City to issue bond for pier repairs
The city of Portland will issue The Olympia Cos. an $18 million bond to help fix up the Maine State Pier, the first stage of an $100 million redevelopment project.
Under conditions of a preliminary lease between the city and developer, Olympia would not pay rent for the pier for the first 20 years, the Portland Press Herald reported. Instead, Olympia will pay the city approximately $1.4 million a year for the first 20 years of the 75-year lease to cover payments on the industrial revenue bond, the paper reported. The Olympia Cos. competed against Ocean Properties to develop the pier, which Mainebiz wrote about in April 2007.
Olympia would start paying $1.4 million in rent to Portland starting in year 21, which would increase by 2% each year afterwards of the lease. To pay for the remainder of the pier project, Olympia CEO Kevin Mahaney told the paper he has a financier, but declined to specify who it is.
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