Maine Real Estate

Maine State Pier to Get Face Lift

The city of Portland has agreed to help a developer secure bonds to fix the Maine State Pier. The city plans to issue the Olympia Cos. an $18 million bond for the first stage of the $100 million redevelopment project, according to the preliminary lease. The pier currently houses shops and is a popular concert venue, and is also where a number of charter boats and ferries are located.

Olympia plans to put a hotel, restaurant and shops on the pier, as well as an office building and park nearby. It is expected that the pier’s redevelopment will bring in as much as $1 million in property tax revenues the first year that it is operating. City officials expect pier repairs to begin in late 2010.

Under terms of the preliminary lease, the developer would pay the city $1.4 million in rent starting in year 21 of the agreement — an amount that would increase by two percent each year afterwards under the proposed 75-year lease. The company will pay the city approximately $1.4 million a year for the first 20 years of the lease to cover payments on the industrial revenue bond that will fund repairs at the pier, city officials said. The city serves as a pass-through for the low-interest loans, which are financed by outside investors.

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