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Wednesday, April 16, 2014

Scaling Back Urban Renewal is Worth Millions to the City, County, Schools, and Library

Posted by Denis C. Theriault on Wed, Apr 16, 2014 at 1:13 PM

The argument for revamping a handful of Portland's urban renewal districts—including putting much of the booming Pearl District back on the tax rolls and aborting the Sam Adams-created renewal area around Portland State—has always been about money.

Let the city and Portland Development Commission make the changes, and watch city hall, Multnomah County, Portland Public Schools, and the county library district all reap millions of property tax revenues over the next 30 years that otherwise would have been spent on more urban renewal projects.

But according to figures up for discussion by the PDC today, and first pointed out by the Oregonian, that boon has become extra compelling. And it could start paying off as soon as this summer.

The first chart (with the dollar amounts meant to be read as millions) shows year by year how much would come in. The city alone can expect nearly $50 million.

Screen_shot_2014-04-16_at_12.45.02_PM.png

And this chart shows which shifts are creating the most money. Pulling out the Pearl District is a big driver, unsurprisingly. This chart also shows that the city would get even more money if it weren't trying to sweeten the demise of the PSU district by throwing more cash into a bordering district and investing in a few other spots.

Screen_shot_2014-04-16_at_12.45.34_PM.png

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