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PDC discusses proposed TIF-funded downtown improvement loan program; board asks staff to revise guidelines
Summary
Portland Development Corporation discussed proposed guidelines to use downtown TIF funds to support storefront improvements in the Arts District, including options for no-interest loans, eligibility and amount; board members requested revisions and agreed to revisit the item next month.
The Portland Development Corporation held an extended discussion of proposed downtown improvement loan guidelines that would use up to $250,000 of downtown TIF funds to offer no-interest loans (initial proposal: up to $10,000 per property) to support storefront and streetscape improvements in the Arts District, particularly along Congress Street.
Nancy, PDC staff, summarized the program’s purpose: to provide a financial incentive to encourage property owners and businesses to improve storefronts, address lighting and accessibility (including ADA) and otherwise activate vacant or underinvested commercial properties. She said staff received input from community members and from an email from Matt Bonapani and noted that the draft guidelines…
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