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Sale of Hampden waste facility approved Friday

The purchase of the advanced municipal waste facility in Hampden was approved Friday, and closing procedures are expected to finalize next week, a release says.

HAMPDEN, Maine — The advanced municipal Hampden waste facility has just been approved for sale by a judge on Friday. 

The Municipal Review Committee was approved to purchase the Hampden waste facility after months-long negotiations between the Bondholder Trustee, the Receiver, Lienholders, and the organization, according to a news release issued Friday by the MRC. 

The closing of the purchase is scheduled for next week, the release says, and MRC will then be focusing on finalizing multiple agreements with their prospective partner, Revere Capital Advisors, LLC.

"The execution of the partnership arrangement is expected to take place in September," the release says. 

The approval of sale comes after an announcement on July 29 of a prospective partnership between the MRC and Revere Capital Advisors, a New York-based investment firm, to cover reopening costs.

RELATED: Municipal Review Committee partners with investment firm to reopen Hampden waste facility

MRC is approved to purchase the facility for $1.5 million after it sat idle for more than two years. The facility shut down in May of 2020 due to a lack of funding only six months after opening. 

The facility will serve 115 communities in the greater Bangor area.

RELATED: Hampden's advanced waste processing facility may be back up and running in 2022

In the release, MRC addresses concerns regarding the clarity of its partnership with Revere Capital Advisors during the process of reopening the facility: 

"In its address to the Board of Directors at last week's meeting, Revere identified CS Solutions as their intended contract vendor to provide engineering services in the restart and operation of the Facility. This has stirred some questions. To be clear, the MRC's partnership will be with Revere Capital Advisors, LLC and not with any other entity. 

"The MRC is aware of CS Solutions' ties to a company with previous involvement in Maine. However, the structure planned for the Hampden Facility is wholly different. CS Solutions will strictly be a vendor to Revere and will have no role in ownership, financing, or governance of the Facility. It is also important to note that Revere’s proposal does not rely on any state or local tax incentives, loan guarantees, credit enhancements, or similar financial support."

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