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Oregon City approves adaptive‑reuse agreement for 703–705 Main, tying loan forgiveness to specific rehab work
Summary
The commission voted to approve a development agreement with Donna London’s London D Investments to rehabilitate the long‑vacant 703–705 Main building, converting a loan to a grant as specified work is completed and verified. The agreement was revised to specify replacement of both storefront doors.
Oregon City’s commission on May 6 approved a development agreement with London D Investments to rehabilitate 703–705 Main under the city’s adaptive‑reuse program.
Anne Griffin, the city’s economic development staff person, outlined the terms: removal of a rear shed, reconstruction of the rear roof, raising the first‑floor commercial ceiling by about 4 feet, installation of new storefront windows and door(s) at 705, opening the currently closed basement to create five office units, and installation of a new fire‑suppression and fire‑alarm system. Griffin said the agreement includes a loan‑forgiveness provision that converts the loan to a grant once staff inspects and verifies completion of each required improvement with photographs and a project completion report.
"The way that the program works is that the participant in the adaptive reuse agrees to undertake specific improvements at the facility," Griffin said in her presentation.
Commissioners asked about schedule flexibility and small technical edits to the draft agreement. Griffin noted the development period shown in the draft was corrected to 160 days and said the city would be willing to negotiate reasonable extensions if circumstances — illness or schedule delays — prevented finishing exactly on time.
Commissioner questions also focused on storefront work. Commissioner Rocky Smith asked whether the document’s language referring to a single commercial door reflected the project, and staff agreed the record should specify replacement of both doors. "It will be so amended," Griffin said when asked about correcting the language.
The commission moved and seconded approval of the agreement as amended to refer to two doors and recorded a roll‑call vote in favor. Staff said the loan‑forgiveness conversion will proceed after the building inspector verifies the listed improvements and approves the project completion report.
The agreement is intended to restore a currently vacant commercial space, leverage additional investment in the 1908 building, open the basement to office uses and provide a unified storefront appearance. City staff will monitor compliance with the construction schedule and verify the documented scope of work needed to trigger loan forgiveness.
