Portland's Greg Mitchell makes the case for economic development initiatives
Photo / Tim Greenway
Greg Mitchell at the headquarters for a city-assisted business, Apothecary by Design, with 70 employees and projected sales of $75 million, up from $32.5 million last year.
The creators of Portland's tagline, “Yes. Life is Good Here,” might have considered instead one of Greg Mitchell's favorite brag lines, “You can get there from here.” Mitchell, who is director of Portland's Economic Development Department, cites the city's strategic location and its transportation infrastructure: “It's very important that you're not isolated in terms of transportation, which provides the foundation to grow your economy.”
Yet infrastructure is only one selling point in the process of recruiting businesses to Portland. Mitchell likes to run his department as “a one-stop shop,” offering site location services, financial incentives like tax incremental financing, help with permits and assistance in applying for Portland Development Corp. loans and grants.
This year the city lent $1 million through 28 projects, creating or retaining roughly 100 jobs. By the city's estimate, the loans leveraged $56 million in private sector spending.
Mitchell's department also markets city-owned parcels, including the Bayside redevelopment project, Thompson's Point and the newly created Portland Technology Park.
Mainebiz sat down with Mitchell to learn more. The following is an edited transcript.
Mainebiz: Portland Technology Park seeks companies involved in life sciences and biotech. How much did the city invest in that site and when do you expect your first tenants?
Greg Mitchell: That project cost about $1.3 million to put in the road and utilities to open up the first three sites for development [in Phase 1]. Costs were split. The city received a federal grant and leveraged that dollar-for-dollar with city investment. We're in negotiations right now for our first tenant. Portland is already home to the largest concentration of life science companies in the state. Envirologix, ImmuCell, Idexx, Putney, Bio-Rad are just a few. We want to grow that sector. It provides well-paying jobs and aligns with our research and education bases.
MB: Apothecary by Design has opened a second facility in the Bayside neighborhood. How has the city supported its expansion?
GM: Apothecary by Design was one of the original pioneers to go into Bayside and we assisted them on several fronts. With their expansion, we immediately got involved with financing, with both a commercial loan and job creation grants. That company is a great example of creating links for future job growth. They work very closely with the University of New England and have hired several graduates of the new pharmacy program.
MB: Portland aided expansion of Ready Seafood into the city-owned Ocean Terminal at the Maine State Pier. How did that come about?
GM: This was a turning point for the city. It's the first time we've opened up a publicly owned building for commercial use. Without this opportunity, they would have left the city. There wasn't another spot for them. Ready Seafood is very strongly aligned with Portland's identity and waterfront-use policies. We very much want to keep and grow existing businesses. So it became very logical for us to support them, and there was a clear tax benefit. This lease brings income to the city of over $250,000 a year. Shucks Maine Lobster has signed a 15-year lease in the building as well, with expected annual rental income to the city of over $200,000.
MB: What's next for business growth in Portland?
GM: I'm very bullish about Portland's future. Most recently we've seen a lot of investment in hospitality and residential. Less visible perhaps is UNE coming on line with their dental program. Among private companies, Envirologix has doubled in size and has over 100 employees. We have a very diverse business base. We're not tied to one particular industry, which is important. We're the center for legal and financial services, hospitals, government, life sciences and a full range of business sectors. We're also getting a lot of attention for our quality of life.
Read more
Portland Bayside development faces new hurdles
Most Recent
Most Recent
Comments