February 27, 2018

Portland weighs adding projects to its waterfront TIF district

The addition of the future WEX headquarters at Thames and Hancock streets and three properties on Union Wharf to Portland's waterfront tax increment financing district could benefit future waterfront infrastructure improvements, according to a memo by the city's Economic Development Director Greg Mitchell.

The Forecaster reported that Mitchell's Feb. 7 memo outlined some of the benefits of adding the four properties to the waterfront TIF District, which had its first reading at the Portland City Council's Feb. 21 meeting. The council is expected to vote on those additions at its March 5 meeting, the newspaper reported.

"The added TIF districts would produce an estimated $495,000 annually, over and above the current estimated annual TIF proceeds at $540,000," Mitchell wrote in his Feb. 7 memo.

The new 100,000 square-foot WEX world headquarters is under construction on a portion of a former city parking lot, which was sold by the city for $3.3 million in August to 0 Hancock Street LLC, the developer of the our-story mixed-use development.

Owners of Union Wharf, which is fronted by Sapporo restaurant, are adding office space and have site approval for retail and restaurant space.


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