Islesboro Economic Sustainability Corporation

A catalyst for Essential Services and Businesses

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On November 20th, 2019, the voters of Islesboro established a quasi-municipal, non-profit corporation as a catalyst for developing the essential services and businesses needed to attract families, jobs and a vibrant summer community that are needed to sustain their island community. The IESC will:

 

• Promote, finance and develop essential-to-Islesboro-sustainability services and businesses 

  • Define, with Select Board and community, the essential-to-Islesboro-sustainability priorities

  • Help finance private investments to expand businesses, mixed-income housing, etc.

  • Purchase, sell, lease, finance and/or develop real-estate projects, i.e., town-center leased commercial space or community infrastructure 

  • Leverage and advocate for Town, State & Federal economic development benefits

• Operate without reliance on tax-payer general funds – property-tax neutral

  • Raise $1.5M to $2M in working capital via non-taxable donations, private and/or public grants

  • Recycle income (i.e., lease, interest income) for subsequent expenses and projects

  • Govern via by a 9-member board appointed by the Select Board

    • Majority of members must be residents or taxpayers and always include a Select Board member and the town manager 

    • Members serve at the pleasure of the Select Board and can be removed at any time and for any reason.

    • Sunshine rules - meetings, reports, financials, deliverables

    • Formal financial controls, bylaws, policies, processes and outside audits

  • Remain on mission and distinct from Islesboro Island Trust, Islesboro Affordable Properties, Islesboro Community Fund, Islesboro Community Center

 

If you share our enthusiasm for this important mission, consider making a tax-deductible donation to help our efforts. Donations can be made to the Town of Islesboro and designated for Funding the IESC.  Donations to the Town are generally tax deductible pursuant to Section 170(c)(1) of the Internal Revenue Code. The Town's mailing address is PO Box 76, Islesboro, ME 04848.

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IESC is a corporation pursuant to the Maine Nonprofit Corporations Act, 13-B M.R.S. §101 et seq.  A quasi-municipal corporation as defined in 30-A M.R.S. § 2351.  The Corporation is tax exempt as an affiliate of a governmental unit pursuant to Section 115 of the Internal Revenue Code of 1986, as amended.

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