General Electric says it will reimburse the state for the massive incentive package that helped convince the company to move its headquarters here from Connecticut, as it looks to sell its future Fort Point headquarters property and scales back its ambitions.

The board of MassDevelopment — a quasi-public agency that owns part of the property — approved a plan on Thursday to jointly market the 2.7-acre site with GE. The sale proceeds will reimburse the agency for the $87.4 million in state money that has been used to acquire and prepare the Fort Point parcel.

GE, however, is not leaving Boston. The struggling company said it will still move into two brick buildings at Necco Court after renovations are completed, but won’t come close to creating the 800 jobs it originally promised.