CEI closed the first loan of its kind using financing from the USDA’s Community Facilities Relending Program, with up to $100 million guaranteed by Bank of America. The $2,460,000 loan to Central Lincoln County (CLC) YMCA, a landmark community center in the midcoast region, will allow for the renovation and expansion of its existing facility, originally built in 1973.
“Financially, this loan enabled the Y to bridge the gap between final costs of construction and the amount of funds raised in the capital campaign. We rolled in existing debt to arrive at the total amount, meeting our fundraising goal,” said Dennis Anderson, president of the Board of Directors, CLC YMCA. “This has given us a huge leap forward to be a more inclusive community center while meeting the needs of smaller organizations in the community.”
Meagan Hamblett, CEO with Dennis Anderson, President of the Board of Directors, in front of the Central Lincoln County YMCA
The CLC YMCA has been a community hub for decades, offering exercise and workout facilities, after school and summer childcare, and summer camp programs to meet the needs of the 10 town, 25-mile service area in the mid-coast region. Approximately 10 percent of year-round residents are members.
With renovations currently underway, upgrades to the facility include an expansion from 51,000 to 68,000 square feet, a new fitness center, teaching kitchen and communal space, an elevator, elevated running track, and welcome center. The facility will also become home to Spectrum Generations. The expansion will create new jobs including a Healthy Living Director as well as additional maintenance staff. “In this renovation we’re improving everything. We want to have the biggest impact we can have,” said Meagan Hamblett, CEO, CLC YMCA.
“Vibrant rural communities need more than individual businesses to thrive,” said Betsy Biemann, CEI’s chief executive officer. “They also need community resources that contribute to quality of life and help to retain and attract families and entrepreneurs. Community facilities like the YMCA serve an important role in bringing people together to offer services and recreation.”
“CEI has a long and distinguished history of supporting Maine communities,” said Bill Williamson, Maine State President, Bank of America. “We’re proud to partner with CEI, once again, to provide much needed capital for high impact community projects like the Central Lincoln County YMCA.”
The terms of the closing provide for an up-front construction loan from CEI that will be replaced by USDA funds upon the completion of construction.
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