The Maine College of Art is asking the city of Portland for a $16 million loan

Source

Portland Press Herald

Date

3-19-1994

Pages

1A, 10A

Abstract

The Maine College of Art is asking the city of Portland for a $16 million loan that would require the Portland taxpayers to subsidize interest payments to the extent of about $1 million over a 30 year period -- The college wants the loan at 3 percent a year, whereas 30 year municipal bonds are running between 55 and 65 percent interest -- College officials need the loan to renovate the former Porteous building at 522 Congress Street, and they argue that it is a good investment for the city because the successful completion of the project will raise property values on Congress Street -- The city council must approve the loan request, which will probably be opposed by the Portland Taxpayers Association

Subjects

Maine College of Art -- Portland

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