Portland approves $31m in NBDL arena tax breaks

The Maine Red Claws minor-league basketball team has been approved for a 30-year, $31 million tax exemption for a planned $100 million project that will, according to the Portland Press Herald, “include two office buildings, a hotel, an arena/convention center, a concert hall and a parking garage.”

No clue how they build all that for $100 million, and also not sure exactly how the financing on this works — press reports say that the city will receive $26.4 million from the project over 30 years, but not whether that’s rent payments or expected economic activity or what. One hopes at least that they get the Times in Maine, and read it before approving this deal.

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