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Umatilla Basin, local revolving funds could support Front Street development, speaker says
Summary
Umatilla Basin Properties and a partner discussed possible financing pathways including a subsidiary's funds and a local revolving loan fund to underwrite raw land or construction, but participants said details and eligibility need further review.
Developers and partners told the housing committee that financing could come from multiple sources, including a revolving loan fund and subsidiary capital that Umatilla Basin Properties might contribute. Robert Eckenold said his organization and affiliated entities have invested in regional real estate and could consider participation, depending on project scope and criteria.
Greg Smith, described in the meeting as a partner who helps finance community projects, was asked to clarify whether local lending mechanisms would finance raw land acquisitions or only construction. Committee members asked for more specifics on eligibility and whether the funds would cover utility installation or only building costs. No binding financing commitment was made during the meeting.
