Oregon Convention Center:
URA Redevelopment Loan Program

Important Dates

• November 21, 2008: PDC review of applications
• December 19, 2008: Notification of application status

• February 24, 2009: Informational Session
• March 24, 2009: PDC review of applications
• April 24, 2009: Notification of application status

Oregon Convention Center Urban Renewal Area
Redevelopment Loan Program Evaluation Criteria

Failure to meet one of the evaluation criteria does not automatically disqualify an application.  However, the more criteria met, the stronger the application will compete against others in the pool.

Evaluation criteria for pre-development applications

General

Program

• Proposed project meets OCC URA plans and/or MLK Jr. Blvd Action Plan goals - www.pdc.us/occ
• Project is mixed-use (contains two of the following uses: office, retail, residential, community service, commercial) OR project contains commercial condominiums

Evaluation criteria for construction or acquisition applications

General

• Meets Commercial Property Redevelopment Loan Guidelines www.pdc.us/property
• Acquisition must include development or be related to business need – immediate construction/renovation
• Loan request must be at least $50,000

Project Readiness

• Completed conceptual/schematic design (may be waived for acquisition)
• Completed preliminary pro forma  
• Completed market analysis or similar supporting information supporting financial feasibility (if applicable)
• Obtained letter of interest from lending institution
• Certainty of moving (i.e. letter of interest from bank, lease proposals, etc)

Project Program

• Proposed project meets OCCURA plans or MLK Jr. Blvd Action Plan goals www.pdc.us/occ
• Project is mixed-use (contains two of the following uses: office, retail, residential, community service, commercial) OR project contains commercial condominiums.
• Total amount of loan shall be targeted as no more than 20% of total project cost.
• Ground floor must contain an active use, as described by the zoning code.
• Commercial projects have a minimum FAR of 1:1 for new construction.
• Project conforms to applicable zoning regulations and design standards.

Other Evaluation Criteria

While not required, preference will be given to applications which meet the following:

• Owned property for at least 5 years
• Applicants demonstrate that they have pursued additional resources such as PSU Business Outreach, SBA Loan fund, Mercy Corp micro loan.

Informational Sessions

Applicants are strongly encouraged to attend one or more informational sessions to get answers to questions regarding project eligibility, the application form and selection process. Informational sessions will be held October 29, 2008, and February 24, 2009. Staff will present information about the loan program and then be available to answer any questions you have about the application and selection process.

Applications are accepted on a continual basis; however, staff will review applications three times during the fiscal year: July 31, 2008, November 21, 2008, and March 24, 2009.

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

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