To All COLA LO Members,
Yesterday in another 4-3 vote the City Council approved its 3rd Urban Renewal district. The Foothills plan was approved last night by the council. This marks the third UR district for a city of only 37,000 residents.
It will use Tax Increment Financing and limit the funds generated to support public safety and other services. Several supporters included ex mayor Judie Hammerstad of Portland Streetcar Inc and LOSD Board Member Linda Brown.
There were serious questions about the viability of the project as proposed the requirement for affordable housing and the need to modify the existing waste water treatment plant which is owned by the City of Portland.
All of this comes at a time when states like California are moving away form Urban Renewal districts due to their devastating impact on city finances including Stockton California.
Details can be found in the Oregonian article: Council Approves Foothills. or Reviewing Foothills and the LO Review:Foothills Discussion
Please notify all members, contacts, and friends.