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Prosper Portland outlines TIF district plans, new Office of Small Business and office‑to‑residential pilots
Summary
Prosper Portland updated councilors on six newly created TIF districts, an incoming Office of Small Business, office‑to‑residential pilot projects in Old Town and progress on the OMSI central city master plan.
Prosper Portland briefed the City Council on Jan. 30 about initiatives tied to tax increment financing (TIF), a new Office of Small Business, and office‑to‑residential conversion pilots intended to catalyze affordable and mixed‑income development.
Interim executive director Shay Flattery‑Betin said the previous council created six new TIF districts—three in the Central City and three in East Portland—and that those districts will generate resources meaningful at scale beginning in roughly five years, when revenue accrues enough to support bond issuance. She emphasized that council will review and approve district action plans and any proposed spending; Flattery‑Betin said roughly 45% of revenues from the new TIF districts are expected to be allocated to the Portland Housing Bureau.
Prosper described the office‑to‑residential pilot projects underway in Old Town: construction loans approved for the Falcon Building and the Casket Building to convert vacant commercial floors into 59 and 34 affordable/low‑income units respectively. Flattery‑Betin said those conversions are pilot projects; she and others cautioned conversions can be more expensive in some cases and must be evaluated project‑by‑project.
Prosper said it is launching a new Office of Small Business to centralize wayfinding, navigation and customer‑facing supports for small businesses. The office will be led by Mitch Doherty (hired as manager) and will include small business liaisons. Prosper said it has already filled or offered several liaison positions and will coordinate with culturally specific business resource providers.
Flattery‑Betin also noted progress on the OMSI central city master plan: Prosper approved a term sheet with OMSI and an intergovernmental agreement with PBOT for a TIF contribution to build NE Water Avenue in support of future development, including housing and a proposed Center for Tribal Nations. She said the agency has been active on multiple development sites that pair Prosper financing with PHB and other investments.
Councilors asked about the five‑year wait before TIF revenues are available for large‑scale issuance and about governance, community leadership committees and oversight of action‑plan spending. Prosper staff said action plans and community leadership committees will guide specific investments and that council will approve the work plans that spend TIF dollars.
