Prosperity Investment Program (PIP)
The Prosperity Investment Program (PIP) offers a matching, reimbursable grant that helps businesses and property owners make tenant improvements and small and large-scale improvements to new and existing buildings.
The program provides 75 percent matching funds for approved project hard and soft costs in all TIF districts. Total grant may not exceed $75,000 with a 75/25 match.
Who is this grant for?
The grant is for businesses and property owners, and 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, parking lots, landscaping or other permanent fixtures.
Soft Costs
Project development services such as architectural, structural engineering, environmental, market or financial analysis associated with physical construction. 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.
Eligible Areas
The project must be in one of the following areas:
- Central Eastside (75/25 match grant)
- Gateway Regional Center (75/25 match grant)
- Interstate Corridor (75/25 match grant)
- Lents Town Center (75/25 match grant)
- Old Town (75/25 match grant)
- North Macadam (75/25 match grant)
Eligible Properties
An eligible property:
- Is located in one of the Tax Increment Finance Districts listed above within the City of Portland;
- Is zoned for commercial/mixed use, employment, industrial or multi-dwelling; and
- Has all financial obligations related to the property paid current, including taxes and debt payments.
Program Details
The purpose of the Prosperity Investment Program (PIP) is to support and encourage business competitiveness and property redevelopment in order to increase access to high quality employment for Portlanders, foster wealth creation, and build healthy communities. PIP deploys tax increment finance (TIF) resources to support local community action plans and advance goals of fostering wealth creation through business ownership, while promoting a vibrant Central City and thriving commercial corridors through targeted investments in employment hubs, small businesses, entertainment, and cultural amenities.
Action Plan priorities used to review PIP grants in each TIF district are as follows:
Central Eastside
- Preserving industrial production/maker space
- Property owners who are providing long-term commercial affordability for commercial space
Gateway Regional Center
- Businesses that create goods or services, or serve food, that highlights international
cultures - Daycare providers and other multigenerational services
- Food and Beverage manufacturers
- Healthcare organizations providing community services
Interstate Corridor
- Business owners and people displaced by gentrification
- Business & property owners providing a product or service or tangible sustainable economic benefits to a historically underserved population
Lents Town Center
- Property owners who are providing long-term commercial affordability for commercial space
- Commercial Corridors on Foster, Powell, 82nd, & 122nd
Old Town
- Retail vibrancy/safety/security
- Historic preservation/seismic/cultural character
North Macadam
- Improve transportation infrastructure and accessibility
- Enhanced public amenities and uses, including greenway, riverfront improvements and access
- 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
- 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 75 percent matching funds for approved project hard and soft costs in all eligible TIF districts. Total grant may not exceed $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: 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.
- 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.
Let’s get started
Applying is easy. First, take a short quiz to see if your project is eligible. If you qualify, you’ll be directed to the PIP Grant application.
