Press Herald's new owner looking for TIF
MaineToday Media Inc., the new owner of the Portland Press Herald, is hoping to convince city officials to give the newspaper tax incentives to help it stay in the city.
City officials recently met with Bob Baldacci, a consultant working with MaineToday Media, and Rory Connor, son of Publisher Richard Connor, to discuss financial incentives the city could offer the company to allow it to remain in Portland, according to the Press Herald. The company, which recently sold the Press Herald's office building and former printing plant, is looking to build or lease office space in Portland for its approximately 200 employees. Richard Connor told the paper that his company would like to get tax increment financing to help it build new office space or rehabilitate a leased space, or get a reduced rate in a city parking garage. Otherwise, MaineToday Media could consider relocating to South Portland, where the company already owns land and where another developer has approached Connor with space the company could lease, he told the paper. "We'd like to stay in Portland, but we don't want to get punished financially to stay in Portland," Connor told the Press Herald.
Portland officials said they would like to see the Press Herald's headquarters stay in the city, but that any TIF districts need careful consideration. "We don't just give a TIF out to drive down the cost for a company unless it can be justified," City Councilor Cheryl Leeman told the paper.
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