The Portland Development Commission offered Vestas an unprecedented $8.1 million loan to keep the turbine-maker in the city.
The Portland Development Commission offered Vestas an unprecedented $8.1 million loan to keep the turbine-maker in the city.
Officials with the Portland Development Commission and Vestas said the $8 million-plus loan and its favorable terms are crucial to sealing a $66.3 million deal to renovate a Pearl District warehouse into the Danish company’s new U.S. headquarters. The project, besides offering badly needed construction work, is expected to retain 400 jobs and generate 100 more within five years.
But there is a cost to taxpayers: as much as $2.6 million to cover interest payments that won’t be made by the project developer, Gerding Edlen.
Read more at OregonLive.com.
{biztweet}Vestas{/biztweet}
