Tax Increment Financing (TIF) Districts
TIF is a state-authorized, redevelopment and finance program designed to help communities improve and redevelop areas that are physically deteriorated, suffering economic stagnation, unsafe or poorly planned.
Prosper Portland (formerly known as the Portland Development Commission) plays a major role in making Portland one of America’s most livable cities, using urban renewal as a tool to focus public attention and resources in specific areas of the city. Prosper Portland helps Portland realize capital projects – parks, streetscape improvements, community centers –that would not happen on their own.
Prosper Portland leads the planning and implementation of comprehensive projects that fulfill Portland’s goal of creating healthy, vibrant neighborhoods throughout the city. The agency focuses on implementing plans unique to each urban renewal area, using an integrated approach to revitalization that includes commercial, retail/institutional, residential/mixed use, streets, mass transit and parks development.
Since its establishment in 1958 as the city’s urban renewal agency, Prosper Portland has managed 25 urban renewal areas and/or programs, primarily locally funded. The four earliest, and federally funded urban renewal projects were the Albina Neighborhood Improvement Plan, Portland State Urban Renewal, Emanuel Hospital Urban Renewal, and the Model Cities/Neighborhood Development Program. The remaining areas, with debt funding via local taxes, conform with current URA definitions and include three closed/debt-retired areas (South Auditorium, NW Front Avenue, St. Johns), eleven existing URAs, and the Neighborhood Prosperity Initiative Districts.
In March 2015, a set of amendments to six URAs resulted in releasing approximately $122 million in property taxes to taxing jurisdictions and providing $97 million to Prosper Portland to invest in projects that will compel economic growth and real estate development in the North Macadam and Central Eastside URAs.
Urban renewal continues to evolve to meet the wisdom, goals and community needs of the times.
The Airport Way Urban Renewal Area has attracted job-generating investment in the hundreds of millions and is home to the vibrant, mixed-use Cascade Station retail center.
With its entrepreneurial vibe, industrial properties and proximity to the waterfront and downtown, the CES is a focal point for Prosper Portland's strategic economic development goals.
Prosper Portland investment continues to strengthen downtown’s role as the heart of the region’s economic growth and success.
Gateway Regional Center
Opportunities abound in Gateway to support small businesses and spark vibrant, economically healthy neighborhoods.
Capacity-building to support business growth, job creation and social equity plays a critical role in Interstate,
Lents Town Center
Job generation, small business support, and development that fosters equitable growth and community vibrancy are the focal points for Prosper Portland’s work in Lents.
Public and private investment has generated remarkable growth in the North Macadam URA, with new jobs, enhanced public amenities and innovative urban living.
Oregon Convention Center
As a close-in, central city URA, OCC has multiple opportunities for commercial revitalization and community wealth building. It is home to the Lloyd District and the long-awaited Convention Center hotel, the Hyatt Regency Portland.
River District is home to the flourishing Pearl District, Old Town/Chinatown, and the Broadway Corridor, a once-in-a-generation opportunity to demonstrate inclusive, sustainable, memorable and financially successful redevelopment.
South Park Blocks
Our support for the South Park Blocks focuses on the area as a thriving downtown retail core, a healthy mixed-income residential neighborhood and, through PSU, as an economic generator.
The WIURA was formed to help existing businesses expand, attract new employers to the area, and expand the supply of serviced, developable industrial lands.