Portland Development Commission, March 2003

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Portland Development Commission, March 2003
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PDCs CurrentUrban Renewal Areas
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What is TIF?Future tax revenues payfor
revitalization efforts

• Boundaries are drawn and taxbase frozen
• Bonds are issued to finance projects
• Rises in property values above the base (TIF) go
  to pay off the bonds
• Other jurisdictions continue receiving the income
  from the frozen base plus an agreed upon released
  assessed value amount

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What Urban Renewal Can Do

• Improves and revitalizesspecific areas of the
  city
• Attracts new businessesand increases jobs
• Adds public improvementsand enhanced livability
• Stimulates private investment
• Increases property values
• Serves as an economic development tool

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Urban Renewal Timeline
Featured PDC History

• 1970
• Ira Keller fountain dedicated. The New York Times
  deemsit the most important urban space since
  the Renaissance.
• Emanuel Hospital Urban Renewal Area designated

• 1961
• Tax Increment Financing approved by voters

• 1960
• South Auditorium designated Portlands
  firstUrban Renewal Area

• 1958
• PDC Chartered
• First meeting held July 14, 1958

• 1964
• Albina Neighborhood Improvement Program begun,
  bringing new parks, streets, single-family
  rehabilitation and other area improvements

• 1979
• St. Johns Urban Renewal Area designated

• 1978
• Northwest Front Avenue Urban Renewal Area
  designated
• Wacker Siltronic builds wafer fabrication
  facility
• Rosenblaum Plaza completed largest federally
  assisted multi-family rehab project west of the
  Mississippi

• 1980s
• Downtown Marriott hotel and KOIN tower completed
• Pioneer Courthouse Square completed
• PDC completes 10,000th low-interest home rehab
  loan
• Significant investment from Japanese firms

• 2000
• Major transportation infrastructure improvements
  made to support Portland International Airport
  (PDX)
• Improvements made to Airportway Drive, the
  primary auto corridor to PDX

• 2001
• The Willamette Rivers eastbank is reclaimed with
  a new Eastbank Esplanade trail completing a
  3-mile loop around the river for pedestrians,
  joggers and cyclists
• A floating walkway is the longest in the U.S. at
  1,200 feet

• 1971
• King / Vernon / Sabin Neighborhood
  developmentprogram started
• Focus on revitalization and housing continues

• 1977
• Waterfront Park Phase I completed
• Downtown Transit Mall renovation project completed

• 1972
• Downtown Plan drafted
• Eliot Boise / Humboldt Neighborhood
  Developmentprograms begin

• 1976
• Urban Conservation Fund begins PDCs role
  inhistoric preservation
• Harbor Drive closes Portland reclaims its
  waterfront

• 1990s
• Oregon Convention Center opens
• Pioneer Place shopping center, Phase I opens
• Gateway constructed to Chinatown entrance
• River District and Lents designated URAs

• 2003 and beyond
• Interstate MAX light rail is nearing completion
  and is ahead of schedule (opening Spring 2004)
• City Council adopts the North Macadam Plan, a
  140-acre major development within Portlands
  Central City

• 2001
• Airport MAX light rail project completed
• CascadeStation development improvements completed

• 2001
• Classical Chinese Garden opens in the River
  District, the crown jewel of this new
  neighborhood
• The centerpiece of a spectacular revitalization,
  the garden receives a Governors Livability Award

• 2002
• Portland State Universitys urban plaza is a
  significant transit stop for the new Portland
  Streetcar
• The development houses the School of Urban Studies

• 2003 and Beyond
• South Waterfront District (Urban Renewal Area)
• Last large parcel available for development
  within the Central City (130 acres)

• 1990s
• RiverPlace development provides premiere
  residenceson the waterfront
• A hotel, shops and restaurants line a scenic
  promenade adjacent a public greenspace

• 1974
• Downtown Waterfront Urban Renewal Area designated

• 1966
• Designation of Portland State University Urban
  Renewal Area expanded campus, converted park
  blocks to pedestrian mall
• Portland selected as one of 63 cities for Model
  Cities Program and receives federal assistance to
  improve neighborhoods

t h e l e g a c y c o n t i n u e s
MAX light rail is connecting the heart of
Portland withthe region

• Prime waterfront property will integrate an urban
  and natural environment

South Auditorium predevelopment

• Eastbank Esplanadepredevelopment

• Interstate MAX service beginsSept 2004

The new street car line connects Portland State
University with the Pearl District and NW Portland

• RiverPlacepredevelopment

Seawall atWaterfront Park
Harbor Drivepredevelopment
Chinese Classical Garden
St. Johns Bridge
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The Era of Grand Projects South
Auditorium Before
and After
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The Era of Activism Waterfront Park Before
and After
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The Era of Activism Pioneer Courthouse
Square Before
and After
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The Era of Activism RiverPlace Before
and After
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Recent PDCUrban Renewal Projects
Walnut Park
Airport Light Rail
Eastbank Esplanade
The River District
Chinese Garden

• PSU Urban Plaza Streetcar

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Urban Renewal
Performance Measures

• Five urban renewal areas studied represent just
  5 of the Citys geographical area yet represent
  11 of its assessed value
• Improvement to land values have increased in four
  of the areas above the city average
• Assessed real market value per acre in each
  district is at least 3 times greater than when
  the districts were created
• Increases in tax assessed real market values
  within each urban renewal area have outpaced
  citywide growth

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Urban Renewal
Performance Measures

• Since 1990, crime has been reduced in four of the
  areas anywhere from 24.5 to 67.8 compared to
  citywide reductions of 15.9
• In the past five years alone, urban renewal
  efforts have helped create or retain more than
  10,000 jobs and have helped create or
  rehabilitate more than 7,700 single and
  multi-family homes
• Two-thirds of all residents favor the concept of
  urban renewal

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In Closing -) Getting our Message Across
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You are invited to visit thePortland Region to
see a competitiveand healthy community at work.
Executive Department 1900 SW 4th Ave., Suite
7000, Portland, OR 97201 503-823-3220 or email
winstonw_at_pdc.us www.pdc.us