Media Release

June 24, 2008

Funds Available for Projects in
Oregon Convention Center Urban Renewal Area

The Portland Development Commission (PDC) announces that funds are now available for property owners and long-term leaseholders embarking on commercial redevelopment projects in the Oregon Convention Center Urban Renewal Area (OCC URA). The Commercial Redevelopment Loan Program provides financial assistance for property development or rehabilitation demonstrating a significant public purpose and supporting the goals of the OCC URA, which can include:

1. Redevelopment of vacant, abandoned or under-utilized sites
2. Redevelopment of buildings
3. Preservation of historic buildings
4. Implementation of transit-oriented development

Generally, the loans supplement primary financing and make a project financially feasible. Loan types available include acquisition, predevelopment, construction, and permanent financing. Funding for this program is through tax increment financing and, therefore, must be tied to the infrastructure and physical improvements (including tenant improvements) of real estate projects within urban renewal areas.

Applicants are strongly encouraged to attend one or more informational sessions to get answers to questions regarding project eligibility, the application form and the selection process. An informational session will be held Tuesday, July 1 at Irvington Village (420 NE Mason at Martin Luther King, Jr. Blvd.) from 4:30 p.m. to 6:30 p.m. PDC staff will present details about the loan program and be available to answer questions. Additional informational sessions are currently scheduled for October 21, 2008 and February 24, 2009.

Applications are accepted on a continual basis. PDC staff will review applications on July 31, 2008, November 21, 2008 and March 24, 2009. 

Complete details about the loan program are available at: www.pdc.us/occredevloan, or by contacting Sara King at, kings@pdc.us, or 503-823-3468.

###

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