Home>How has Prosper Portland’s use of TIF evolved?
How has Prosper Portland’s use of TIF evolved?
Prosper Portland’s use of TIF resources has been progressive. TIF has supported Action Plans in Old Town, North/Northeast,Gateway, and Lents with goals like affordable commercial tenanting and investments that align with the agency’s strategic goals for healthy neighborhoods and widely shared prosperity.
In 2011, the creation of the Neighborhood Prosperity Network employed a community-city partnership to build capacity for community-specific economic development. The shift in TIF usage also redirected focus toward low-income populations and communities of color. However, these NPN districts are small and limited in duration, generating very modest tax increment finance revenue over a decade. The Cully TIF District area contains two NPNs, Our 42nd Avenue and Cully Boulevard Alliance. The East Portland exploration area contains four NPNs: Rosewood Initiative, Division-Midway Alliance, Historic Parkrose, and the Jade District.
The newest TIF district in Cully will bring new resources to help stabilize Cully residents and businesses vulnerable to displacement, so they can stay and benefit from the prosperity that inevitable growth can bring, rather than be pushed out and replaced by it. The Plan was created using a co-creation model and the process was community-led. A new Cully Community Leadership Committee will guide decision-making related to the use of TIF funds for the life of the district.