131st MAINE LEGISLATURE
		LD 2231		LR 3046(02)
	Resolve, to Promote Access to Education and Workforce Development by Transferring Ownership of the Hutchinson Center Property in Belfast to the City of Belfast
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Education and Cultural Affairs
	Fiscal Note Required: Yes
Fiscal Note
Potential revenue loss - University of Maine System
Fiscal Detail and Notes
	Requiring the University of Maine System (UMS) to convey without compensation to the City of Belfast the UMS's interest in the land and any buildings, including the building commonly known as the University of Maine Hutchinson Center, may result in a potential loss of revenue to the UMS that could have been received from leasing or selling the property.  The current appraised value of the building and land is $2.52 million.  Additionally, the UMS owes $885,000 on a revenue bond taken out to finance an expansion of the facility that was completed in 2009.  According to the UMS, it has initiated a competitive request for proposal seeking purchase, lease or creative alternative offers for the center.