Property

The sound of vehicles on the Maine Turnpike has yet to be supplanted by the hum of industry at the Portland Technology Park off Rand Road.Yet as the city seeks bids from real estate companies to broker sales for three vacant lots at the site, Economic Development Director Greg Mitchell said the purpose of the park remains unchanged.
“I still believe the original vision should be maintained,” Mitchell said April 20. “We are going to test the waters and see who would be interested and how they might approach marketing differently.
”Bids are scheduled to be opened May 3. City records show five companies have asked for information, including the Dunham Group, which markets the lots now.

Source: The Forecaster

Waterfront development plans and the accompanying infrastructure could benefit if two properties are added to a tax increment financing district.On March 5, the City Council is expected to vote on adding the future WEX headquarters at Thames and Hancock streets, and three properties on Union Wharf, 230 Commercial St., to the Waterfront TIF district. The order had a first reading at the Feb. 21 council meeting.

“The added TIF districts would produce an estimated $495,000 annually, over and above the current estimated annual TIF proceeds at $540,000,” according to a Feb. 7 memo by City Economic Development Director Greg Mitchell.Mitchell said Feb. 21 the additions to the TIF zone, created in 2002, do not include credit enhancement agreements that would return any tax revenues to developers.

TIFs allow a municipality to set aside increases in tax revenues for specific uses. Funds captured in the TIF can be used for projects that include pier and wharf improvements, street work and dredging.

Source: The Forecaster

Two housing authorities in Maine will receive more than $450,000 from the federal government to improve opportunities for residents.Republican Sen. Susan Collins says the money is going to the Portland Housing Authority and Lewiston Housing Authority from the U.S. Department of Housing and Urban Development’s Resident Opportunities and Self Sufficiency grant program.

Source:  Maine Public

Maine’s home sales activity continued to set records in 2017 despite flat or declining sales in the hottest markets of York and Cumberland counties. For the third consecutive year, Maine set a statewide record for home sales volume in 2017 with 17,633 existing single-family homes sold, an increase of 0.7 percent from 2016, according to Maine Listings data released Wednesday.

Source: CentralMaine.com

PORTLAND — City councilors Dec. 18 will vote on a proposed moratorium on tearing down Munjoy Hill buildings. The moratorium, proposed by District 1 Councilor Belinda Ray, was reviewed at a City Council workshop Monday, Dec. 11. “We don’t believe it is necessary,” Levine said,

Source:The Forecaster

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