public works compound, building #9 (corner of Admiral Fitch and Orion)and the adjacent parking lot. Building #9 (former base housing office) will take a bit of rehab work, but it is located in a very strategic spot. The large parking lot could be used to accommodate planned Wayfair expansions. Full property transfer may occur in 2019.

¸ We are expecting a transfer of about 25 acres of properties next week (see attached map). ¸ With these EDC transfers and the various previous public benefit transfers, the Navy has

transferred approximately 84% of the property that was once NASB. ¸ All the remaining properties at the former NASB and Topsham Annex will be conveyed once

appropriate environmental clearances are obtained. The PFOA/PFOS issue continues to substantially delay the issuance of future FOSTs and related property transfers.

TechPlace

¸ We currently have 37 companies located in the facility and we continue to see significant interest from additional companies. It’s also exciting that several existing companies have expanded their original presence and have taken more space.

¸ Currently, these businesses collectively occupy approximately 45,000 SF, or about 85% of the available space for rent.

7

Board Meeting - Executive Director's Report

100

2

¸ The shared composites lay-up facility and re-establishment of the paint facility are both in place and are nearly complete. Both facilities are being utilized.

¸ TechPlace is continually being utilized by a number of partner organizations for training and networking events.

¸ We also continue to explore the use of the facility to host and support an aviation maintenance technician training program.

Redevelopment Activity

General Overview

¸ Property lease and sale activity continues to be very brisk at Brunswick Landing and the Topsham Commerce Park. We currently have nearly 600,000 SF under lease to over 65 direct business tenants (includes TechPlace). And we have several exciting new business leases in the working stages.

¸ When we account for the latest Navy conveyances and the property we have sold, MRRA currently owns approximately 1,280 acres of land and over 780,000 SF of building space.

¸ We have now sold over 400 acres of land and 45 buildings (over a half million SF) to date. And all the properties that we have sold are all undergoing further redevelopment.

¸ We also have properties in Topsham under contract (former Army recruiting building and former Marine Corps Reserve property), which are expected to close this fall.

¸ Between MRRA controlled property and those properties owned by others, I am pleased to report that there are now approaching 120 private and public entities doing business on the former base properties at Brunswick Landing and the Topsham Commerce Park.

¸ As of this month, collectively, these entities employ approximately 1,465 people on a full-time basis and 306 on a part-time basis for a total of 1,697 (see attached employment table).

¸ It should also be noted that there are 120 Maine Army National Guard members and 124Marine Corps Reservists assigned to their units at Brunswick Landing.

¸ In addition, the new L.L. Bean project at Brunswick Landing has resulted in the creation of approximately 75 new jobs at the off-site Brunswick manufacturing facility.

¸ To date, the redevelopment effort has realized over $350 million in private and public-sectorinvestments made into the properties over the past four years. In addition to the attraction of individual business entities, we have been fortunate to attract seven major real estate developers who are acquiring and redeveloping properties at both Brunswick Landing and the Topsham Commerce Park.

¸ In fact, several of these developers are applying revenue proceeds from subsequent sales and leases at the former base to reinvest in other properties here.

¸ We have also been very fortunate to attract significant local, state and federal financial assistance to help fund critical improvements to the aging infrastructure and facilities on the former base.

¸ We continue to be wrapping up another very busy construction year at Brunswick Landing, with the completion of the sewer improvement project, new office and industrial buildings and energy generation facilities, as well as planned hangar and other airport improvements.

7


101

3

New Development/Business Activity

¸ There continues to be significant interest in the acquisition and development of properties at Brunswick Landing and Topsham; with over 60,000 sf of office and commercial spaces in the que for construction next summer, as well as fit-up of tenant spaces.

¸ I will be asking the Board to approve the sale of two properties, as recommended by the Executive Committee.

¸ We are also working with the Town of Brunswick, the State DOT and several property owners on the construction of a new connector road between Admiral Fitch Avenue and Rt. 24, which was identified in the Reuse Master Plan. This project is expected to start within the next few months.

¸ We have successfully transferred the sewer distribution system to the Brunswick Sewer District on the transfer of the distribution system at Brunswick Landing, which is planned to occur this spring. In addition, we have been notified by the Economic Development Administration that they will help fund the upgrades of the commercial area pump stations, which will enable these to also be transferred to the District.

¸ We are all very excited to welcome several new businesses that have recently choose to locate and/or expand at Brunswick Landing, including: Clamar Floats, HERE Engineering, Hodgdon Yachts, Great Island Boat Yard, University of Maine-Augusta, Captive Drone Technologies, Noble Wellness, Lean East, Introspective Systems, Bamforth Marine, Ocean Renewable Power Company, Griffin LLC, Center for Diagnostic Imaging. Kennebec Bio Sciences, Midcoast Senior College, Maine Made Photos and Running Tide Technologies.

Brunswick Executive Airport (BXM)

¸ The airport continues to realize continued growth in operations and business interest.¸ Through October, aircraft operations have exceeded our total operation s for 2017 (an airshow

year). We are expecting over 20,000 operations in 2018.¸ The major contributors to this growth, include an increase in jet charter flights to BXM,

increases in general aviation visits and flying club, flight school and scenic flight operations from two of our tenant businesses; Maine Instrument Flight and American Classic aviation.

¸ MRRA has received a $6.2 million grant from the FAA to continue to upgrade the aviation complex, as part of the ten-year $40 million modernization program. This year’s funding will support the construction of a new general aviation hangar, drainage and electrical improvements, tree clearing, wildlife fencing and other airport upgrades.

Aviation Technician School

¸ MRRA staff continues to work with potential partners on the establishment of an Aviation Technician School to be based at TechPlace, to meet the needs of the existing and future aviation business community in Maine.

7


102

4

Business Attraction Marketing

¸ MRRA staff is in the middle of a very busy business attraction season. In keeping with our strategy of recruiting business investment from away, we are very active in the out of State and out of country activities associated with our target sectors.

¸ While time consuming, this strategy is very effective, as it gives us the opportunity to have recurrent and face to face discussions with key prospects. This year, our primary sectors of focus is the aerospace industry, particularly MRO and manufacturing companies, and information services, particularly cybersecurity and back office operations. These two sectors provide the “best fit” opportunities to occupy our remaining building assets.

¸ On the international scene, we are continuing to participate in a number of key trade shows and conferences aimed at promoting our assets and securing foreign direct investment focusing on European and Canadian companies. We partner with the Maine International Trade Center on many of these outreach activities. Our efforts are starting to bear fruit, as we have now hosted several visits from foreign companies that we met at these events.

¸ We will continue to market in-country as well and have attended multiple trade shows for our target industries. We do maintain an in-state marketing trade show program as well, aimed at showcasing TechPlace, some smaller commercial properties and vacant land available for development.

¸ Because of all the recent good news about the redevelopment effort, we continue to experience numerous inquiries for property and buildings.

Maine Flying Trail

¸ One of the initiatives that we plan to continue, is the operation and management of the Maine Flying Trail. This is a promotion activity that was initiated by MRRA and involves every airport in Maine, encouraging people to fly in Maine and of course visit BXM.

¸ The way it works is that MRRA produces a passport book, of which multiples are sent to each airport in Maine, with an accompanying poster. When a pilot lands at five Maine airports, with the last one being BXM, we give them two lobsters.

¸ We believe this is creating state-wide and national exposure for BXM and perhaps a contributor to the operations increases. This past year, we have seen numerous out-of-state visitors, as well as several visitors from Canada.

¸ We plan to augment the passport book and expand this activity to a web-based and app platform for the 2019 season.

¸ We are once again applying for a grant from the Maine Office of Tourism to support our efforts to promote the Maine Flying Trail to the nation’s general aviation pilot community.

7


103

5

7


104

6

BRUNSWICK LANDING/TCP EMPLOYEE UPDATE

Tenant/Owner Number of Employees at Inception

Number of Full-time Employeesas of 11/2018

Number of Part- Time Employees as of 11/2018

STEM SECTOR EMPLOYEES

Accel Physical Therapy 2 3 1 0All Natural Technologies 2 2 0 1American Classics, LLC 1 1 0 0Avita of Brunswick 1 50 17 0BIW (Leavit Drive) 25 0BIW (Orion Street) 32 0Black Diamond Whiskey 3 3 0 0Blue Dog 2 FT/2 PT 8 7 0Brillant and Son's 3 FT 3 0 0Brunswick Aviation Services

3 8 0

Brunswick Landing Venture

11 12 0 0

Brunswick Naval Museum Volunteers (15)

0 0 0

Brunswick, Town of 4 13 55 0Center for Diagnostic Imaging

2 4 0 1

Coastal Landing/Coastal Shores

48 16 0

Embrace A Vet 1 2 0 0Family Focus 12 2 0Firehouse Tumbling, LLC 3 2 0 0FirstLight (formerly Oxford)

10 21 0 21

Flight Deck 3 5 4 2Flight Level Aviation 4 5 1 1

7


105

7

Frosty's Donuts 0 0 0 0Goodwill Workforce 1 2 0 0Harpswell Coastal Academy

11 20 0 16

Harpswell House 3 3 4 0Harris Golf 1 5 0 0Kennebec Bio Sciences 16 15 2 2Kornetsky (Ellen), LCSW 1 0 1 0L.L. Bean's 0 0 0 0Linwood & Sons Construction

2 9 0

Maine Army National Guard

21 0 18

Maine Coastal Flight 1 2 2 0Maine Dept. of Corrections 1 0 0Maine Technology Institute

8 11 0 0

Midcoast Senior College 1 0 2Midcoast Veterans Center Volunteers

(20)0 0 0

MRRA 6 9 4 1Molnlycke Health Care 20 79 0 18New England Tent & Awning

1 8 3 1

New Ventures Maine 2 3 0 0North East Mobile Health Services

13 15 23 18

O'Neals Janitorial 1 FT 3PT 3 5 0Opportunity Alliance 1 1 0 0Pathways 122 12 6Planus 2.5 2 1 0Rusty Lantern Markets 6 FT/8 PT 8 7 0Sailboat Interiors (Quahog Bay)

3 FT/2 PT 5 2 0

SaviLinx, LLC 3 180 2 3Seeds of Independence 2 4 2 0Skorda 3 2 1 0SMCC Midcoast Campus 6.5 and 18 PT 19 58 24.5SMMC 2 1 1 0Spooner Enterprises 1 1 0 0STARC Systems 1 30 0 12Sunray Animal Clinic 15 11 4 8

7


106

8

Southern Midcoast Career Center

3 3 1 0

TBW, LLC 2 2 0 0Tempus 11 3 0 3The REAL School 24 24 0 3Turtle Rock Maine 1 1 0 0University College 5 4 20 0.5University Maine Augusta 5 3 0 0U.S. Marine Reserve Center 10 9 0 0U.S. Navy 1 1 0 0VGV 2 2 0 2Washburn Doughty 0 0 0Wayfair 450 0 3Wicked Joe 12 31 3 0YMCA 4.00 2 19 0TOTALS 246 1386 282 153.5

TechPlace

AdmitHub 1 1 0 1Atayne 1 2 1 3Altha Technology 1 1 0 1ATOL USA, Inc. /Klamar Floats

1 3 0 1

Blushift Aerospace 1 1 1 2Bourgeois Guitars 1 1 0 1CERL 2 2 1 3Composites Technology Center

1 1 0 1

Fiddlehead Design 1 1 0 0Field Phyto Nutrients 2 2 2 4GHG Underground 1 1 0 1Greisen Aerospace 1 1 0 1Grifin 1 1 0 1Harbor Digital 1 3 0 3Harpswell Coastal Academy

1 0 1 0.5

HERE Engineering 1 12 0 12JMH Associates 3 0 3 3InSphero/Insphero Mfg. 1 3 1 3

7


107

9

Krolak Industries ( Top-Me-Tags)

1 1 3 1.5

Lean East 2 2 0 2Maine Composites Alliance 1 1 0 1Maine Made Photos 2 2 0 0Maine MEP 1 2 0 2Maine PTAC 1 2 0 0Maritime Surveillance Assoc.

2 7 0 7

New England Oceanographic Lab

1 1 1 2

Nobleheart Products 1 1 0 1Noble Wellness 3 15 3 4ORPC 1 1 2 2Running Tide Technologies

4 3 2 4

SteriZign 1 1 2 3Studio V 1 1 1 2University of Maine 1 1 0 0Veterans Assembled Electronics

1 1 0 0

VGV 1 1 0 0TOTALS 47 79 24 73

GRAND TOTALS 293 1465 306 226.5

TOTAL FULL AND PARTTIME EMPLOYEES:

1771

Not included in totals:L.L. Bean's: 50-75

EmployeesBL lease supports 50-75 new mfg jobs in Brunswick Industrial Pk

Maine Army National Guard:

140 Guardsmen

All STEM

U.S. Marine Reserve Center:

124 Reservists

7


108

8

Board Meeting - Proposed 2019 MRRA Meeting Dates

109

Documents

Midcoast Regional Redevelopment Authority (MRRA)mrra.us/wp-content/uploads/MRRA-Board-Packet-11-28-18.pdf · 28-11-2018 · July 30, 2018, and incorporated by reference: Temporary