174:. Overall, MRRA will receive about 2,100 acres from the Navy when all conveyances are complete. In the case of Brunswick Executive Airport, MRRA was given the property, almost 1,000 acres, via a PBC. With EDCs, MRRA purchases the property from the Navy through a somewhat complex payment schedule that includes a revenue sharing mechanism. As of Nov. 1, 2013, MRRA owns 722.19 acres of 1,098 acres of non-airport property and 992.2 acres of airport property. The Town of Brunswick and
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The Navy
Covenant arrangement includes further contingencies for MRRA in that the 25 percent annual share is required for real estate proceeds in excess of $ 7 million and up to $ 37,400,000. If proceeds are excess of $ 37,400,000 and less than $ 42,400,000, MRRA is not required to pay the government
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MRRA has identified five target industry sectors on which to focus its economic development efforts—aviation/aerospace, biotech/biomed, composites and advance materials, information technology, and renewable energy. MRRA has been recognized for its success compared to its 2005 BRAC peers in rapidly
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If the real estate proceeds exceed $ 42,400,000, MRRA must pay the government 50 percent of all gross real estate proceeds annually. These requirements will be in effect for 23 years, starting after the initial closing or
January 1, 2018, whichever is earlier.
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Under its land transfer agreement with the Navy, MRRA was required to enter into a $ 3 million loan agreement with the U.S. government for transfer of EDC property. MRRA plans to begin paying off the loan in 2014, although it is not required to pay until 2015.
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MRRA acquires former Navy property through what are known as
Economic Development Conveyances (EDC) and Public Benefit Conveyances (PBC). Before land is transferred, it must be cleared of any environmental issues by the Navy, the
215:. Those businesses have created 350 jobs]]. as of November 1, 2013. MRRA helped host the Association of Defense Communities (ADC) Base Redevelopment Forum September 24 to Sept. 26, 2013 in
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repurposing the former Navy base. The authority says it has 25 businesses on the
Brunswick Landing campus, including
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to civilian use. MRRA is overseen by an 11-member board of trustees appointed by the
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Base
Realignment and Closure 2005 - U.S. Department of Defense website
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313:"Brunswick LRA, Navy Agree on Revenue-Sharing Deal for 1,100 Acres"
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Official website of the
Midcoast Regional Redevelopment Authority
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and confirmed by the legislature. MRRA is located at the former
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U.S. Department of
Defense, Office of Economic Adjustment
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335:"MRRA Scorecard: Economic Impacts of Redevelopment"
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153:from Brunswick. MRRA also owns and manages the
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255:"First MRRA forum fields range of questions"
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353:"MRRA efforts draw national praise"
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237:"Title 5, section 13083-G"
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