february 10, 2016 -...
TRANSCRIPT
PORTLAND DEVELOPMENT COMMISSION
Portland, Oregon
RESOLUTION NO. 7164
APPROVING PROGRAM GUIDELINES FOR THE NEIGHBORHOOD PROSPERITY INITIATIVE OPPORTUNITY FUND
WHEREAS, the Portland Development Commission (“PDC”) and the City of Portland established six Neighborhood Prosperity Initiative (“NPI”) districts in May 2012 as mini-urban renewal districts in order to grow community capacity and to enable small-scale, community driven investments within each district;
WHEREAS, the Portland City Council approved a one-time General Fund add package request, providing $891,000 to PDC to administer what was once known as the Community Development Fund and has been renamed the NPI Opportunity Fund (“NPI Opportunity Fund”); and
WHEREAS, PDC wishes to establish the NPI Opportunity Fund Program Guidelines to guide PDC financial support for new transactions.
NOW, THEREFORE, BE IT RESOLVED, that the NPI Opportunity Fund Program Guidelines attached hereto as Exhibit A are adopted by the PDC Board of Commissioners;
BE IT FURTHER RESOLVED, that the Executive Director is hereby authorized to execute NPI Opportunity Fund Program Guidelines substantially in accord with the provisions of Exhibit A;
BE IT FURTHER RESOLVED, that the Executive Director is authorized to make any procedural and administrative changes to the NPI Opportunity Fund Program Guidelines if such changes do not materially increase PDC’s obligations or risks, as determined by the Executive Director in consultation with PDC’s General Counsel; and
BE IT FURTHER RESOLVED, that this resolution shall become effective immediately upon its adoption.
Adopted by the Portland Development Commission on
Gina Wiedrick, Recording Secretary
February 10, 2016
PORTLAND DEVELOPMENT COMMISSION
Portland, Oregon
RESOLUTION NO. 7164
EXHIBIT A
APPROVING PROGRAM GUIDELINES FOR THE NEIGHBORHOOD PROSPERITY INITIATIVE OPPORTUNITY FUND
Exhibit A includes this cover page and contains four pages: Neighborhood Prosperity Initiative Opportunity Fund DRAFT Program Guidelines
Neighborhood Prosperity Initiative Opportunity Fund DRAFT Program Guidelines
The Neighborhood Prosperity Initiative (NPI) Opportunity Fund is established to facilitate a limited number of catalytic community-driven, public-benefit development projects within, or immediately adjacent to, Portland’s six NPI districts. The NPI Opportunity Fund provides financial assistance for property acquisition, and predevelopment. The NPI Opportunity Fund is initially capitalized with $870,000 in City of Portland General Funds. Eligible Projects
Eligible projects must: Be located in or adjacent to an NPI district – see attached map Have the endorsement of the NPI Have the goal of achieving clearly articulated public benefits of the NPI. Examples of public benefits include, but are not limited to: developing property to replace family-unfriendly uses, securing long-term commercial affordability in developments, job creation for local residents, and creating space for community events and uses.
NPI Opportunity Fund resources may be used only for property acquisition and predevelopment. The Fund will focus on three types of community-identified development projects: 1) ground-up development of community-owned property; 2) redevelopment or repurposing of under-utilized buildings; and 3) projects undertaken in partnership with private owners or 3rd party developers that meet community objectives. Eligible Recipient
The eligible recipients of financial assistance may be a non-profit or for profit entity which has agreed to collaborate in developing an Eligible Project consistent with community objectives. Service Area
All NPIs and areas immediately adjacent to NPIs. Financial Assistance Types and Guidelines
The NPI Opportunity Fund’s investments will be tailored to address the specific needs of each project. Investments may take the form of credit enhancement or subordinated loans. The term of investment for property acquisition is anticipated to be approximately three years to allow the funds to revolve back to the Fund and made available for additional projects. The program is anticipated to support 5-6 projects over the next 5 years. The average PDC investment will generally be $200,000 per project. Grants for property acquisition are not eligible from the Fund. Up to 20 percent of the Fund may be invested in the form of predevelopment grants. Predevelopment grants will not exceed $25,000 per project and must be matched 1:1.
General Conditions
Target projects will be evaluated based on:
alignment with community objectives ability to deliver on social equity, anti-displacement, economic opportunity, and/or wealth creation objectives strength of the business plan leverage from banks, foundations, private investors
PDC may, as a condition of approval of the investment, require that the borrower meet specific predevelopment targets and progress timelines. Specific terms will be reviewed and recommended by PDC’s Financial Investment Committee. Investments of $500,000 or less may be approved by the Executive Director without further PDC Board approval.
GRESHAM
MAYWOOD
PARK
Airpo
rt Wa
y
Gatew
ayRe
giona
lCe
nter
Lent
s Tow
n Ce
nter
42nd
Ave
nue N
PI
Cully
Blvd
NPI
Park
rose
NPI
Rose
wood
NPI
Divis
ion -
Midw
ay N
PI
82nd
Ave
nue &
Divi
sion N
PI
I84 F
WY E
B
I84
FW
Y W
B
SE
DIV
ISIO
N S
T
I205 FWY SBN
E G
LIS
AN
ST
I205 FWY NB
SE
ST
AR
K S
T
NE
PR
ES
CO
TT
ST
NE 33RD AVE
NE
MA
RIN
E D
R
NE
AIRP
ORT
WAY
NE 122ND AVE
NE
SA
ND
Y B
LV
D
NE 148TH AVE
NE 102ND AVE
NE
CO
LU
MB
IA B
LV
D
NE
KIL
LIN
GS
WO
RT
H S
T
NE
ALA
ME
DA
ST
SE 82ND AVE
SE
BE
LM
ON
T S
T
SE
PO
WELL B
LV
D
NE
FR
EM
ON
T S
T
SE
LIN
CO
LN
ST
SE
MIL
L S
T
NE
BE
EC
H S
T
SE 148TH AVE
SE 122ND AVE
NE 29TH AVE
SE 92ND AVE
NE 42ND AVE
NE 37TH AVE
SE 45TH AVE
SE 30TH AVE
SE 162ND AVE
NE
MA
RX
ST
NE
ALB
ER
TA
ST
SE 52ND AVE
NE 105TH AVE
SE 34TH AVE
SE 51ST AVE
NE 57TH AVE
SE 117TH AVE
NE 53RD AVE
NE 77TH AVE
SE 130TH AVE
NE 92ND AVE
E B
UR
NS
IDE
ST
NE
ALDER
WOOD R
D
NE CULLY BLVD
SE
WA
SH
ING
TO
N S
T
NE
TIL
LA
MO
OK
ST
SE 139TH AVE
NE
SH
AV
ER
ST
SE 50TH AVE
NE 162ND AVE
NE 78TH AVE
NE 76TH AVE
NE 64TH AVE
NE 60TH AVE
SE 112TH AVE
NE 75TH AVE
SE 60TH AVE
NE 32ND AVE
SE CESAR E CHAVEZ BLVD
NE
PO
RT
LA
ND
HW
Y
SE 76TH AVE
SE 135TH AVE
NE
MA
SO
N S
T
NE
FA
RG
O S
T
SE 41ST AVE
NE
KN
OTT
ST
NE 82ND AVE
NE 74TH AVE
NE
CO
UC
H S
T
NE
MO
RR
IS S
T
SE 88TH AVE
SE 96TH AVE
SE
OA
K S
T
NE C
OR
NF
OO
T R
D
NE B
RYCE S
T
SE 43RD AVE
SE 44TH AVE
SE 157TH AVE
SE 55TH AVE
NE
GO
ING
ST
NE
HA
LS
EY
ST
NE 73RD AVE
SE 47TH AVE
NE 31ST AVE
NE 99TH AVE
NE L
OM
BA
RD
ST
SE 101ST AVE
NE 160TH AVE
NE 30TH AVE
NE
AIN
SW
OR
TH
ST
SE
YA
MH
ILL S
T
NE 32ND PL
NE 41ST AVE
NE 158TH AVE
NE 138TH AVE
NE
SK
IDM
OR
E S
T
SE
FR
AN
KLIN
ST
NE W
IST
AR
I A D
R
SE 62ND AVE
NE 131ST PL
NE
ALB
ER
TA
CT
NE
SA
CR
AM
EN
TO
ST
SE 33RD AVESE 32ND PL
NE 138TH PL
NE 38TH AVE
NE 115TH AVE
NE 81ST AVE
SE 145TH AVE
NE 157TH AVE
SE 35TH PL
SE 143RD AVE
NE 58TH AVE
SE
IV
ON
ST
NE
WE
IDLE
R S
T
NE
RO
YA
L C
T
NE 90TH AVE
SE 75TH AVE
SE 78TH AVE
SE 66TH AVE
NE 40TH AVE
NE 134TH PL
NE FLORAL PL
NE W
HIT
AK
ER
WA
Y
SE 31ST AVE
SE 53RD AVE
SE 164TH AVE
NE
TH
OM
PS
ON
ST
NE 92ND DR
SE 115TH AVE
SE 38TH AVE
SE 106TH AVE
SE 118TH AVE
NE 71ST AVE
NE 68TH AVE
SE 87TH AVE
N
E SA
N R
AFA
EL S
T
NE 70TH AVE
NE 144TH AVE
SE 111TH AVE
NE 94TH AVE
NE FREMONT DR
NE ROCKY BUTTE RD
SE 42ND AVE
SE 113TH AVE
SE
MA
RK
ET
ST
NE 112TH AVE
SE
PIN
E S
T
SE 119TH AVE
NE
HO
YT
ST
SE 77TH AVE
NE
KLIC
KIT
AT
ST
SE T
HO
RB
UR
N S
T
NE 51ST AVE
SE 61ST AVE
NE 69TH AVE
NE
HA
SS
ALO
ST
NE
RU
SS
ELL S
T
NE MAYW
OOD PL
NE 52ND AVE
NE 72ND AVE
NE 106TH AVE
SE 57TH AVESE 58TH AVE
NE 47TH AVE
NE
EM
ER
SO
N S
T
NE 89TH AVE
NE
CA
MP
AIG
N S
T
NE 79TH AVE
NE
ST
AN
TO
N S
T
SE 142ND AVE
SE
TIB
BE
TT
S S
T
SE
MIL
L C
T
NE UNNAMED RD
NE LAURELHURST PL
SE
KE
LLY
ST
NE 63RD AVE
SE 158TH AVE
NE 7
2ND DR
NE 62ND AVE
NE M
ILT
ON
ST
NE
DA
VIS
ST
SE EAST TABOR DR
NE 117TH AVE
SE 150TH AVE
SE
AS
H S
T
NE 114TH AVE
NE
HO
LLA
DA
Y S
T
SE 71ST AVE
NE 100TH AVE
NE 1
25TH PL
SE C
HER
RY
BLO
SSO
M D
R
SE 136TH AVE
NE
PR
ES
CO
TT
DR
SE
LA
FA
YET
TE
ST
NE
HO
LM
AN
ST
NE 153RD AVE
NE 91ST AVE
NE 140TH AVE
SE
CLA
Y S
T
SE 141ST AVE
NE 78TH PL
SE 68TH AVE
SE 152ND AVE
SE 30TH PL
SE
GR
AN
T C
T
NE R
OS
E P
KW
Y
SE
CA
RU
TH
ER
S S
T
NE 151ST AVE
NE 121ST PL
NE 113TH AVE
SE 49TH AVE
NE 146TH AVE
NE 61ST AVE
NE 153RD PL
NE 78TH CT
NE 109TH AVE
NE 84TH AVE
NE 49TH AVE
SE
MA
IN S
T
NE
CO
LFA
X S
T
NE 128TH AVE
NE 66TH AVE
NE 133RD AVE
NE 127TH AVE
SE 170TH AVE
NE
FLA
ND
ER
S S
T
NE 87TH AVE
SE 131ST AVE
NE
FA
ILIN
G S
T
NE
FA
RG
O C
T
NE 150TH PL
NE 155TH AVE
NE 119TH AVE
SE
ALD
ER
ST
NE
AIN
SW
OR
TH C
IR
NE 36TH AVE
SE
ST
EP
HE
NS
ST
NE 136TH AVE
NE
SIM
PS
ON
ST
NE 107TH PL
SE 89TH AVE
NE 150TH AVE
NE
SU
MN
ER
ST
SE 80TH AVE
NE
PA
CIF
IC S
T
SE 128TH AVE
NE I84 FWY-I205 FWY RAMP
SE RESERV
OIR
LO
OP
DR
NE
JA
RR
ET
T S
T
SE 105TH AVE
NE
SIS
KIY
OU
ST
NE 35TH PL
NE
WA
SC
O S
T
SE 1
03R
D D
R
SE
GR
AN
T S
T
NE
KL
ICK
ITA
T C
T
NE G
LEN
N W
IDIN
G D
R
SE 137TH AVE
SE 134TH AVE
NE
BR
AZ
EE
ST
NE 35TH AVE
SE DIVISION ST-POWELL BLVD RAMP
NE 88TH AVE
SE
TA
GG
AR
T S
T
NE 65TH AVE
SE 165TH AVE
NE 59TH AVE
NE 95TH AVE
NE 136TH PL
SE 72ND AVE
NE B
RO
AD
WA
Y
SE
TA
YLO
R S
T
N
E CA
SC
AD
ES
PK
WY
NE COLWOOD WAY
SE
WO
OD
WA
RD
ST
NE 130TH AVE
NE
HA
NC
OC
K S
T
SE
UN
NA
ME
D R
D
NE 103RD AVE
NE S
CH
UY
LER
ST
NE
EV
ER
ET
T C
T
NE 166TH AVE
NE
JES
SU
P S
T
NE 152ND PL
NE
CLA
CK
AM
AS
ST
NE 44TH AVE
NE 45TH AVE
NE
SK
YP
OR
T W
AY
SE 64TH AVE
SE
RH
ON
E S
T
SE
HA
RR
ISO
N C
T
NE
HO
LLA
ND
CT
SE 124TH AVE
SE 126TH PL
SE 93RD AVE
NE
RU
SS
ELL S
T
SE
MA
IN S
T
NE
SIS
KIY
OU
ST
NE 105TH AVE
NE
HA
SS
ALO
ST
SE
PIN
E S
T
NE
KLIC
KIT
AT
ST
NE 42ND AVE
NE
MA
SO
N S
T
NE
RO
SE
PK
WY
SE
ST
AR
K S
T
NE
GO
ING
ST
NE 66TH AVE
SE
ALD
ER
ST
NE
WA
SC
O S
T
NE
SA
N R
AF
AE
L S
TN
E S
AN
RA
FA
EL S
T
NE 47TH AVE
NE 148TH AVE
NE 41ST AVE
NE
DA
VIS
ST
SE
PO
WELL B
LV
D
SE
MA
RK
ET
ST
NE
CO
UC
H S
T
NE
KN
OTT
ST
Lege
nd NPI U
rban
Ren
ewal
Area
s
City o
f Por
tland
Exist
ing U
rban
Ren
ewal
Area
s
NPI
Tar
get I
nves
tmen
t Are
as
00.
20.
40.
60.
81
0.1
Miles
Divis
ion -
Midw
ay
N E
I G
H B
O R
H O
O D
P
R O
S P
E R
I T
Y
I N
I T
I A
T I
V E
Rose
wood
42nd
Ave
nue
Cully
Blvd
Park
rose
82nd
Ave
nue &
Divi
sion
RESOLUTION NO. .
RESOLUTION TITLE:
Adopted by the Portland Development Commission on .
PRESENT FOR
VOTE COMMISSIONERS VOTE
Yea Nay Abstain
Consent Agenda Regular Agenda
CERTIFICATION
The undersigned hereby certifies that:
The attached resolution is a true and correct copy of the resolution as finally adopted at a Board Meeting of the Portland Development Commission and as duly recorded in the official minutes of the meeting.
Date:
, Recording Secretary
RESOLUTION NO. 7164
APPROVING PROGRAM GUIDELINES FOR THE NEIGHBORHOOD PROSPERITY INITIATIVEOPPORTUNITY FUND
✔
✔
✔
✔
✔
✔
✔ ✔
✔
Adopted by the Portland Development Commission on February 10, 2016
Gina Wiedrick, Recording Secretary
February 29, 2016
Commissioner Tom Kelly
Commissioner Gustavo Cruz, Jr.
Acting Chair Aneshka Dickson
Commissioner Mark Edlen
Commissioner William Myers