BAR HARBOR, Maine (AP) A Canadian firm operating a high-speed ferry between Maine and Nova Scotia says it will spend $3 million to improve a proposed new base in Bar Harbor.

The town received the 15-page proposal to relocate The CAT from Portland to Bar Harbor last week. The Bangor Daily News reports Bay Ferries says it will spend $3 million in infrastructure improvements to the idle property and will also pay Bar Harbor at least $200,000 in annual rent for five years.

The Bar Harbor Town Council will discuss the proposal and will speak directly with Bay Ferries CEO Mark MacDonald.

Based on its projections, the firm predicts it could pay the town around $260,000 in rent in 2019, $294,000 in 2020, and $326,000 in 2021.