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Fast Facts

The Bangor Metro area has one of the best business tax climates in the U.S., according to KMPG's 2012 edition of Competitive Alternatives: Special Report - Taxes.

BANGOR, MAINE

Surprisingly Metro. Refreshingly Real.

New Blackstone Initiative Creates One of Its First Innovation Hubs in Bangor Region

The Blackstone Charitable Foundation, the philanthropic arm of the Blackstone private equity group, has started an initiative in Maine to spur economic growth through innovation and entrepreneurship, and has selected the Bangor Region as one of the first two region in the state where it will build an "innovation hub."  The initiative, Blackstone Accelerates Growth, is one of three in the nation that Blackstone has created and seeks to build a dynamic hubs of innovation usually only seen in more urban areas of the country like Boston and Silicon Valley.  The initiative works by accelerating the success of high-potential companies which will serve as role models for future generations of companies; accelerating connections among companies for collaboration and with other resources such as capital and talent; and accelerating the next generation of innovators by providing scholarships and internships to college students who will have the opportunity to work with innovative companies.

http://bangordailynews.com/2012/10/02/business/blackstone-selects-5-maine-companies-to-pioneer-innovation-hubs/?ref=latest

 

EMMC moves ahead on $250M expansion

Eastern Maine Medical Center plans to make its largest expansion ever after the hospital's parent organization approved a $250 million construction project to build a seven-story tower at the Bangor campus.

The Bangor Daily News reported that the board of directors of Eastern Maine Healthcare Systems also approved demolition of the hospital's Stetson building to create room for the new tower, which will provide additional operating suites and private patient rooms to the medical center.

The tower also will allow for an update of cardiac and obstetrics services as well as provide a new home for the neonatal intensive care unit.

The expansion first received approval from the state's Department of Health and Human Services in late 2008.

The newspaper reported that the project is the largest at EMMC since a $16 million parking garage was built on the same campus in 2009.

Last week, EMMC announced the $17 million sale of three of its dialysis clinics -- located in Elsworth, Lincoln and Bangor -- to the Colorado-based dialysis giant DaVita Inc.

 

BANGOR METRO SHINES IN BUSINESS TAX CLIMATE

The Bangor Metro area has one of the best business tax climates in the U.S., according to KMPG's 2012 edition of Competitive Alternatives: Special Report-Taxes. 

Bangor Metro ranked 7th lowest for business tax costs among 71 metropolitan regions in the U.S., ahead of other Eastern seaboard regions such as Boston, Baltimore, Providence, and Atlanta.  Its "total tax index" was nearly 18% below the national average (82.4, indexed to a U.S. average of 100).  The "total tax index" takes into account corporate income taxes, other corporate taxes, statutory labor costs, and total effective tax rate.

KMPG also looked at four specific sectors: manufacturing, corporate services, digital, and R&D.  Bangor Metro is among the 10 lowest cost regions in three of the four sectors:

 

Sector

Rank in U.S.

(1st=lowest tax cost)

Total Tax Index

(US = 100)

Overall

7th

82.4

Manufacturing

9th

79.7

Corporate Services

4th

85.0

Digital

18th

90.1

R&D

9th

88.3

 

City of Bangor Announces Agreement on Naming Rights for New Arena and Convention Center

July 20, 2012

The City of Bangor announced today that the new 8,000-seat multi-purpose sports and entertainment venue currently under construction will be named the Cross Insurance Center as a result of a new, long-term naming rights agreement between the City and Cross Insurance. The new Cross Insurance Center is scheduled to open in the fall of 2013.

“What an amazing day for Bangor. A hearty thank you to the Cross Family and Cross Insurance for their belief in not only this project but in the future of Bangor,” said Mayor Cary Weston. “The energy and support we have seen throughout this project from our business community, starting with the amazing effort of the Friends group, has been tremendous. And for a family-owned business with long-standing Bangor roots to step forward like this makes it even more special.”

“Cross Insurance is thrilled and proud to have the opportunity to partner with the City of Bangor and support the new arena and convention center by securing the naming rights to the facility,” said Brent Cross, Executive Vice President of Cross Insurance. “The Cross Insurance Center will be an excellent addition to the city’s cultural offerings now and for years to come.”

The agreement between Cross Insurance and the City of Bangor is for 15 years, and the contribution from Cross Insurance is $3 million dollars to secure the naming rights for that period. Additional advertising and premium seating opportunities are available in the Cross Insurance Center.

Front Row Marketing Services, a world-renowned specialist in ancillary income for sports and entertainment venues, completed the naming rights agreement on behalf of the City of Bangor. The City of Bangor hired Global Spectrum, a world-wide leader in managing public assembly facilities, as the operator of the Cross Insurance Center. Both Front Row Marketing Services and Global Spectrum are subsidiaries of Comcast-Spectacor, the internationally recognized sports and entertainment provider.

Cross-Insurance-Center---Bangor-Arena

About Cross Insurance
Since 1954, family-owned, privately-held Cross Insurance has provided businesses throughout New England with the insurance coverage, financial strength and security needed to safeguard against risks. At Cross, the company leverages its industry standing with more than 110 of the nation’s top insurance carriers, brokering policies that consistently match its clients’ needs – at the best rates available. That’s why more than 15,000 businesses trust Cross for property and liability insurance, employee benefits packages, surety bonds, and comprehensive risk management advice and counsel, and why Cross has more than 450 employees and is one of New England’s largest insurance providers. For more information about Cross Insurance and our subsidiaries located across New England, please visit http://www.crossagency.com, or find us on Facebook at http://www.Facebook.com/CrossInsurance.

About Global Spectrum
Global Spectrum (global-spectrum.com) manages the Cross Insurance Center, as well as more than 100 other public assembly facilities around the world. Nearly 20-million people attended more than 11,000 events in Global Spectrum venues last year. Based in Philadelphia, PA, Global Spectrum is part of Comcast-Spectacor, one of the world’s largest sports and entertainment companies. Comcast-Spectacor also owns the Philadelphia Flyers of the National Hockey League, Ovations Food Services, a food and beverage services provider, New Era Tickets, a full-service ticketing and marketing product for public assembly facilities, Paciolan, the leading provider of venue establishment ticketing, fundraising and marketing technology solutions, Front Row Marketing Services, a commercial rights sales company, and Flyers Skate Zone, a series of community ice skating rinks.

 

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