Redevelopment of Sanford’s Downtown Historic Mill Yard District

Several Exciting Opportunities:


Construction of new road through district to facilitate development Experienced developers committed to redeveloping former mill buildings One of 23 towns in US to receive EPA pilot Brownfields grant Awarding of FTA grant for Sanford Transportation Center Growth plans for area manufacturers; deliberations with community colleges


Brady Sullivan Project (Lofts at No. 4 Mill):

Next critical step for mill yard renaissance utilizing seasoned, successful mill redeveloper in New England Job Creation & Private Investment approaching $20 million Use of “4% unlimited” affordable housing tax credit, not 9% or scarce subsidy; funding sources include equity from state & federal historic tax credits (43%), and affordable housing tax credits (24%) and permanent loan debt (33%) Mixed-use project with commercial (26,000 s/f on first floor) and affordable workforce housing (140 units on upper floors) and all municipal approvals SREGC and Maine Housing visited Lofts at No. 4 Mill in Sanford (proposed) and Lancaster Mill in Clinton MA (under construction)

Key Takeaways:

Accomplished, award-winning private sector developer that contains costs and builds and manages quality facilities (www.bradysullivan.com) Total development cost per unit: $132,565 Rural, economically distressed area with low incomes and high unemployment Immediate construction jobs; some full-time facility positions; redevelopment of high priority area for town and improvement to municipal tax base Enthusiastic support of the community Requires approval and issuance of tax-exempt bonds to support financial plan
917 Main Street ♦ Suite D ♦ Sanford ME 04473 ♦ 207.324.9155 ♦ www.sanfordgrowth.com

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