PORTLAND, Maine — Payment-processing services company Wex is ready to move its corporate headquarters to Portland now that City Council approved the sale of the waterfront property.

But it still must receive Planning Board approval and complete negotiations with a developer.

Wex envisions a four-story, 100,000-square-foot (9,290-square-meter) building. Developer Jonathan Cohen agreed to pay $3.3 million for the land. The deal is expected to close by Oct. 1.

Wex President and CEO Melissa Smith tells the Portland Press Herald that the developer plans to go before the Planning Board in early September.

About 40 percent of its employees would relocate to the new building. The company has about 800 employees and 200 contract workers in South Portland.