South Park Blocks Accomplishments
Westside Urban Renewal Area Study

SUMMARY OF ACHIEVEMENTS

PDC's Economic Development department provides a variety of services to assist companies making location and expansion decisions, as well as programs that help businesses succeed in the Portland metro area.

PDC's business services include outreach visits, regional site selection studies, briefings and tours; business finance programs; business incentives and development assistance; economic and demographic data to help decision makers, and industry development facilitation.

In the last 5 years (since 3/03), PDC has visited 49 businesses and has provided assistance to another 30 in the South Park Blocks URA through its Business Retention and Expansion program. PDC’s Business Retention and Expansion program provides direct business services to support companies’ growth in the City and the region.

PDC’s flagship business finance programs include a low cost loan (Quality Jobs Program) tied to job creation and/or a cash grant (Economic Opportunity Fund) tied to capital investment. The funds must be used to cover the costs of capital expenditures (land, building, tenant improvement, equipment). Individually or in aggregate, these programs can provide up to $750,000 to offset the company's capital expenditures.

Over the life of the South Park Blocks URA, PDC has provided 20 loans totaling $3.5 million and leveraging $11.7 million in private sector investment. These investments have retained and created 1,066 permanent quality jobs. Additionally, PDC has provided 61 Storefront grants totaling almost $537,000 and leveraging $15.6 million in private sector investment.

EXAMPLE PROJECTS

Business Finance:

WebTrends Corp.
WebTrends is an Internet services company that needed to expand and was thinking of moving out of the city due to high costs. PDC met with company representatives in late 2005 in response to a letter sent to PDC citing the high costs of being downtown. At the time, the company was reviewing whether to extend its lease in the Fox Tower, move to another facility downtown, or opt to move outside of the city all together.

PDC offered financial assistance through its Quality Jobs Program and Economic Opportunity Fund, and in early 2006 WebTrends chose to remain downtown, moving from the Fox Tower to a new and larger space at 851 SW 6th Ave. PDC’s assistance of $750,000 leveraged $789,000 in private sector investment. PDC’s assistance helped WebTrends retain its existing 211 jobs, and facilitated the creation of another 119 permanent quality jobs at the company’s new location.

Asterix Group
Asterix was a growing creative services firm when it approached PDC in 2004.  The company was renting a 500-square foot office space in Sellwood to accommodate its three employees.  Projecting significant growth and the addition of seven more employees, the company signed a lease for a 2,408-square foot office in a building at 406 SW 13th Avenue in the South Park Blocks URA.  With $92,000 in assistance from PDC’s Quality Jobs and Economic Opportunity Fund programs, Asterix was able to fund tenant improvements in its new location to facilitate its growth.

Latte No Sugar
Since its inception in 1987, Latte No Sugar Co. (LNS) has provided high quality reporting and transcript services to the legal community, both locally and nationally. The company employs only certified and experienced court reporters. The company had outgrown its office space on SW Barbur Blvd when it secured a new 1,540 square feet at the Tilbury Building at 1123 SW Yamhill St. in the South Park Blocks Urban Renewal area. They plan to relocate the business to the downtown core as a means of continued revenue growth, retention of existing employees and attraction of additional qualified employees. A PDC Quality Jobs Program loan of $50,630 and a PDC Economic Opportunity Fund grant of $16,950 will enable LNS to finance the relocation and required property improvements. The company currently employs 17 with plans to add 6 employees over the next 2 years. 

Storefront:

Westcafe
Westcafe is a new restaurant that located in the space vacated by the Western Culinary Institute on SW Jefferson and 12th Ave.. PDC provided a Storefront Improvement grant to assist Westcafe move into its new space and improve the building facade, leveraging significant private investment with a $12,000 grant.

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