Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is undertaking a modernization project to expand its Ashland Sawmill in Nashville Plantation, Maine.
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Inc. → undertake → Plantation
The project will increase production while building on the mill’s history of contributing to the economic resiliency of the Aroostook community.
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project → increase → community
When complete, the project will double the facility’s annual lumber production capacity from 130 million to 250 million board feet while strengthening its role as a leading manufacturer of dimensional lumber.
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project → double → lumber
The project is expected to create and retain the equivalent of 220 permanent, full-time jobs while supporting upstream workers, including foresters and loggers throughout the region.
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project → expect → region
All jobs provide a full benefits package and pay at or above a living wage for Aroostook County.
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jobs → provide → County
The project is supported by the Federal New Markets Tax Credit (NMTC) program and the Maine New Markets Capital Investment Program, which together bring a combined total of $112.9 million of tax credit allocations to the project to help bridge a funding gap by stimulating private investment.
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which → support → investment
The state portion was previously announced by the Finance Authority of Maine (FAME) in June.
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portion → announce → June
This funding has been allocated to seven Community Development Entities (CDEs) in the form of federal and state tax credit allocation.
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funding → allocate → allocation
The CDEs include TD Community Development Corporation, Mascoma Community Development, LLC, CEI Capital Management LLC, Evernorth Rural Ventures, Inc., MHIC, CityScape Capital Group, LLC and Stonehenge Capital.
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CDEs → include → Corporation
Each CDE invests its allocation in the project, and those investments generate approximately $44 million in federal and state tax credits.
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investments → invest → credits
The NMTC and Maine New Markets Capital Investment programs catalyze private investment in low-income communities through tax credits, enabling economic development.
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NMTC → catalyze → development
They are administered by Community Development Financial Institutions Fund (CDFI Fund) and FAME, respectively.
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They → administer → Fund
“We deeply appreciate the support of the CDFI Fund, FAME and the CDEs for this important project,” said Jerome Pelletier of Irving Forest Products, Inc.
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Pelletier → appreciate → project
This investment reflects the hard work of our team and our long-term commitment to the region.
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investment → reflect → region
It will help us support good jobs and continue contributing to the Aroostook community.”
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It → help → community
“The Ashland expansion is an important investment in the future of Maine’s forest products industry and the communities that depend on it,” said Jim Irving, CEO of J.D. Irving, Limited.
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Irving → depend → Limited
We are grateful for Senator Susan Collins, whose continued support for economic growth and modern rail service in Maine has helped create opportunities for investments like this one.
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support → continue → one
TD Community Development Corporation provided $10 million in a New Markets Tax Credit allocation and supported $49 million in NMTC investments, including federal and state investments and bridge equity, to help advance the Ashland Sawmill modernization project.
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Corporation → provide → project
“The Ashland Sawmill expansion shows how New Markets Tax Credits can bring private investment to rural communities and support businesses critical to local and regional economies,” said Will Richter, TD CDC Senior Relationship Manager.
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Richter → show → economies
“Lumber production has long been an important part of Maine’s economic infrastructure and the broader New England supply chain, and the modernization of the Ashland Sawmill will help Irving Forest Products continue creating jobs, supporting families and strengthening the communities it serves.”
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it → help → communities
“Community development finance exists for moments like this.
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finance → exist → this
The federal and Maine New Markets programs are designed for when a project is too important to the community to fail and too capital-intensive to succeed without the right partners,” said CCML CEO Traci Vaine.
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Vaine → design → partners
“Irving’s sawmill is a cornerstone of Aroostook County’s economy, supporting not just mill workers but the loggers, foresters, truckers, and small business owners who depend on a healthy forest products industry.
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who → support → industry
We’re proud to help secure its future.
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We → ’re → future
Irving Forest Products rebuilt the Ashland sawmill in 2014, transforming the mill into a modern, world class facility.
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Products → rebuild → facility
Since then, Irving Forest Products has continued to invest in the mill, helping to ensure that it continues to support the local economy and Aroostook community as a major employer.
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it → continue → employer
Contact: Anne McInerney, J.D. Irving, Limited
Phone: 506-632-5649
About Irving Forest Products
Irving Forest Products is one of North America’s leading producers of lumber and value-added wood products, and a division of J.D. Irving, Limited — a diversified family-owned company with operations in forestry, forest products, transportation, shipbuilding, retail, agriculture, and consumer packaged goods.
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Products → lead → forestry
About TD Bank U.S.
TD Bank US Holding Company and its subsidiaries, including TD Bank, N.A., are collectively known as TD Bank U.S.
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Company → include → U.S.
As the U.S. banking business of The Toronto-Dominion Bank (TSX and NYSE: TD), a leading North American financial services firm, TD Bank U.S. serves more than 10 million clients and has a network of approximately 1,050 locations throughout the Northeast, Mid-Atlantic, Carolinas and Florida.
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U.S. → lead → Northeast
We support our clients and communities with a full range of retail, small business, and commercial banking products and services.
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We → support → products
We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services.
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We → offer → consumers
TD Bank U.S. is one of the largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J.
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U.S. → headquarter → Laurel
About Mascoma Community Development
Mascoma Community Development (MCD) is a CDE—established in 2013 as a wholly owned subsidiary of Mascoma Bank—with the primary mission of community development utilizing the NMTC Program.
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Development → establish → Program
MCD seeks to provide low-cost flexible funding to businesses throughout the United States and emphasizes creating and retaining quality jobs in highly distressed low-income communities nationwide.
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MCD → seek → communities
Mascoma Bank is a $2.99B mutual community bank and Benefit Corporation, serving Northern New England.
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Bank → serve → England
About CEI Capital Management
CEI Capital Management works nationally to connect new and existing rural manufacturing companies with flexible capital through the Federal New Markets Tax Credit (NMTC) Program and the Maine New Markets Capital Investment (NMCI) Program so they can build good jobs that provide living wages, comprehensive benefits and opportunities for training and advancement.
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that → work → training
Since 2004, CCML has placed over $1.2 billion of NMTC/NMCI capacity in over 100 projects.
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CCML → place → projects
CCML is a wholly owned subsidiary of Coastal Enterprises, Inc. (CEI), a Maine-based nonprofit community development financial institution.
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CCML → own → Enterprises
Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity that uses its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies.
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that → use → communities
Funds are used to retain and create quality jobs and expand essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low-income persons and communities.
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that → use → persons
…and 11 more, not listed.
The Aporia
