Pierce Atwood, the state's largest law firm, is seeking a $2.7 million tax break to move its Portland offices to the waterfront.
The law firm is planning to leave its headquarters in the 10-story building at One Monument Square when its lease expires next March and move its 175 employees to a five-story building next to the Portland Fish Pier, according to the Portland Press Herald. Pierce Atwood would lease the building, now occupied by Cumberland Self-Storage, from owner Waterfront Maine. The tax break would help offset some of the costs of renovating the building and would require Waterfront Maine to pay just over half the taxes levied on the property over the next 20 years. Though the tax break would go to the building's owner, the law firm would benefit from it through terms of its lease, according to the paper. The renovation is expected to add $12 million to the city's tax base.
Pierce Atwood had originally considered moving to South Portland, but Greg Mitchell, the city's economic development director, stressed the importance of keeping it in Portland and the economic impact of its employees and clients on the city. The city council's Community Development Committee is expected to discuss the tax break request Wednesday.
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