The funds provided by this bond issue, in the amount of $4,000,000, will be used to protect Union Wharf in Portland Harbor as a working wharf by compensating the Gulf of Maine Research Institute for the loss in value, based on a qualified, independent real estate appraisal, resulting from restricting the uses of the wharf to commercial fishing, aquaculture, seafood processing, piloting, marine salvage, marine hazard response, marine construction, marine operations, marine research and development, marine exploration and
44 other marine-dependent and marine-related industries or similar uses that may emerge over
45 time. A minimum of 35% of the linear feet designated by the Gulf of Maine Research
46 Institute for vessel berthing at Union Wharf must be allocated to berth commercial fishing
47 vessels and aquaculture vessels if there is demand. The restrictions must be set forth in a
48 recorded declaration of covenants and restrictions encumbering Union Wharf. The
49 restrictions will be monitored and enforced by the Department of Administrative and
50 Financial Services or an independent conservation trust or working waterfront trust
51 approved by the State.