23 June, 2006

USA: Portland Council gives Shipyard Brewing Co. reduced property-tax break

The Portland City Council voted unanimously June 19 night to extend the Shipyard Brewing Co.'s property tax break for one year at a greatly reduced rate, The Portland Press Herald posted June 20.

The council agreed to extend the rebate at a rate of 1 percent - about $1,100 on a $110,000 annual tax bill, said Jack Lufkin, Portland's economic development director.

The existing tax agreement would have expired June 30. It gave the brewery's owner, Fred Forsley, an average annual rebate of 68 percent and saved him $700,000 over the past 11 years, Lufkin said.

Forsley wanted a 75 percent rebate each year for the next decade, which would have saved him about $1.1 million.

Lufkin said the council approved the extension to maintain the possibility of a larger tax break in the future while city officials consider ways to help Forsley with a $5 million expansion plan.

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