Urban Renewal Agency approves $1.2M in Riverfront District funds, including $1M for Steam Plant redevelopment
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Summary
The Urban Renewal Agency adopted its supplemental budget and allocated $1,200,000 for Riverfront projects: $1,000,000 for Steam Plant redevelopment and $180,000 to support affordable housing on Parcel 2; development teams will begin site investigation and predevelopment activities in FY26.
The Urban Renewal Agency on Dec. 8 approved its first supplemental budget for the 2025–27 biennium and included $1,200,000 in Riverfront District funding. Agency staff said $1,000,000 is earmarked to support redevelopment of the Steam Plant and $180,000 to support affordable housing development on Parcel 2; beginning in FY26 development teams will conduct site investigations and predevelopment activities eligible for reimbursement from urban renewal funds.
Public speakers at the agency hearing were split: some encouraged passage and praised the agency’s approach to site improvements, while others criticized the Steam Plant allocation and urged alternative financing or long-term leasing models. The agency adopted the supplemental budget 8–0.
Why it matters: The Steam Plant and Parcel 2 are anchor projects for the Riverfront District; urban renewal funding can unlock predevelopment work that positions public/private redevelopment. Opponents questioned the $1 sale precedent and whether the public subsidy is appropriate given other budget pressures.
Next steps: Development teams will proceed with site investigations and predevelopment work in FY26; the agency will oversee reimbursement and project phasing. Public commenters indicated they will continue to press for more public process and accountability on large redevelopment projects.