Airport Way

Infrastructure Improvements:

Cascade Station Infrastructure

PDC served as a financing vehicle for this $22.6 million project. The 120-acres Cascade Station is planned for a mixed use development containing retail, office and hotel development and includes two MAX stops. The infrastructure improvements include the new park blocks, streets and utilities. The Cascade Station development is slated to create up to 8,000 new jobs and $31.1 million in city tax benefits over 20 years. In a complex transaction, PDC and the Port of Portland executed a Master Development Agreement, which granted certain development rights in Cascade Station to PDC. PDC in turn, assigned these development rights in return for Cascade/Bechtel’s assuming PDC’s obligations on $28 million in TriMet bonds. Under the terms of the existing Trust Agreement and Master Development Agreement, PDC was the holder of a $14 million junior obligation note from Cascade Station LLC/Bechtel; in June 2005, the PDC Board approved a Restructure Agreement which reassigned development rights to 36 acres of land at Cascade Station to PDC as full satisfaction of the junior obligation.

PDC investment: $14 million.

Riverside Parkway Corporate Center (RPCC)

In January 2002, PDC purchased 38.4 acres of industrial land at the URA’s eastern edge to leverage high density, quality job development. PDC then undertook infrastructure improvements including the NE Portal Way cul-de-sac, half street improvement on NE 185th, utilities, and landscaping. A 4.72 acre-parcel was sold to locate the Portland Hospital Services Corporation there and generated $1.2 million in revenue. In June 2007, PDC sold another 13.5 acres to DP Partners, brining in over $3 million in PDC program revenue. The remaining 20.18 net developable acres at RPCC is currently being marketed by the Grubb and Ellis Compnay.

PDC investment: $9 million.

Columbia Slough Trailhead and Slough Trails:

PDC improved a portion of the 40-mile Columbia Slough trail at NE 169th Avenue, at Cascade Station and sections throughout the district. At NE 169th, PDC constructed the Slough Trailhead, a canoe launch and picnic area to increase the recreational value along the area’s waterway.

PDC investment in waterways and recreational elements: $5 million.

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