X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PORTLAND-The Downtown Waterfront Urban Renewal Area will persist for another four years. The Portland Development Commission voted Wednesday to extend the URA’s life and continue to issue bonds in order “to “finish what we started in building a healthy Downtown,” says PDC executive director Don Mazziotti.

PDC commissioners say they soon will begin detailing priority projects to be completed with private and public partners. “We have been reviewing this decision for three months, meeting with our taxing district partners and Downtown business and community groups, and receiving feedback from private citizens at public meetings and through email and letters,” adds Mazziotti. “The large majority of our partners and constituents really want us to extend the Area Plan, and we are listening.”

As the city’s urban renewal agency, the PDC charge is to serve as a catalyst for, and a participant in, a collective, public effort to focus attention and resources in blighted or underused areas to stimulate private investment and improve livability. Currently PDC manages 10 active urban renewal areas within the City of Portland.

Projects within a URA are funded with public bonds that are paid off by the increase in property tax revenue created from improvements to properties within the URA. Projects completed under the Downtown Waterfront Urban Renewal Area include public works projects such as Tom McCall Waterfront Park, Pioneer Courthouse Square and the Saturday Market, and commercial developments such as the Pioneer Place retail development.

Metro, Multnomah Educational Service District, the Port of Portland, Tri-Met and Multnomah County have all sent letters supporting this decision. Additionally, at a public hearing in November, all but one testified in support of extending the district and issuing additional bonds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.