A Development Agreement is a binding agreement that outlines the project timing, the amount of public investment, and public benefits to be achieved. The Development Agreement requires recommendation of the Prosper Portland Finance Investment Committee and Executive Director, and approval by the Prosper Portland Board of Commissioners.
August 14, 2019 Board Meeting Minutes
These actions by the Prosper Portland Board of Commissioners (Board) authorized the Executive Director to negotiate and execute various real estate and funding agreements to complete Lents Town Center Phase 2, a mixed-use, mixed-income development project located on 4.8 acres of Prosper Portland-owned real property at SE 92nd Avenue between SE Ramona Street and SE Harold Street in the Lents Town Center Tax Increment Finance (TIF) district. When complete, Lents Town Center Phase 2 will include:
- Redevelopment of 40,698 square feet of existing buildings known as the Bakery Blocks into a neighborhood commercial center with a public plaza, neighborhood tool library, and renovated commercial spaces.
- Development of approximately 244 residential rental units with a mix of affordable and market rates in compliance with the City of Portland (City) Inclusionary Housing policy, and associated infrastructure and parking.
- Development of affordable residential rental units on a site known as Block F though a future Portland Housing Bureau (PHB) Notice of Funding Availability (NOFA).