PORTLAND (AP) — A major development project for Portland’s Thompson Point is going to get a 30-year, $31 million tax break from the Maine city.
And the city is planning to use 25 percent of the money it will receive from the development, an estimated $6.6 million, for transit projects.
The City Council voted early Tuesday to approve the tax break for the $100 million project that will include two office buildings, a hotel, an arena and convention center, a concert hall and a parking garage.
The developers say they need the tax break to cover high costs caused by marine clay on the site, as well as a costly rail crossing.
The Portland Press Herald says the plan calls for beginning construction early next year.
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