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PDC loans and grants for projects in urban renewal areas

Commercial property redevelopment loans assist private partners with redevelopment, new development and tenant improvements that encourage property revitalization and wealth creation. Generally, these loans provide up to 10 to 20 percent of project funding.

Storefront improvement grants provide business and property owners with design assistance. Money can be used for a variety of improvements, such as paint work or a purchase of new windows and awnings. Grants can be as much as $32,000, but not more than 75 percent of project costs.

Development opportunity services grants assist property owners seeking to evaluate potential projects’ feasibility by providing real estate development expertise and technical assistance. Reimbursement by the PDC is for up to $12,000, but not more than 80 percent of predevelopment costs.

Community livability grants can be used for real property improvements at new or existing community facilities, in open spaces or for preservation of historic or cultural community assets.

Green features grants assist businesses making sustainable improvements and adopting sustainable practices.

Business finance loans assist businesses with equipment purchases, property acquisitions, working capital and credit enhancement.

Longtime Northeast Portland developer Roslyn Hill admitted that her relationship with the Portland Development Commission in the past 20 years has not always been smooth. However, she added that some of her projects would have been difficult to complete if she had not participated in some of the PDC’s programs.

That is why Hill was one of the first property owners to step up to take advantage of the programs when the city decided to expand the into five surrounding areas. Now PDC officials want to ensure that property owners in the expanded areas know how to take advantage of opportunities.

鈥淚t’s difficult to work with any organization,鈥� said Hill, who is working on a project in one of the Interstate Corridor expansion areas. 鈥淏ut while there have been challenges, especially in the beginning, I believe our relationship has been beneficial for both the city and myself.鈥�

After realizing that Interstate Corridor URA money remained after allocations were made for all projects targeted, the PDC decided to expand the area to include Martin Luther King Jr. Boulevard, portions of Alberta and Killingsworth streets, the south side of Lombard Street, the St. Johns Town Center and a portion of the soon-to-expire Oregon Convention Center URA.

According to PDC spokesman Shawn Uhlman, the expansion was intended to let more business and property owners take advantage of PDC programs funded by tax increment financing.

Programs offered in the expanded Interstate Corridor URA include: storefront improvement grants, development opportunity services grants, business finance loans, commercial property redevelopment loans, community livability grants and green features grants.

Hill is familiar with PDC programs. She used a storefront improvement grant in 1992 to help develop a building at the corner of Northwest 14th Place and Alberta Street that is now occupied by restaurant Tin Shed. In 1997 she used both a storefront improvement grant and a development opportunity services grant to help pay for demolition of a building and construction of one to take its place.

鈥淚 heard about the PDC through another developer that was getting funding on (Martin Luther King Jr. Boulevard),鈥� Hill said. 鈥淥nce I started to work with the PDC I would keep fliers (about its programs) in the coffee house and make sure to tell people about the opportunities.鈥�

Hill and Jeana Woolley, another local developer, are looking to construct a mixed-use building on a former brownfield site in St. Johns. Now that the site is in the Interstate Corridor URA, Hill is looking to use a development opportunity services grant and potentially some other gap financing from the PDC, she said.

鈥淚n these economic times, getting financing is difficult,鈥� she said. 鈥淭hese can help.鈥�

But PDC officials want to be sure that others in the expanded areas also are aware of possible urban renewal benefits.

According to a financial assistance overview for the PDC, its grants and loans can be used to assess options for developing vacant or underutilized property, assist with project feasibility and help finance a portion of a project’s construction and/or permanent costs.

鈥淲e’re working extensively on outreach and education to business and property owners right now,鈥� Uhlman said. 鈥淲e’ve done five presentations so far to let them know about our services and how they can and cannot help.鈥�

Uhlman said the presentations will continue, and that people unable to attend a presentation may learn more by speaking with Stephen Green, North/Northeast relationship manager for the PDC.

鈥淪ometimes it’s hard to get the word out after you’ve worked on something like the expansion for so long,鈥� Uhlman said. 鈥淏ut we just want people to let us know what they are doing, and we can see if there’s a way to help.鈥�