Comments on: Oregon in time crunch to use recovery bonds

By: Vestas’ passes the bucks to Intel « Daily Journal of Commerce – Building and Construction News in Portland, Oregon and the Pacific Northwest

Mon, 01 Nov 2010 23:19:51 +0000

[…] only stipulation with the program was that the bond had to be ready to sell by Dec. 31 of this year. The state of Oregon also put in a place a deadline of this past Friday for projects looking to get […]

By: Steve

Steve — Sat, 28 Aug 2010 03:03:48 +0000

“Local government officials admit that the federal process has been daunting, and that finding the right projects has been tiresome.”

Dear god, did I read this right?

Local govt gets a special one time offer to borrow a bunch of money with the hope they can repay it later so they can blow it on projects they don’t even know what they are?

We are screwed with this bunch of clowns on both the Fed and local levels.

By: Patrick Quinton

Patrick Quinton — Fri, 27 Aug 2010 00:12:20 +0000

Just to clarify a point in the article about the City’s threshold for issuing public debt – the City’s minimum rating requirement for publicly offered conduit revenue bonds is A3/A- or better. Lower rated bonds must be sold via a private offering to accredited investors.

By: Nick Bjork

Nick Bjork — Thu, 26 Aug 2010 18:02:27 +0000

Old Town,

Multnomah County and the entire city of Portland has been designated a recovery zone. The criteria to create a recovery zone is pretty loose. The city of Portland made it because it fell above the unemployment trigger and above the foreclosures trigger set forth by the federal goverment. As far as I’m aware a city or town only needed to meet two of the criteria to create the zone, and Portland as a whole made it.

Thanks for reading.

By: Old Town

Old Town — Thu, 26 Aug 2010 17:47:48 +0000

What about this?

IRS Notice 2009-50; SECTION 4.02 RECOVERY ZONE FACILITY BONDS, RECOVERY ZONE PROPERTY: Section 1400U-3(c)(1) defines the term “recovery zone property” to mean any property to which § 168 (relating to the accelerated cost recovery system) applies (or would apply but for § 179 (relating to electing to expense certain depreciable business assets)) if: (A) such property was constructed, reconstructed, renovated, or acquired by purchase (as defined in § 179(d)(2)) by the taxpayer after the date on which the DESIGNATION of the recovery zone took effect; . . . .” [Emphasis added].

Portland ORDINANCE No. 183653: Authorize the creation of a recovery zone under the provisions of the American Recovery and Reinvestment Act of 2009 to issue Recovery Zone Economic Developrnent Bonds and Recovery Zone Facility Bonds (Ordinance). Ordinance designating the recovery zone filed 02/26/2010.

14th & Everett, LLC [AKA Gerding and Edlen] purchased the property February 2007, that is, the property was acquired before the designation of the “recovery zone.”

A Perspective