HomeMy WebLinkAbout2019-05-21 Business and Economic Development Committee Minutes
BUSINESS &ECONOMIC DEVELOPMENT COMMITTEE
Tuesday,May21,2019@ 5:15 PM
City Council Chambers
MEETING MINUTES
BED Members Present:Graham,Davitt, Schaefer, Tremble
Non-BED Members:Nichols, Sprague
City Staff Present:Bolduc, Collins, Conlow, Emery,Heitmann, King
Chair Graham called the meeting to order at 5:15P.M.
1.Presentation by Carol Epstein -“Real Estate Market Update”
Handout provided. 2007-2018 data included to show pre-recession conditions. Industrial
-since 10.31.2018 there has been activity on the4large industrial buildings(formerOld
Town Canoe, former Bangor Hydro, 170 Washington Street, and 317 Main Street), which
drops the vacancy rate from 6% to 3% in Bangor), overall market 2%. Officevacancy
downtown at 5%, when youtake out UMaine system condominium space. Retail –7%
vacancy is okay. Downtown central core has strength and vibrancy. Question and answer
–retail includes restaurant, banks, and amusements. Ben –vacant box stores. Dan –
MUBEC, costs/rents. David –industrial demand.
2.Update on Fiber Project
Director Emery stated that the project memo in the agenda packet explains in detail
where we are with the fiber strategic planning process, and Jennifer King is project
managing the initiative. Councilors are pleased with the progress and update.
Councilor Davitt moved to enter into Executive Session, seconded by Councilor Sprague
at 6:15 P.M.
3.Executive Session–Economic Development –Business Development –C&L
Aviation Update –1 M.R.S.A. § 405(6)(C)
Councilor Davitt moved out of Executive Session, seconded by Councilor Sprague at
6:37 P.M. No action taken on item.
Meeting adjourned at 6:38 P.M.
Meeting minutes respectfully submitted by,
Melissa B. Fongemie
Admin. Asst. C&ED