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The Portland Development Commission introduced its new budget for fiscal year 2015-16 to the Portland City Council earlier this month. For the first time, the budget is tied to the agency’s new strategic plan, said PDC executive director Patrick Quinton.

鈥淭his budget is the first budget you’ll see that begins to implement our new strategic plan, and it’s broken down by funds as required by law,鈥� Quinton told city commissioners.

Action plans for Old Town Chinatown and Lents urban renewal areas are at the top of the list, Quinton said.

The Old Town/Chinatown Five-Year Action Plan, approved by City Council in August, calls for waiving the city system development charges for construction of up to 500 units for renters who earn up to 100 percent of the region’s median family income. The aim for the development subsidy 鈥� estimated at $7 million over the next five years 鈥� is to trigger diversification of the neighborhood’s housing stock, according to city officials. Currently, 72 percent of apartments in Old Town are restricted to low-income renters, compared to 6 percent citywide.

Old Town’s five year plan includes several 鈥渕easures of success鈥� that include:

• a net gain of five new retail stores;
• the creation of 500 new living wage jobs in the district;
• the creation of 500 new middle-income housing units;
• the rehabilitation of five buildings completed or under way ;
• the identification of a district parking strategy;
• the implementation of four annual neighborhood events using public space;
• the development of marketing collateral to promote district; and
• the implementation of Community Livability Grant projects.

The five-year plan for the Lents Urban Renewal Area calls for five town center redevelopment projects built or under construction, two West Foster redevelopment projects, and complete construction for the upper Garden at Leach Botanical Gardens and the Urban Grange at Zenger Farms. Other goals include serving 100 business and property owners through PDC grant and loan programs, and providing 75 families with financial assistance to buy or remain in their homes.

The PDC has just under $300 million in total resources for the coming fiscal year, Quinton said, with the bulk of resources on hand.

鈥淒ebt proceeds from bonds already issued 鈥� about $180 million 鈥� has been growing over the last few years because some projects have not moved forward as quickly as hoped,鈥� he said.

But with 鈥減ay-as-you-go鈥� short-term debt, the PDC doesn’t have to issue long-term new debt, Quinton said.

Commissioner Amanda Fritz said she would like to see housing in neighborhoods included in next year’s budget, an approach Quinton agreed with.

Commissioner Nick Fish questioned whether any money allocated for the Old Town Chinatown would be subject to settlement of lawsuits against the city.

Fish was referring to long-standing lawsuits filed against the city related to expenditures in the utility department, said to his chief of staff, Sonia Schmanski. But Quinton said there is no connection.

鈥淥ur money is outside that,鈥� Quinton said. 鈥淥ur priorities are clear with those properties and we expect to get full value and development.鈥�

The proposed PDC budget has $213 million in expenditures, Quinton said, which leaves money that will roll over into future years.

鈥淚f we need additional expenditures beyond the $213 (million), we have money to do so,鈥� he said.

Half of the money on hand is in the broad category of property redevelopment.

鈥淭he bulk sits on a handful of projects like the county health building with line items for specific projects,鈥� Quinton said.

The PDC held two open houses earlier this year to get feedback on its updated strategic plan. The plan’s first three objectives are to increase citizens’ access to healthy, complete neighborhoods; create opportunities for high-quality employment; and increase opportunities for minorities and low-income residents to foster wealth creation.

The proposed budget includes several changes related to six urban renewal areas, including a reduction in tax increments in the River District URA budget; no longer collecting tax increments in the Willamette Industrial URA budget; ending and no longer collecting tax increment resources to the Education URA budget; increasing the area and extension in the final date to issue debt for the Central Eastside URA; and increasing the area for the North Macadam URA.

The Portland City Council will vote to accept the budget on May 27.

The entire proposed Portland Development Commission budget can be viewed .