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FOR IMMEDIATE RELEASE

September 21, 2010

Old Town Well Positioned for Business Growth
Market Feasibility Study Finds Old Town’s Location Makes City a Desirable Option for Businesses

OLD TOWN – A market feasibility study prepared for the City of Old Town has found that the city is well-positioned for business attraction and growth. The findings of the study were formally presented to City officials on Friday.

“We have always known that our City has a lot of unique characteristics that make it a desirable place to live and work,” said City Manager Peggy Daigle. “But it’s important to have solid findings to back up what we believe to be true, and allow us to put plans in place to prepare Old Town for new growth and new business, giving us a bright outlook for the future.”

The study was prepared to look at the possibility of creating a business/industrial park adjacent to the University of Maine and across the street from Old Town Fuel & Fiber. City officials would like to see the park start at Penny Road, and connect with the hilltop area of the University of Maine campus.

While the study found that the regional economy is not strong enough on its own to support another business park, Old Town’s location and partnerships make the idea a valuable one. The study specifically sites the strong engagement and partnership with the University of Maine, as well as its proximity to campus, as an asset that will allow a business park in Old Town to stand out, and likely achieve success attracting new businesses to the area. The study says that several of the University of Maine’s targeted technology sectors continue to fare well, such as bioscience, science & engineering/technical services, energy & environment, and information technology – all of which present strong opportunities for business possibilities in Old Town.

“Sometimes it’s difficult to look too far into the future when the state and the country are still experiencing economic struggles,” said Old Town Mayor David Mahan. “But the worst thing that we could do right now is do nothing. It’s vital to look to the future and look at capitalizing on our strengths to better position ourselves going forward. I am encouraged and excited about the findings in this market feasibility study and I look forward to continuing our efforts to bring more opportunities to the citizens of Old Town.”
The study was conducted by PolicyOne Research, Inc. in Scarborough, with Camoin Associates in Saratoga Springs, NY.

"The keys to long-term success of this project will be developing and maintaining focus on assets of the local and regional economy that overlap with the unique strengths that a partnership with the University of Maine brings,” said Jim Damicis, President of PolicyOne Research, Inc. “Additionally, developing options to lower overall energy costs for tenant companies will also be key success."

The market feasibility study is a very early step in developing such a business park. The City will still need to develop additional plans for the park, approval for new roads, and council approval for the overall plan.

“This is a great step toward the development of this park,” said City Manager Daigle. “The park can bring us new investment, new jobs, and a potential for endless opportunities for collaboration with the University of Maine, and we are in a unique position to deliver on those possibilities. It’s going to be a lengthy process, but with patience and motivation, this community will be the ultimate beneficiary of this investment.”

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