Development
Portland New Markets Fund I, LLC
Small Real Estate Project Fund

Proposals due November 17, 2006

Project Goal

Select one or more small commercial real estate projects for funding through the Portland New Markets Fund I New Markets Tax Credit allocation. Total project cost must be under $5 million.

Criteria

In order for the PNMF Advisory Board to ensure that its targeted community goals are met and for PNMF to ensure that it is meeting the technical requirements of the New Markets Tax Credits program, projects being considered for funding must meet the following criteria:

Real Estate Project: This benefit will be used for improvements to commercial and mixed-use real estate only. Approved use of funds must pertain to: property acquisition, new construction or the rehabilitation of existing real estate. Housing projects will not be eligible for this funding source.

Qualified Census Tract: Projects must be located in a qualified census tract as stated in the Community Development Financial Institution Fund (CDFI) guidelines. http://www.cdfifund.gov/. Portland Development Commission (PDC) contact can assist in looking up census tract data for potential projects meeting the criteria outlined in this section.

Project Readiness: Proposed projects must demonstrate readiness to move forward and show the ability to close within 6-9 months (approximately July 2007) in order to meet the NMTC requirements for advancing funds. Projects must demonstrate the need for subsidy.

Small Project: The total project cost must be less than $5 million.

Complete Proposal: A complete proposal must be received in order to be considered. See below for required proposal information.

Required Proposal Information

Complete proposals must include the following details and be submitted to the contact listed below no later than November 17, 2006:

• Project Overview and Description
• Sources and Uses Statement
• Proforma (10 Year)
• Status of Financing Commitments
• Concept/Schematic Architectural Plans
• Cost Estimate and GMP Status
• Permit Status
• Project Schedule for meeting July 2007 closing date
• Description of Public Goals Achieved

Project Submission Procedure/Public Process

PDC and the PNMF Advisory Board will be responsible for facilitating the public process, soliciting project proposals and conducting outreach to businesses/developers during the months of October and November 2006. The PDC Directors Collaborative and Portland Family of Funds (PFF) representatives will review the project proposals and will actively engage the PNMF Advisory Board for input to PNMF (comprised of PDC as Controlling Entity and PFF as Managing Member). On November 30, 2006, a priority list of projects will be recommended to the PDC Executive Director for execution of approval rights and additional milestones will be placed on the list of projects to ensure they meet the stated deadline. Selected project sponsors will be notified at that time.

PNMF is required to guarantee utilization and deployment of the NMTC funds, in addition to providing a guarantee protecting the investor against recapture of the tax credits. Therefore, a project must prove financial feasibility and the ability to close within 6-9 months in order to be considered for these one-time funds.

If excess funds are available, two or more projects may be selected.

Project Selection Criteria

Projects that meet the above criteria will be considered by the PDC Directors Collaborative, the PFF Investment Committee, and PNMF Advisory Board according to the level of:

• Community Impact: Proposed projects must meet the objectives outlined in the Community Impacts Measurement System matrix.
• Soundness of Proposal: The proposed project must demonstrate potential for success based on financial feasibility and leveraging of private funds.
• Qualified development team: The proposed project should demonstrate a strong and qualified development team.

Small Real Estate Project Fund Contact

If you have additional questions, please feel free to contact me directly about this one-time Small Real Estate Project Fund. Thank you for your interest.

Julie V. Cody
Portland Development Commission
Phone (503) 823-1102
Fax     (503) 865-3643
E-mail

for PDC's News & Information E-Mail Lists
Archive of sent E-Mails
Unsubscribe from our E-Mail Lists