Prosper Portland reveals new tax incentive development districts, OKs OMSI funds
Prosper Portland approved 6 new Tax Increment Financing Districts. PROSPER PORTLAND
By Suzanne Stevens – Editor,
Portland Business Journal Aug 30, 2024 Updated Aug 30, 2024 2:12pm PDT
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The Prosper Portland Board has proposed six new tax increment financing districts throughout the city.
TIFs are designed to spur development in economically challenged areas. TIFs work by freezing property taxes at a base rate in urban renewal districts for a fixed period of time, say 20 years. Any increase in property taxes above that base can be borrowed against to help fund projects. The rise in property values and taxes can eventually be used for repayment of any borrowed funds.
TIF-funded projects could include parks, streetscape improvements, community centers or housing developments.
One recent example: The Portland Housing Bureau in early August awarded more than $40 million for construction of 230 affordable housing units as part of the Broadway Corridor redevelopment. Tax increment financing accounted for $4.5 million of the total.
The proposed TIFs (see maps below) were approved at Prosper Portland's Aug. 28 meeting.
The districts must be approved by Portland City Council. A public hearing on the districts is scheduled for Oct. 23. A vote is scheduled for Oct. 30.
In addition to the TIFs, the Prosper Portland Board approved a term sheet to support OMSI's planned 24-acre mixed-use waterfront redevelopment. The plan calls for 1,200 new housing units and millions of square feet of new development.
The term sheet and an Intergovernmental Agreement with the Portland Bureau of Transportation that will provide nearly $17 million in funding for infrastructure improvements on the 11 sites identified for redevelopment.
The board also approved a job description and salary range to guide the hiring of a new Prosper Portland executive director. Kimberly Branam announced on Aug.16 that she's leaving to become chief trade and economic development officer at the Port of Portland. Her last day is Sept. 27.
Prosper Portland approved 6 new Tax Increment Financing Districts
PROSPER PORTLAND
PROSPER PORTLAND