Media Release

February 4, 2009

Redevelopment Funds Available in Interstate Corridor Urban Renewal Area

Funds Intended to Move Projects Forward in the Interstate URA

New funds are available to property owners and long-term leaseholders embarking on commercial redevelopment projects in the Interstate Corridor Urban Renewal Area (ICURA). The Portland Development Commission’s (PDC) Commercial Redevelopment Loan Program provides financial assistance for property development or rehabilitation demonstrating a significant public purpose and supporting the goals of the URA Plan, which can include:

• Redevelopment of vacant, abandoned or under-utilized sites;
• Redevelopment of buildings;
• Preservation of historic buildings;
• Implementation of mixed-use, transit-oriented development.

Generally, the loans supplement primary financing and make a project financially feasible. Loan types available for this particular program include construction and permanent financing. Funding for this program is through tax increment financing and, therefore, must be tied to the infrastructure and physical improvements (including tenant improvements) of real estate projects within urban renewal areas.

Applicants are encouraged to contact PDC staff for additional information or to get answers to questions regarding project eligibility, the application form and selection process.

Applications can be submitted any time before February 27, 2009 for the winter review and May 1, 2009 for the spring review. Applications will be judged within a competitive pool and allocations are subject to budget availability.

Complete details about the loan program are available at www.pdc.us/icuraloan. Applicants may also contact Estee Segal at 503-823-3317, or by email at segale@pdc.us. To determine if your property is within the Interstate Corridor Urban Renewal Area, visit www.portlandmaps.com.

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PDC was created by Portland voters in 1958 to serve as the city’s urban renewal agency as laid out in Chapter 15 of the City’s Charter. PDC provides comprehensive housing, development and economic development programs within the Portland region.

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