PORTLAND — The city today will cut the ribbon on a new technology park off Rand Road. 

The event will mark the completion of the first phase of a project that officials hope will expand the city’s life science industry, which includes veterinary sciences, immunology, diagnostics, lab products and environmental biotechnology, and position the city to compete with areas like Boston.

“With more than 40 life science businesses, the Portland area is home to the largest cluster in the state and as we look to future economic development and opportunity we need to build the infrastructure like the Portland Technology Park to support growth and attract new businesses,” Mayor Michael Brennan said in a written statement.

There are currently no tenants in the 26-acre technology park, which envisions seven lots for buildings 10,000 to 40,000 square feet.

The first phase of the project consisted of building a 1,500-foot road and associated utilities for three buildings near the Fore River Sanctuary off Exit 47 on Interstate 95.

The $1.3 million project was funded equally through local tax dollars and a grant from the U.S. Department of Commerce.

Statewide, biotech industries employ more than 5,000 people and have generated $1.34 billion in revenue, with the economic impact for the state increasing more than 200 percent since 2002, the city said in a news release.