The project was started in 1997 by Portland developers Selwyn Bingham and Sylvia Cleaver, who began the project with their own money but slipped into bankruptcy in 1999 when they were unable to secure financing.
In bankruptcy, the city and Enron gained control of the project, and then last month accepted a $2.3-million buyout offer from Dorn-Platz. The city receives $1.9 million of that sum and Enron gets the remainder.
The new development agreement reportedly does not include tax and fee waivers that were in the city's agreement with Bingham and Cleaver. The duo saw $219,000 in development application fees waived along with a 10-year property levy worth another $300,000. And, of course, this time around, there is a very clear financing requirement.
Dorn-Platz is expected to resume construction of the unfinished office and apartment in September and complete the projects by February or March 2002. Two more office buildings, another apartment building and a parking structure with an athletic club are scheduled for completion in late 2004.
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