Sen. Gerzofsky’s jobs bill receives public support

AUGUSTA — A measure to attract large economic investments to Maine received initial support today during a public hearing in the state’s Labor, Commerce, Research and Economic Development committee.

“We are currently not competitive in the marketplace to attract and retain large investment,” said Sen. Gerzofsky of Brunswick, the bill’s sponsor. “The bill before you would improve Maine’s ability to compete.”

The bill, LD 1480, would establish the Invest in Maine Capital Fund within the Finance Authority of Maine. The fund would support businesses developments worth at least $50 million, or that create or retain at least 250 jobs that pay at least 125 percent of the state average wage.

Sen. Gerzofsky stressed during the public hearing that the initiative would not be funded by taxpayer dollars, nor would it put Maine taxpayers on the hook should any investments fail. Rather, the Maine Capital Fund would essentially operate as a type of mutual fund for business investments and will be capitalized by pension funds, institutional endowments, insurance companies and other types of investment instruments.

“This bill is targeted to help Maine people, not put them at risk” said Sen. Gerzofsky. “We know these large projects are game-changers and could transform a local or regional economy, create quality jobs and greater economic opportunities for Maine people. That is what I want to see.”

The measure received strong support from state business leaders. Steve Levesque, Executive Director for the Midcoast Regional Redevelopment Authority; Steve Means of Brunswick, and Bill Norbert from FAME all spoke in favor of LD 1480. No one testified in opposition.

The committee is expected to hold a work session on the bill in the coming weeks.

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