Prosperity Investment Program (PIP)
Contact: PIP Team via email
The Prosperity Investment Program (PIP) offers a matching grant that helps businesses and property owners make tenant improvements and small and large-scale improvements to new and existing buildings.
The program provides 50 percent matching funds for approved project hard and soft costs in certain TIF districts. Total grant may not exceed $50,000, except for the Interstate Corridor TIF District, which offers up to $75,000 with a 75/25 match.
The match for the grant may be financed through Prosper Portland. In order to provide benefits to the widest range of eligible recipients, a grant recipient or property owner may only receive one PIP grant within a 10-year period. PIP grants cannot be used to improve single family residences. Property must be zoned or have an allowed use of: Commercial, Employment, and Industrial or Multi-Dwelling.
The project must be in one of the following areas:
- Central Eastside (50/50 match grant)
- Gateway Regional Center (50/50 match grant)
- Interstate Corridor (75/25 match grant)
- Lents Town Center (50/50 match grant)
- Old Town (50/50 match grant)
Apply for the PIP Grant
First, take a short quiz to see if your project is eligible. If you qualify, you’ll be directed to the PIP Grant application.
What you can use your grant for
The grant may be used for both physical improvement (hard costs) and eligible consulting assistance (soft costs) to support for-profit related business and property-related improvements associated with commercial, industrial, mixed-use, and market-rate housing projects.
Program Equity Goals
Program investments are awarded using social equity goals and managed to maximize public benefit. Investments are targeted to deliver outcomes unlikely to occur without the resources.
PIP Grants are awarded to support business competitiveness and/or property redevelopment in projects that meet at least one of the following public goals:
- Secure access to high quality employment for Portlanders,
- Foster wealth creation for people of color and within low-income neighborhoods,
- Build healthy communities in line with local community action plans.
- The business location must be up to date with the payment of the property taxes. Check your taxes here.
- You have not currently started construction on your project
- You have the ability to complete your project within 6-12 months
- If you are not the property owner, you have established a long-term lease (3-5 years) and you have the approval of the property owner to do the improvements
- There is a requirement of this grant to utilize women and minority owned contractors of at least 20% of your project expenses.
- Your business must have a City of Portland business license and State of Oregon business registry.
- You will need to use a licensed contractor with a CCB# to complete your project.
- Any work that requires a permit must be fully researched, filed and included with grant documents upon approval of application and submittal of bids.
Availability of Funds: The Program provides 50 percent matching funds for approved project hard and soft costs in certain TIF districts. Total grant may not exceed $50,000, except for the Interstate Corridor TIF District, which offers up to $75,000 with a 75/25 match.
Funds are subject to budget availability.* The Program may be targeted to specific geographic areas or priority populations as needed to meet Prosper Portland strategic goals and community action plans. Some program incentives may not be available in all areas or for all eligible applicants.
A grant recipient or property may only receive one PIP grant within a 10-year period. This allows us to provide opportunities that benefit the widest range of eligible recipients.
Eligible Work: The grant may be used for both physical improvement (hard costs) and eligible consulting assistance (soft costs) to support for-profit related business and property-related improvements associated with commercial, industrial, mixed-use, and market rate housing projects.
Hard Costs – Signage, lighting, storefront, or mechanical systems, tenant improvements, roofs, sidewalks, parking lots, landscaping, or other permanent fixtures.
Soft Costs – Project development services such as architectural, engineering, legal, environmental, market or financial. Grant funds for soft costs may not exceed $25,000. Prosper Portland, at its sole discretion, may require use of a professional consultant for certain projects where such advice is likely to improve the project or business competitiveness.
Ineligible Work: The following uses are not eligible to receive Grant funding given funding restrictions and Grant purpose:
- Non-permanent fixtures, personal property and equipment, government uses within publicly owned buildings
- National franchises
- Locally owned franchises with more than three locations
- Non-profit organizations, with the exception of non-profits located in Old Town
- Businesses that exclude minors during all business hours
- Work completed prior to a grant agreement being executed.
In limited cases grants may be sanctioned for one of these uses with Executive Director approval.
Approvals: Prosper Portland has the sole authority to determine eligibility of proposed work and confirmation of completed work. Certain work may be required or precluded as a condition of funding. Participants will be responsible for obtaining necessary regulatory approvals, including those of the City Design and Landmark Commissions where applicable, the State Historic Preservation Office, the City of Portland building permits and any other necessary permits. All work must comply with city, state and federal regulations.
Bidding: Grantee shall utilize certified Minority or Women-Owned firms to perform 20% or more of the project work by cost. The Grantee may only be released in whole or in part from this requirement by demonstrating that: 1) There are no certified firms available to complete the project tasks or sub-task or 2) The bids are significantly more costly than non-certified firms.
If the applicant is a licensed contractor, an additional bid must be submitted to validate the applicant’s bid. Contractor fees and overhead for applicant owners will not be reimbursed. All contractors must be licensed by the State of Oregon. All construction contracts will be between the applicant and contractor. Prosper Portland reserves the right to reject the Grantee’s proposed contractor(s).
Commitment of Funds: Grant funds will only be disbursed for work completed after a Grant Agreement is executed. Prosper Portland will review and approve proposed work and ensure all other conditions are met prior to issuing a Grant Agreement and allocating funds to the project. The Grant Agreement will outline additional terms and conditions of the matching grant and will serve as the legal commitment of both parties as to the scope and quality of work and the amount of funds committed.
Reimbursement of Funds:
Prior to reimbursement of funds, all completed work will be reviewed by Prosper Portland staff for compliance with the Grant Agreement. At Prosper Portland discretion, the contractors or consultants may be paid directly if reimbursement is deemed a financial hardship for grant recipient.
General Conditions: The following general conditions will apply to all projects:
- Improvements funded by the grant will be maintained in good order; graffiti and vandalism will be dutifully repaired.
- Property taxes must be current, and participants may have no debts in arrears to the City when the Grant Agreement is issued.
- Compliance with the City of Portland Business License, and registration with State of Oregon, is required.
- The Applicant must complete, sign, and submit a W-9 for disbursement of funds.
- All projects will display signage indicating Prosper Portland’s involvement in the improvement work during construction.
- Grantees will be required to retain records for potential Prosper Portland audit.
- Grantees will be required to repay grant funds if the terms of a grant agreement are materially breached.
Affordability: Reduced lease rates for priority tenants to keep them from being priced out of the market or to allow access to a particular market. Affordability is defined as 25%, or less, of prevailing commercial or industrial market rates in the area
Community Action Plan: Any plan that Prosper Portland formulates with community input intending to implement the Prosper Portland Strategic Plan or other community goals.
High Growth Business: average annual growth of 3-10 times its year-over-year revenues.
Immigrant: a person who comes to a country to take up permanent residence
Industrial Preservation: Preservation and growth of industrial space within the Central Eastside.
Race Categories: For the PIP Grant, Prosper Portland uses definitions of race informed by Coalition of Communities of Color.
Refugee: a person who flees to a foreign country to escape danger or persecution
Tax Increment Financing (TIF): A funding method used by Prosper Portland and other urban renewal agencies in Oregon and nationwide that dedicates a portion of property taxes generated within a defined boundary (the tax increment finance district) to fund projects, loans and grants within the TIF district created in Portland by City Council.
Traded Sector: Businesses that generate at least 50% of revenue from outside the region, or have specific prospects to do so.
Target Industries/Sectors:
- Green Cities Products & Services (alternative energy, energy efficiency and environmental sustainability)
- Athletic and Outdoor Gear
- Metals & Machinery (advanced manufacturing)
- Technology & Media (software development, film production, etc.)
