March 31, 2008
Pier redevelopment a go despite setback
A legislative committee on Friday voted against a bill that would have made it easier for The Olympia Cos., in Portland, to finance its redevelopment of the Maine State Pier.
The Agriculture, Conservation and Forestry Committee killed a bill that would have allowed Portland to lease the land under the Maine State Pier to Olympia for up to 99 years, making the project more appealing to banks who would provide financing, according to the Portland Press Herald. The law currently lets cities lease submerged land for up to 30 years, with renewals. Some state officials worried changing the law would encourage other cities to pursue long-term leases, the paper reported.
A spokesperson for Olympia told the paper that the firm will move forward with the $100 million project.
The Agriculture, Conservation and Forestry Committee killed a bill that would have allowed Portland to lease the land under the Maine State Pier to Olympia for up to 99 years, making the project more appealing to banks who would provide financing, according to the Portland Press Herald. The law currently lets cities lease submerged land for up to 30 years, with renewals. Some state officials worried changing the law would encourage other cities to pursue long-term leases, the paper reported.
A spokesperson for Olympia told the paper that the firm will move forward with the $100 million project.
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