Tax break approved for Pierce Atwood move
The Portland City Council yesterday approved a $2.8 million tax break to help law firm Pierce Atwood renovate and relocate to a former warehouse on the waterfront.
Councilors voted 8-1 in support of the tax break for the $12 million renovation project, saying it will generate additional tax dollars for the city, according to the Portland Press Herald. Without the tax break, the city would have received more than $200,000 annually in tax revenue from the five-story building for 20 years, but with the break will receive about half that, totaling $2.7 million. The tax break will go to the building's owner, Waterfront Maine, but Pierce Atwood is expected to benefit from it in its lease terms.
Pierce Atwood, the state's largest law firm, announced in May it wanted to move its 175 employees from its offices on Monument Square to the 100,000-square-foot Cumberland Self-Storage building on Commercial Street when its lease expires in March 2011. The firm had said it would move to South Portland if the tax deal fell through, according to the paper.
Go to the article from the Portland Press Herald >>
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