October 22, 2010
For the first time since the creation of the Willamette Industrial Urban Renewal Area (WIURA) in October 2004, the Portland Development Commission (PDC) has tax increment funding available to assist businesses located in the URA. Together, the boundaries of the WIURA and the Interstate Corridor Urban Renewal Area include all of Swan Island, making funding available to eligible businesses throughout that industrial district.
The Willamette Industrial URA encompasses 756 acres and was created to encourage existing businesses to make new investments in their facilities or expand their operations and to attract new businesses into the area, particularly industrial, high-tech, manufacturing and distribution businesses. The URA is located on the east side of the Willamette River at Mock’s Bottom and Swan Island, and on the west side of the River, south of the Railroad Bridge. (Check out PDC’s website to see the WIURA boundaries [PDF]). All of the areas in the URA are currently zoned for industrial uses.
PDC’s business finance programs are designed to provide “gap” financing for eligible businesses — in other words, to make funds available to “fill the gap” or complement private debt and equity. PDC funds can be used for equipment purchase, real estate acquisition, tenant improvements, property development & rehabilitation, and, in some limited cases, working capital.
PDC also provides matching funding for technical assistance to help individual businesses increase productivity and lower their costs by finding production efficiencies and ways to reduce waste. Businesses are served through contractual partnerships with PDC’s technical assistance providers: the Oregon Manufacturing Extension Partnership and the Zero Waste Alliance.
For more information visit www.pdc.us/business, or call 503-823-3321.