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Portland Development Corporation considering low-interest loan pool to address downtown vacancies
Summary
Portland Development Corporation reviewed a proposed program to use downtown TIF funds to seed a low- or no-interest loan pool for tenants to make storefront improvements; PDC signaled support and staff will return with more details and a complementary vacancy ordinance.
Greg Watson, director of housing and economic development, gave a verbal update on the Portland Development Corporation’s (PDC) ongoing work to address downtown commercial vacancies.
Watson said the PDC met and agreed "they want to do something" to reduce extended storefront vacancies, and is considering using downtown TIF funds to seed a revolving pool of low- or no-interest loans to tenants for space improvements. "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," Watson said. He said funds would recycle back to PDC so the program could operate on an ongoing basis.
Watson and Michael Goldman, corporation counsel, said the PDC will finalize program details and bring a version to the committee; staff are also still developing a commercial vacancy ordinance that would come back to the committee and then the council. No formal committee action was taken on the PDC update, which was informational only.
