A city-owned business subdivision in Portland may get its second tenant – five years after the property opened.

The City Council’s Economic Development Committee on Tuesday night endorsed granting an option to buy a 3½-acre parcel in the Portland Technology Park to Capricorn Products LLC, a biotechnology firm in the city.

Under the deal, Capricorn would have 12 months to buy the parcel, off Rand Road, from the city for $420,000.

The proposal still needs approval from the full City Council. Read full story