Prosper Portland Board approves key decisions at August Commission Meeting

Prosper Portland Board approves key decisions at August Commission Meeting

August 29, 2024
NEWS RELEASE
Contact: Shawn Uhlman, Prosper Portland, 503-823-7994

Among several action items, the Prosper Portland Board of Commissioners approved six potential tax increment finance (TIF) districts, which, if approved by City Council, will guide public investment in development projects for years to come.

On Wednesday, August 28, the Prosper Portland Board of Commissioners approved several key decisions.

“This was a busy day, and evening, for us,” said Board Chair Tavo Cruz. “We’ve set the course for the future of TIF project work throughout the city, reaffirmed our partnership with one of the key developments set to occur in the Central Eastside, authorized a loan on the first conversion of a building from office to residential use, and took key steps toward hiring Prosper Portland’s next executive director who will guide all of this essential work in the coming years. I could not be prouder or more excited about the actions we took on behalf of the agency and our city.”

The Board voted to approve six potential TIF districts. Three districts are located in the Central City: Central Eastside Corridor, Lloyd-Holladay, and Westside and three are located in East Portland: 82nd Avenue Area, East 205, and Sumner-Parkrose-Argay-Columbia Corridor. Following this action, the six proposed districts will head to the Planning Commission in September and early October, with a briefing to the Multnomah County Commission in September and then to Portland City Council for a work session on Wednesday, September 11 and finally to a City Council public hearing and vote on Wednesday, October 23 and 30, respectively.

In other actions, the Board approved a term sheet with the Oregon Museum of Science and Industry (OMSI) related to the development of the OMSI Central City Master Plan, and an Intergovernmental Agreement (IGA) with the City of Portland Bureau of Transportation to provide nearly $17 million in funding for infrastructure improvements. Together, Prosper Portland’s public investment and partnership with OMSI helps to deliver on their plans for more than 3 million square feet of new mixed-use buildings; 1200 new housing units; collaboration with tribal governments and indigenous communities; and building an economic hub for innovation, arts, culture science learning and climate action.

The Board also approved a $4.35 million construction loan to the owners of the Falcon Building, which is located in Old Town. The loan provides a portion of the funding necessary to convert the 98-year-old structure from an 85,500 square foot office building into a 59-unit middle-income residential apartment building.

Finally, the Board voted to adopt hiring guidelines, including job description and salary range, to inform the recruitment and selection of a new Prosper Portland executive director. Current Executive Director Kimberly Branam will be departing the role at the end of September, having been with the agency for 13 years, including the past eight years as Executive Director. The Board plans to name an interim director in mid-September and will meet next week to discuss the steps necessary to advertise for and select a new permanent executive director.

Quotes from partners on the approval of new TIF districts

Sabrina Wilson, Executive Director of the Rosewood Initiative

“In addition to the deep work I did alongside my fellow working group members, the project team engaged in meaningful and thorough community engagement throughout this process. I want to extend my gratitude to Paula Byrd and the Prosper Portland staff, who not only provided valuable engagement and education to our working group but was also deep in community, engaging a wider range of communities, bringing broader perspectives, priorities, hopes, and desires for TIF as a tool for economic vitality in East Portland.”

Corky Collier, Executive Director of the Columbia Corridor Association

“There is very little question or disagreement on using TIF to build a more livable community. Columbia Corridor businesses matter because they employ more people of color and more people without 4-year degrees in a family-wage job than any other sector. The real value of this becomes clear when you imagine some of those jobs going away. Statistically speaking, if an industrial job is lost, that employee will likely have to work in the retail or service sectors, making almost exactly half of their industrial wages. This is not good for our region, not good for neighborhoods, and not good for people. This TIF district overlaps residential and industrial areas with the intention of leveraging each to benefit all.”

Monique Claiborne, President and CEO of Greater Portland, Inc.

“I come here today in support of the creation of 6 new TIF districts in Portland. GPI and Prosper Portland have been partners for many years, and we work closely with Prosper Portland’s Business Advancement Team on business recruitment projects. The creation of new TIF districts in Portland furthers GPI’s mission of increasing Greater Portland’s competitiveness as a home for businesses that create quality jobs. Portland’s Central City is the hub of the region’s economy, and focused and strategic investments to revitalize areas by attracting large employers, supporting small businesses, and fostering a vibrant and inclusive neighborhood will have significant impacts on the wider economy in Portland and the region.”

Margaret Salazar, CEO of Reach Community Development

“The 45% affordable housing set-aside in TIF districts is an important investment in Portland’s future. In the Central City, this funding will enable the development of mixed-income housing that ensures all residents, regardless of income, can continue to live in and contribute to the heart of our city. In East Portland, an allocation of at least 45% for housing is even more critical. This area has long been underserved and is now facing significant pressures from rising housing costs. Allocating TIF funds to affordable housing in East Portland will help us stabilize and repair existing homes and protect existing residents from displacement. I want to reiterate REACH’s strong support for the creation of new TIF districts. Together, we can invest TIF funds to create economic growth in an inclusive way so that Portland remains a city where everyone, can find a safe, affordable place to call home.”

Peter Andrews, COO and EVP of Brokerage at Melvin Mark Brokerage Company

“Our Central City requires tools like TIF to reinvest and reimagine how we create a Central City that families want to live, visit, work and play in.”

Josh Pangelinan, Small Business Owner

“It’s the level of empathetic consideration that gives me faith in the future of TIF funding for our communities.  Baked into every part of the governance of the 82nd Ave district is this high level of humility and scrutiny. This plan gives me hope that inequality and gentrification do not need to be the outcome of finally giving this community the investment it badly needs. When presented with a thoughtful solution that promotes the equitable outcomes and enrichments that we all agree are desperately needed, we must not be hamstrung by the fear of committing the same sins of the past. We can do better, and I am proud to have played a small part in ensuring that this plan will do better for East Portland.”

Jill Sherman, Co-Founder of Edlen & Co

“We have work to do that will require business, nonprofit, philanthropy, and government sectors to work together and we will need resources for both affordable housing and other economic development initiatives on both sides of the river.

This work is critically important for large scale redevelopment and I am firm believer that we can accomplish more together than individually. I want to thank Prosper Portland staff for their leadership on this work.”