Arlington, Va. — Officials from the Midcoast Regional Redevelopment Authority (MRRA) presented a $3 million check to the Navy on Thursday, paying off part of its obligation for its economic development conveyance 10 years before it was due.
The early loan payoff is a testament to the speedy transfer of the property from the Navy and the subsequent rapid redevelopment at Brunswick Landing and Topsham Commerce Park. The payment took place at the Defense Communities National Summit and will save the authority, the LRA for the former Naval Air Station Brunswick (NASB), about $1 million in interest and bank charges.
“This action represents the types of sound fiscal management decisions that are made by the MRRA Board of Trustees in their oversight of the NASB redevelopment effort,” MRRA Executive Director Steve Levesque said in a written statement.
MRRA had planned to begin paying down the loan this coming year in installments, with a balloon payment for the balance in 10 years. The other component of the economic development conveyance requires MRRA to share a portion of its gross sales and lease proceeds with the Navy over the next 20 years.
Retiring the note early will free up funds for the redevelopment authority to invest in critical infrastructure and property improvements that otherwise might not have been affordable, Levesque said.