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June 21, 2011

Portland OKs tax break for Red Claws center

By The Mainebiz News Staff

The two Maine Red Claws executives behind a proposed convention and event center at Thompson's Point in Portland have received approval for a $31 million tax break from the city.

The Portland City Council today approved the 30-year tax break for the proposed $100 million Forefront at Thompson's Point complex, according to the Portland Press Herald. In April, Jon Jennings, president and general manager of the Red Claws basketball team, and owner William Ryan Jr. unveiled the planned facility, which would include office space, a concert hall and an arena for conventions and sporting events, including Red Claws games. They told the city the tax break will offset higher costs related to dealing with marine clay on the site and adding a rail crossing. The developers plan to begin construction next year after receiving city and state approvals.

The city will receive about $26.4 million from the project over 30 years, with 25%, or about $6.6 million, being earmarked for transit projects, according to the paper.

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