Regional efforts key in bringing Pine Tree to Portland
In December's column, we wrote about the success of our four-community partnership, which resulted in Gov. John Baldacci and state legislative approval to expand the Maine Pine Tree Development Zone program (a business growth financial incentive program) to include Cumberland County businesses. I am happy to report that 20 companies located in our region have been approved or "certified" by the state to take advantage of the Pine Tree Development Zone program benefits. Combined, these companies are expected to make investments of over $50 million associated with over 300 new jobs and $15 million in new payroll.
The list of companies includes: Maine Bio-Fuel Inc.; Stone Coast Fund Services LLC; Maine Renewable Energy Consortium; PowerPay; Envirologix Inc.; Atlantic Fund Administration LLC; Northcross Group; Marca Coating Technologies LLC; The Prudential Insurance Co.; Harpswell Capitol Management LLC; Time Warner Cable; Maine Molecular Quality Controls; Hall Web Services; Schlotterbeck & Foss; SironaHealth Inc.; Kepware Technologies; Jobg8 Inc.; Cloutier Direct Inc.: Portland Panel & Truss; and Direct Vet Marketing LLC.
The PTDZ program works similarly for both new businesses wishing to move to Maine and for existing businesses looking to expand. This is a performance-based program, meaning the higher the level of business investment and the greater the number of quality jobs created, the greater the financial return to the companies. There is no one-size-fits-all way to describe which portions of the PTDZ program are key to its success. Business feedback received has demonstrated that the PTDZ program incentives have enabled Maine to successfully compete against other states to attract out-of-state investment which otherwise would not be in Maine as well as supporting expansion of existing businesses.
Additional company applications are under review by state officials, which may add to this list of businesses. Clearly, the list of approved companies is evidence that the expansion of this state program to include Cumberland County will support business expansion and result in important public benefits. These benefits include investment in state targeted business categories (from manufacturing to high technology), expansion of a community's commercial tax base to create new property tax revenue and new quality jobs for Mainers that expand worker wages.
In closing, we strongly believe that our region's ability "to speak with one voice" in Augusta led to the expansion of the PTDZ program for Cumberland County. We look forward to future regional cooperation in support of business growth.
This column rotates among the economic development directors of Portland, South Portland, Westbrook and Scarborough. Greg Mitchell of Portland, Erik Carson of South Portland, Keith Luke of Westbrook and Harvey Rosenfeld of Scarborough work jointly on advocacy at the state level, out-of-state business recruitment/regional marketing and pursuing grants. This column will appear monthly in Portlandbiz, highlighting news of regional significance.
Most Recent
Most Recent
Comments