FAQs

Prosper Portland is both a generator – and a follower – of news and events. As a public agency, most of what we do is a matter of open record, and we are committed to providing accurate, timely and appropriate information on our projects and business affairs.

Prosper Portland’s office is located in Portland’s Old Town/Chinatown district.

Prosper Portland
220 NW Second Ave, 2nd Floor
Portland, OR 97209-3859
Phone: 503-823-3200
Fax: 503-823-3368

Use Google Maps for detailed public transit directions to our office.

We focus on building an equitable economy by carrying out a comprehensive range of economic development programs that support small business, improve access to workforce training, and create jobs for Portland residents. We work with partners to drive public attention and resources to different areas of the city, which helps Portland realize capital projects – parks, streetscape improvements, community centers –that would not happen on their own, making it a better place to live for all Portlanders.

In April 2023, Portland City Council approved Advance Portland: A Call to Action for Inclusive Economic Growth. The goal of this five-year citywide plan is to embrace and manage inclusive growth. Its actions support competitive industries and the development of green products and services. At the same time, the plan seeks to address barriers to growth, inclusion, and innovation.

Urban renewal is a state-authorized tool to invest property tax revenues in projects that ultimately result in higher property values in a designated urban renewal area, and which draw private investment that stimulates economic growth, job creation, and broader prosperity throughout the city.

Typically, cities designate an urban renewal agency with the authority to raise and leverage money to help revitalize neighborhoods. Prosper Portland is that agency for the City of Portland. Prosper Portland was established (as the Portland Development Commission) by City Charter in 1958.

The urban renewal process, very simplified, involves:

  • Working with the affected communities to draw a line around the urban renewal area thus establishing an Urban Renewal Boundary.
  • Working with the affected communities to create a list of desired improvements. This is the Urban Renewal Plan.
  • Locating and combining various funding sources to accomplish the work in the Plan. Prosper Portland coordinates this often difficult task.

Prosper Portland has played a critical role, through its projects and programs, in the city’s coveted reputation for smart urban development, including delivery of affordable housing and improving the quality of life for all Portlanders. Investments in nationally recognized, partnership-driven projects like the Williams & Russell Project, Pearl District, Eastbank Esplanade, the Portland Mercado, Pioneer Courthouse Square, and the Leach Botanical Garden put Portland on the urban planning map and draw talent and attention to the city.

However, in the City of Portland and Prosper Portland’s history there are projects and investments that also caused harm with impacts that reverberate today. Some of the agency’s historic development work deemed thriving communities of color “blighted,” and vibrant, diverse neighborhoods like South Auditorium and Albina were destroyed in the name of progress.

In the early 2000s, Prosper Portland leadership recognized the need for change and started to review its approach and policies. Some of the key actions indicative of Prosper Portland’s move toward more equitable and inclusive practices include:

2005- 2009

Prosper Portland enters into the South Waterfront Central District Apprenticeship Agreement (2005), adopts a Business & Workforce Equity Policy across major investments and projects (2007), and adopts a Five-Year Economic Development Strategy (2009). These policy changes were a clear acknowledgement that achieving prosperity for all residents requires explicit investments in retaining and growing businesses and workforce, funding innovation, and continuing to invest in key transit, infrastructure, housing, and urban development projects.

2010-2014

Prosper Portland adopted the Neighborhood Economic Development Strategy (2011) and the Equity Policy (2013) to incorporate an equity lens as an essential tool in every project. This strategy also incorporated a different approach to partnership, employing the community-led, community-driven model demonstrated by the formation of the Neighborhood Prosperity Initiative districts (2011).

2015-2019

Prosper Portland adopted another Five-Year Strategic Plan (2015) and an Engagement and Communications Strategy (2016) to provide new models for building an equitable economy and a framework for a more clear and consistent way to talk about its work.

In 2018, a coalition of community-based partners in the Cully neighborhood approached Prosper Portland to explore a community-centered TIF district creation process that centers historically underserved, marginalized, and underrepresented community voices in that process. Prosper Portland participated in a co-creation model that centered those most vulnerable to displacement with an explicit goal of stabilization.

2020-2024

The Cully TIF District was adopted unanimously by City Council (2022). Responding to the impacts of the COVID-19 pandemic, City Council directed Prosper Portland and the Portland Housing Bureau to build off the co-creation model developed by the Cully TIF district process and conduct TIF Exploration work in both the Central City and East Portland (2023). These efforts involved extensive engagement with community and local government partners, which informed the development of a proposal for six new TIF districts, three within Central City and three within East Portland. The six new districts were unanimously approved by City Council (2024).

The East Portland districts (82nd Avenue Area, East 205, and Sumner-Parkrose-Argay-Columbia Corridor) will help address the urgent need to stabilize existing businesses and residents while supporting inclusive economic growth for current and future generations. The Central City districts (Westside, Central Eastside Corridor, and Lloyd-Holladay) aim to bolster opportunities for targeted public investments to move catalytic projects forward and create new, mixed-income neighborhoods on both sides of the Willamette River.

Tax Increment Financing (TIF) is a state-authorized redevelopment and finance program used by the City of Portland to improve neighborhoods through strategic investments in housing and economic development within a designated area. It leverages public resources (through property tax revenue growth) for re-investment in the community to benefit residents and businesses.

Each TIF District has a plan that is approved by the Portland City Council. The plan outlines specific goals, priorities, and projects that match the needs of the people who live and work in that area.

TIF is a way to use some of the property taxes you already pay to improve the community. When a TIF district is created, the City and County “freeze” the amount of taxes they collect from the area within the district boundary. Over time, as the tax base increases from new development and rising property values, that increase may be used to fund improvements in housing and urban and economic development, within that boundary, for the next 20-30 years.

When a TIF district is set up, the property taxes from that area are split into two parts: the “frozen base” and the “increment.”

  • Frozen Base: This money keeps going to local government agencies, like the City of Portland, Multnomah County, and school districts (such as Portland Public Schools, David Douglas, and Parkrose).
  • Increment: As property values go up, the extra property tax money (called the “increment”) goes to Prosper Portland and the Portland Housing Bureau to invest in improvements to the district.

Once the TIF district ends, the property tax increment is given back to the local agencies.

The rules for how TIF funds can be used are set by the State of Oregon. TIF investments are limited to physical improvements that are permanent, including new construction and improvement to existing buildings. Grants and loans can be made available to construct or improve commercial properties, affordable housing and infrastructure (such as parks, streets, sidewalks, and transit), make home repairs, and provide downpayment assistance. TIF funds cannot be used for on-going services, such as workforce development programs, business technical assistance, paying rent, paying for services for residents or businesses, ongoing safety, security, or maintenance.

The City Council-approved set aside policy requires at least 45% of TIF resources across all TIF districts go to the Portland Housing Bureau to support affordable housing activities. The remaining 55% goes to Prosper Portland for economic and urban development.

All Prosper Portland activities are guided by a budget developed by staff in conjunction with citizens, City Council, and various community partners. The budget spells out the specific work program of the city’s Tax Increment Finance (TIF) districts listed below as well as the Neighborhood Prosperity Initiative.

In October 2024, City Council approved six new TIF Districts – three in the Central City and three in East Portland.

If you would like a copy of Prosper Portland’s budget, you may download it from our Budget page, or contact us if you have questions.

Tax Increment Financing (TIF) is a way to use some of the property taxes you already pay to improve the community. When a TIF district is created, the City and County “freeze” the amount of taxes they collect from the area within the district boundary. Over time, as the tax base increases from new development and rising property values, that increase may be used to fund improvements in housing and urban and economic development, within that boundary, for the next 20-30 years. Once the TIF district ends, the property tax increment is given back to the local agencies.

There are four basic phases in the lifecycle of a TIF district:

  • Active: TIF proceeds are available in the district and the district is active.
  • Sunsetting: Limited TIF proceeds remain in the district, but work in the district is winding down.
  • Concluded: No TIF proceeds remain in the district; the district is largely inactive.
  • Terminated: The district is complete.

Funds and programming planned for the district are still being disbursed and implemented, but no additional funds will be flowing to the district. 

Prosper Portland offers a variety of commercial property and small business loans for businesses and projects located in the City of Portland. For more information about business loans through Prosper Portland, visit our Loans page.

Prosper Portland, as a whole, is governed by a five-member board of commissioners (often referred to as Prosper Portland’s Board) who are all local citizens appointed by the mayor and approved by City Council. Following approval by the Prosper Portland Board, urban renewal districts, bond sales, major projects and program changes are also reviewed and approved by City Council. Prosper Portland’s Board of Commissioners is governed by these bylaws.

Prosper Portland’s structure offers a greater degree of coordination than other major cities where urban renewal, economic development, and redevelopment issues are dispersed among several agencies.

Prosper Portland’s reporting structure—to its board rather than directly to the mayor or other councilor—was created to allow the agency to implement programs and focus resources independently and respond quickly to community needs.

Prosper Portland’s day-to-day functions are carried out through its Executive Director, Leadership Team, managers and support staff. The agency is a department of the City and its executive director reports to the agency board. You can read more about Prosper Portland leadership.

You can find more information about Prosper Portland’s five citizen commissioners on our Leadership page.

Prosper Portland conducts business at public meetings held on the second Wednesday of the month at 3:00 p.m. and the fourth Wednesday of the month at 8:00 a.m. at Prosper Portland offices, 220 NW Second Ave, in downtown Portland. For more information on Prosper Portland’s monthly meetings, contact the Public Affairs office at 503-823-3224 or view the Board Meeting schedule.

Prosper Portland is headed by an Executive Director and several division directors reporting to the executive director. Read more about our directors.

Prosper Portland has a staff of approximately 100.

Members of each department work in teams to deliver the full range of services Prosper Portland offers throughout the city. We also deliver job and industry development programs throughout the region.

Prosper Portland’s primary source of funding for projects and programs are debt proceeds generated through the use of tax increment financing. Additional funding comes from City of Portland General Fund allocations, federal and other grants, program income earned on asset management, contracts for services, and lending agreements.

Urban renewal is a state-sanctioned program designed to help communities improve and redevelop areas that are physically deteriorated, unsafe, or poorly planned. Prosper Portland, the city’s economic development and urban renewal agency, uses urban renewal as a tool to help specific areas of the city realize capital projects—parks, streetscape improvements, community centers, and the like—that would not happen on their own.

The Urban Renewal line item shown on tax statements received by property owners within the City of Portland represents the amount collected for urban renewal activities. This amount is a combination of Prosper Portland’s share of taxes assessed by taxing jurisdictions including the city, the county, and schools, and an urban renewal tax assessed by the City of Portland against all taxable property within the City of Portland. The urban renewal line item on your bill is not a new tax.

For more information on your property tax bill, contact the Multnomah County Property Tax Assessment and Taxation office at 503-988-3326.

In accordance with Oregon State Law, Prosper Portland records are available for inspection and/or copying by the public, unless specifically exempted from disclosure by state statute.

For more information, see our Public Records Requests page.