Morning Sentinel
Mood at Teague Center is bullish
By DOUG HARLOW
Staff Writer Kennebec Journal & Morning Sentinel Wednesday, January 24, 2007

FAIRFIELD -- The story line has been heard a lot over the past several years: Tenants and jobs are coming to the Thomas M. Teague Technology Center and the entire region will benefit.

This time, however, officials at the struggling business park say the center could be on the verge of real growth -- thanks, in part, to a broadening of the park's appeal and ability to attract tenants and in part to a new borrowing program with the town.

"There will be a lot of stories coming out of the technology park that are going to show the viability of the park," said Fairfield Town Manager Paul Blanchette, who recently was named to the center's board of trustees. "I think it's taken about four years longer than anticipated, but in the long run, we'll look back at it five years from now and say it was a long hard road, but it was worth it. It's finally starting to work out."

Recent developments include:

n Kennebec Valley Community College is using space for bioscience training, professional development and for its Quality Center programs.

n Two medical research companies, a biodiesel manufacturing company and an unnamed technology consulting firm have either signed agreements or are in the process of doing so.

n A financing agreement through the town's revolving loan fund will keep the center afloat until it can pay its own way.

n Revenues from two Tax Increment Financing districts in Fairfield promise income for years to come.

n Former Park Director Clyde Dyar is back on an interim basis.

Taxpayers have a vested interest in the success of the center, having financed the building with a $2 million bond backed by the town in 2001, and for the security of having a revenue-generating employer in town.

Former state Rep. Paul Tessier of Fairfield and Rockwood, the center's interim chairman, said good ideas have come and gone since the park officially opened in 2001, but often a lack of grant money and general funding sources have stymied otherwise valiant efforts.

Billed originally as a biotechnology park at its 1998 groundbreaking, the park's designation now is simply "technology center," Tessier said.

He said the new designation will open doors to other researchers and business entrepreneurs.

He said the Department of Economic and Community Development felt the change would bring a broader appeal to the state's industry-specific business parks.

Tessier said details of agreements with potential tenants are confidential for now.

Kennebec Valley Community College, located adjacent to the center, has a bioscience training program under way in space paid for by Jackson Laboratories of Bar Harbor, the center's first tenant, according to Tessier.

"I am optimistic that within a short period of time we will find that the value of this facility is shown," Tessier said. "Initially when we came to the town we said it could take five years; I think at this point in time it may have taken a little longer for us to get going, but we do have some good potential in the near future, I believe."

Tessier said he is not paid for his position at this time. Clyde Dyar has been renamed as director of the park on a six-month interim basis. Dyar's contract ran out at the end of last year and was not immediately renewed because the funding question was still unanswered.

Dyar also left his job as Fairfield's economic development director last year.

Last year the center appeared to be out of money and was faced with the prospect of not being able to make payments on $1.67 million of the $2 million the town of Fairfield originally borrowed to build the center. The Teague board owns the building and land, but the town's name is on the bond and town officials feared the worst.

Blanchette and the Town Council felt that it might be in the best interest of taxpayers to take over the center and either find a new operator or divest itself of the building altogether.

The takeover was averted when Teague trustees tapped into existing escrow accounts and made payments that are good through May.

Now, Blanchette said, the town's revolving loan fund is lending the Teague board the money it needs until it can pay for itself.

"We've come up with a plan to make the bond payments," Blanchette said this week. "The town is actually covering the bond payment in the form of a loan to the center -- it's added on to it -- from the revolving loan fund."

Blanchette said the town has enough money in the fund to make the bond payments on the park through May 2008. Starting with the November 2008 payment, it is projected that the park will be making the money to make the payments itself and will repay the town for all the money the town has put into the project.

He said revenue from the park's tenants and money set aside for the Teague Center from two Tax Increment Financing districts along U.S. Route 201 will ensure future success.

But he said, it is still a gamble, but one he believes will pay off.

"The Teague Center will have the money to pay its debts and pay the bonds to the town of Fairfield," Blanchette said. "As long as the TIF districts develop in the way we anticipate they will develop, that will never be in doubt."

Doug Harlow -- 861-9244

dharlow@centralmaine.com


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