PDC Prospector Adds Properties

Research shows that some site selectors go no further than the kind of initial online property search offered by Portland Prospector—so if your property isn’t listed there, you’re not in the game. Visitors to the Portland Prospector page on the PDC website www.pdc.us/sitesearch are now able to search for available sites by property type, size, for sale or lease. The database expands upon the site selection services PDC currently provides, which include customized site searches using a proprietary database available only by subscription. Through a search on Portland Prospector, visitors can also access information on the area surrounding a site, including demographics, labor force, and available housing. Users can also print maps and download custom reports for each listed property.

Contact Tim McCabe at PacifiCorp to get your properties listed: timothy.mccabe@Pacificorp.com, or by phone 503-813-5117.

Get Help and Dollars for Improved Efficiency

The Sustainable Business Assistance Program provides funding for companies to identify and implement cost and resource-saving programs. Matching grants of up to $7,000 are available to assist companies in the design of more efficient business processes. The program is operated by Zero Waste Alliance. ZWA works with your staff to develop a customized program that addresses a particular issue that your staff identifies. The Zero Waste Alliance has worked with companies like Restoration Hardware, Siltronic, and the Columbia Boulevard Wastewater Treatment Plant through this program. For more information contact griffina@pdc.us.

Oregon Production Investment Fund Tax Credits

Taxpayers with an Oregon tax liability may earn Oregon tax credits by contributing to the Oregon Production Investment Fund (OPIF). Contributions to the Fund, which will support rebates to qualified film productions shot in Oregon, are collected by the Oregon Economic and Community Development Department (OECDD) on behalf of the Oregon Film and Video Office (OFVO). When OECDD has confirmed to the Film Office that a contribution has been received, the Film Office will issue a tax credit certificate to the contributor. Contributions must equal 90% of the tax credit issued—so a $1,000 contribution will yield a $1,111 tax credit. OPIF tax credits may be held over for up to three years. OPIF tax credits may also be sold, and the seller must notify the Oregon Department of Revenue that a credit has been sold in order for the sale to be effective.

OFVO may issue up to $1 million worth of tax credits per calendar year, and can begin taking contributions to the OPIF immediately. However, OFVO cannot issue any actual tax credit certificates until July 1, 2005.

The Portland area is home to much of Oregon’s television broadcasting, film & video production, and creative freelance talent.

As such, the region saw $342.8 million in direct output by film & video in 2002, which stimulated $686.3 million in total economic output. As a well-compensated, labor-intensive industry, film & video was responsible for $278.6 million in labor income and 8,219 jobs. Much of that income was earned by the self employed and small businesses.

For more information visit www.oregonfilm.org or send an email to veronica@oregonfilm.org.

• Our understanding is that contributions to the Oregon Production Investment Fund can be treated as a charitable contribution on federal tax returns—however, we strongly recommend contributors consult their own advisors.

New Market Tax Credits

The New Markets Tax Credits (NMTC) program, established by Congress in 2000, is designed to stimulate $15 billion in private investment in businesses located in qualified census tracts. The credit is claimed by investors who make equity investments in privately managed investment vehicles that have received NMTC allocation authority. These organizations are called Community Development Entities (CDEs). The Portland New Markets Fund I, LLC, is a certified CDE.

CDEs are required to invest the proceeds from the tax credit-derived equity in businesses that operate in federally designated low-income communities. These investments typically take the form of business loans and equity investments, or real estate development loans and equity investments. The appeal of the NMTC program is financing availability on favorable terms for businesses and real estate developers/owners.

The Portland New Markets Fund I, LLC, has received an allocation of $100 million in New Markets Tax Credits. Equity from these tax credits will be invested in real estate and businesses in federal qualified census tracts. As investment bankers to the Portland New Markets Fund, The Portland Family of Funds is currently analyzing a series of real estate investment opportunities in the city where tax credits could provide additional equity to facilitate transactions. Property owners and developers who are seeking the benefits of these tax credits may contact the Portland Family of Funds using the web-based Funding Inquiry page at www.portlandfunds.com.

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