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Portland Development Corporation advancing low‑interest loan pool to reduce downtown commercial vacancies
Summary
The Portland Development Corporation (PDC) is moving toward a low- or no‑interest loan pool, backed by downtown TIF funds, to help tenants and property owners make improvements and reduce storefront vacancies; the PDC expects to consider a final version at its next meeting.
The Portland Development Corporation (PDC) is developing an incentive program, expected to be funded from downtown tax increment financing (TIF) resources, that would offer low‑ or no‑interest loans to tenants or small businesses to finance improvements aimed at reducing downtown commercial vacancies.
Nut graf: The PDC discussed a plan to create a revolving pool of cash from downtown TIF funds to issue low‑ or no‑interest loans to tenants. Program repayments would return to the PDC to replenish the pool for future use.
Greg Watson, director of housing and economic development, briefed the committee on the PDC conversation and said the corporation "want to do something" and "the intention is to use some of the downtown TIF funds to facilitate cash going into a pool that would be premised on a low or no interest loan to the tenants so that they could undertake improvements." He said the PDC requested staff revisit and finalize details at the PDC's next meeting and staff anticipates PDC approval of a version of the incentive program at that meeting.
Committee members had no further questions during the update and thanked staff for the work. Watson said staff and PDC are also finalizing a separate downtown vacancy ordinance to present to the committee and council.
Ending: The PDC is expected to refine terms and vote on a version of the loan/incentive program at its next meeting; staff will bring the finalized program and any ordinance updates back to the Housing and Economic Development Committee and then to the City Council.
