[we] structured it,” said Board Chair Tom Kelly. “The role we play is still unique in terms of our ability to take the kind of risk, be the kind of patient lender and do the ownership piece without making the transaction costs prohibitively high for the institution. No one else can step up and do the deal the way we’ve done it, and that’s an ongoing role for us as a public agency.”
The deal deployed an array of tools, including the historical monument transfer process, historic tax credits, new market tax credits and multiple Prosper Portland programs, including the predevelopment grant of $740,000, bridge financing of up to $12.7 million, and redevelopment loan funds up to $7.6 million. What’s more, the project complied with the agency’s Equity and Green Building policies, and paid prevailing wages.
The college celebrated its move to the new campus in early March 2015, a location that bridges the Pearl District and Old Town and holds much promise for invigorating the neighborhood. While Prosper Portland provided the project with a $20 million loan package, one of the largest in the agency’s history, the school’s fundraising efforts were so successful it didn’t borrow the full amount.
Pacific Northwest College of Art moves into light-filled new home, David Stabler, The Oregonian, 3/5/15