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Troutdale urban renewal agency outlines $8–11M investment and limited options to revive Confluence site
Summary
Urban renewal staff told the agency budget committee the Confluence site (Sandy River waterfront and Sharon Nesbet Park) carries roughly $8–11M in public investment, limited cash, and outstanding TIFF/non‑TIFF debt; redevelopment negotiations continue but project financing and market conditions constrain options.
At the Urban Renewal Agency budget session convened during the April 20 meeting, staff outlined the agency’s constrained finances around the Confluence (Sandy River waterfront) site and described ongoing but uncertain negotiations with prospective developers.
Staff said the city and the agency have invested close to $8–11 million to prepare the Confluence site, including cleanup and the Sharon Nesbet Heritage Park. That investment has left the agency with limited cash: the riverfront development fund showed a modest cash balance and non‑TIF debt owed to the city (about $5 million) plus a $1.5 million loan from a brownfields program; the TIF-backed debt principal was about $2.3 million. Staff said repayment to the city general fund will be contingent on future development and real-estate sales, not immediate cash flow.
Agency staff described possible financing pathways — tax increment financing when development occurs, state loan or grant programs, and potential public–private partnerships — but emphasized that many of the proposed capital appropriations (including a placeholder for a 257th Way access improvement) are contingent on developer agreements and external financing. Staff also noted much of the current value of improvements is on tax‑exempt public parcels, which does not increase the taxable base needed to service TIF debt.
“We have been negotiating with developers ... Those negotiations are still ongoing,” staff said, noting the exclusive negotiation agreement had technically expired but talks continued. Staff cautioned that elevated interest rates and market conditions mean substantial additional public subsidy or a willing private partner are likely needed.
The agency’s budget message and public comment period reflected that uncertainty; one public commenter (Stephen) asked for confirmation that debt repayment to the general fund depends on development and sale, which staff affirmed. Agency members asked for further analysis on contingencies and possible loan structures; staff said the city might borrow and then lend to the agency or pursue forgivable loans from state programs as one pathway.
