Construction on the Spinning Mill in Skowhegan is back on track after being halted by record flooding eight months ago. The project, which is being developed by High Tide Capital LLC, received funding from town, county, and state agencies as well as a tax incentive to resume construction. The former mill is expected to open later this year and will feature commercial space, a boutique hotel, and apartments.
Despite being set back by the flooding, which caused significant damage to the building, the project is now back on schedule. The developer, Dash Davidson, credits public-private partnerships and community support for helping the project during a difficult period. A tax increment financing (TIF) package approved by town voters has been crucial for the Spinning Mill’s future, allowing the project to access additional funding through a credit enhancement agreement.
In addition to the TIF, the Spinning Mill has received support from the state’s Business Recovery and Resilience Fund, as well as loans from Somerset County and the town of Skowhegan. Davidson and his partners have also hosted open houses for the public to tour the construction site and have expressed gratitude for the community’s support.
The completion of the Spinning Mill is expected to be a key part of Skowhegan’s economic revitalization efforts, providing new commercial space, a hotel, and workforce housing. The developer is optimistic about the project’s progress and looks forward to opening the doors to residents and visitors in the near future.
Source
Photo credit www.centralmaine.com