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The Oregon Museum of Science and Industry’s (OMSI) plans for a new neighborhood district are moving forward.

The Prosper Portland Board of Commissioners on Wednesday authorized a term sheet with OMSI related to development plans for the OMSI District. The commission also approved an intergovernmental agreement with the Portland Bureau of Transportation (PBOT) for $10.9 million of Central Eastside Tax Increment Finance (TIF) resources, and up to $16.9 million if Prosper Portland and Business Oregon execute a $6 million grant.

Amy Nagy, development manager at Prosper Portland, said the term sheet provides the framework for private or public infrastructure and vertical development projects related to the OMSI District Central City Master Plan between Prosper Portland, the city of Portland and OMSI.

The intergovernmental agreement directs funding from Prosper Portland to PBOT for design, construction and management of New Water Avenue.

鈥淥MSI has been a cultural attraction in the city since the 1950s,鈥� Nagy said.

The museum moved from Washington Park to the Central Eastside in the early ’90s. It welcomes over 1 million visitors a year, hosts classroom and education opportunities for over 8,000 kids a year and partners with other museums in 15 different states, bringing different exhibits and learning opportunities, Nagy said.

In 2018, OMSI retained Edlen & Co. as its master developer and ZGF Architects to lead the Central City Master Plan process. In addition, Prosper Portland coordinated city bureau participation to support master plan development. OMSI’s plan for the District is intended to be an inclusive, vibrant new neighborhood and community destination. It includes a new waterfront education park featuring public green space, plazas, restored riparian and upland habitats, and outdoor science programming. Through its partnerships with the Indigenous and Tribal communities, a Native presence will be restored along the waterfront and within the built environment. The OMSI District will ultimately become home to 1,200 new residential units, with a goal of over one-third of them being affordable housing.

Prosper Portland partnered with city bureaus to negotiate the term sheet with OMSI to identify and invest in public and private infrastructure within the OMSI District over three phases. Construction of New Water Avenue and the Waterfront Education Park are key projects for Phase One. OMSI will also identify private development projects and build out 250,000 gross square feet of vertical development.

Phase Two is focused on feasibility, including a district parking solution and private development, and an agreement between the Portland Housing Bureau and OMSI to achieve the district’s affordable housing goals. Phase Three uses the feasibility findings to continue build out of the district

OMSI and the Columbia River Inter-Tribal Fish Commission will issue a Request for Proposal for design of the waterfront. The project is scheduled to reach 30-percent design by March 2027 and funding by spring 2028.

Funding in the intergovernmental agreement (IGA) will support construction of New Water Avenue, which will become the primary multi-modal street dedicated to moving freight and accommodating a new two-way cycle track. Old Water Avenue will also require some street improvements to support the new alignment.

鈥淣ew Water Avenue is going to be the nerve center of the district,鈥� Nagy said. 鈥淚t’s going to hold all new utilities, including water.鈥�

OMSI, Prosper Portland and PBOT have been working to identify public resources to build the $30 million infrastructure project. Through the IGA, Prosper Portland is providing $10.9 million in Central Eastside TIF resources to PBOT for the design, construction and management of the project. The state of Oregon is providing an additional $11 million, including a recent allocation of $6 million through the State Infrastructure Fund.

The project partners will pursue money to cover the balance of the project cost through June 30, 2025. If unsuccessful, the term sheet identifies a waterfall approach to reduce infrastructure costs that culminates with OMSI agreeing to a local improvement district to cover the financial gap.

The estimated total project cost is $90 million, which does not include plans for parking.