AUGUSTA – The Legislature’s Committee on Innovation, Development, Economic Advancement and Business unanimously approved a bill from Senate President Troy Jackson of Allagash to fast track critical funding to the Loring Development Authority (LDA) on Thursday. LD 22, “An Act To Authorize Early Payment of Anticipated Funds to the Loring Job Increment Financing Fund” would allow LDA early access to critical funds to help weather the COVID-19 pandemic and continue its important work to revitalize the former Loring Air Force Base.
“This investment reaffirms the state’s commitment to revitalizing the Loring Air Force Base and expanding economic opportunity in rural Maine. More importantly, it shows the state’s commitment to the future of Aroostook County,” said President Jackson. “I’m grateful to the Legislature’s Committee on Innovation, Development, Economic Advancement and Business for supporting this measure, and giving the Loring Commerce Centre a chance to thrive.”
The LDA was created in statute upon the closing of the Loring Air Force Base in Limestone. The Authority manages the 3,700-acre business, commercial and industrial park that includes a 1,600-acre aviation complex. It serves as a landlord to businesses and provides municipal services to approximately 300 residents and 28 businesses, which employ an estimated 800 workers. LDA works to attract new employment opportunities and jumpstart new economic activity in the area.
LD 22 will now go before the full Senate and House for additional votes.