Big news from PDC:
Today, the City of Portland announced a settlement has been reached with the Friends of Urban Renewal (FOUR) over a plan amendment related to the River District Urban Renewal Area. According to the terms of the settlement, the Portland Development Commission (PDC) will reduce the maximum indebtedness of the district from $549.5 million to $489.5 million. In exchange, FOUR will dismiss their appeal to the Land Use Board of Appeals (LUBA) and acknowledge that decisions of how to make those reductions will be made solely by the PDC.
"The Friends of Urban Renewal played an appropriate role of being a second set of eyes on some very important investment plans," said Mayor Sam Adams. "I appreciate their diligence and willingness to work towards compromise at a time when public resources are so critical for jump-starting the economy."
The compromise frees the City from the delays associated with the LUBA process, which could have extended well into winter 2010. Thanks to this negotiated settlement, the City can begin to once again address some of the most pressing public investment priorities for the area, such as:
- Moving forward on building the Resource Access Center to open by 2011.
- Investing in our City's century-old Amtrak train station, and leveraging federal dollars available now to upgrade it and improve the experience for customers.
- Supporting our small businesses and retailers, who are struggling and need access to public dollars for small-scale capital improvements.
- Harnessing the River District's prime location to grow Portland companies and recruit companies to Portland.
"We are pleased that the City and PDC were willing to hear our concerns about drawing a clear connection between urban renewal projects and curing blight," said Tim Ramis, legal counsel representing FOUR. "We trust that the process creates more confidence in their stewardship of property taxes."
