It does not compute
Today's Trib:
New Seasons cofounder Eileen Brady was the first to release a plan in October that would loan Portland Development Commission funds through credit unions to targeted businesses.
Article XI, section 9, Oregon Constitution:
No county, city, town or other municipal corporation, by vote of its citizens, or otherwise, shall become a stockholder in any joint company, corporation or association, whatever, or raise money for, or loan its credit to, or in aid of, any such company, corporation or association.
| Posted at 9:01 AM | Permalink |
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Comments (12)
How many times has it already been tacitly demonstrated that Portland officials are too smart and too progressive to be bothered with rules, laws, and regulations?
Posted by Mr. Grumpy | December 15, 2011 9:20 AM
Good luck getting that enforced. Any government in the U.S., at any level, that doesn't "play ball" by handing out public monies is "anti-business."
Posted by observer | December 15, 2011 9:26 AM
Also, how does a business qualify as an eligible "targeted business"?
What company in their right mind would want to do business in a politically biased business economy unless they already had an "arrangement" in advance? What is this, Russia or Afghanistan?
Posted by Mr. Grumpy | December 15, 2011 9:27 AM
"What is this, Russia or Afghanistan?"
No, if it was I'd have some idea how to naivigate family/clan/tribe relationships to my advantage.
But being raised here with the twin concepts of rule of law and "meritocracy" (stupid parents!) I find myself at a loss to understand, much less exploit, the current system.
Posted by EB | December 15, 2011 10:10 AM
Konsteeetootian? We don't need no steeenkin Konsteetotian.
Posted by Robert Collins | December 15, 2011 10:37 AM
The purpose of the separately incorporated PDC is to avoid that law. PDC "washes" the cash.
Posted by Mike in NE | December 15, 2011 11:07 AM
..."a box of corkscrews"...
Posted by Mr. Grumpy | December 15, 2011 11:17 AM
It would be a better idea to fill city dump trucks full of $100 bills and have the City Council & Mayor dress up in clown costumes and drive the trucks around town, letting the wind disperse the money. Beep-beep!
Posted by Mojo | December 15, 2011 11:29 AM
Not exactly... only "targeted businesses" would be allowed to stand on the sidewalks.
Posted by Mr. Grumpy | December 15, 2011 11:34 AM
Mojo, how is this any different from normal?
Posted by Texas Triffid Ranch | December 15, 2011 1:44 PM
Article XI, section 9, Oregon Constitution:
You really think they're going to let something like that get in the way of their pet projects.
When we get a few ginned up projects that go south and rip off the taxpayers, then they'll lend a little less.
Posted by Steve | December 15, 2011 5:00 PM
The purpose of all redevelopment agencies is to enable the lending of credit. This is nothing novel or new. It is done across the county. Now, you can always argue whether it is a good idea or not. One thing that is unique in Portland (versus say, Salem) is that the City Council doesn't serve as the governing board (at least in principle). In some communities, the City Councils just reconvene as the redevelopment agencies goverining board.
Posted by PDXPessimist | December 16, 2011 11:20 AM