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This page contains a single entry from the blog posted on January 25, 2012 10:45 AM. The previous post in this blog was Musical mystery. The next post in this blog is Early spring. Many more can be found on the main index page or by looking through the archives.



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Wednesday, January 25, 2012

PDC gave Edlen group $8M no-interest loan for Vestas building

Once again really interesting news gets buried. It's way down in this story. The writer focuses on the Portland Development Commission's practice of creating winners and losers in the local business community by making sweetheart loans to favored companies -- some of the loans being real stinkers that go sour immediately. But here's a detail of the Vestas headquarters deal, which is looking more like a stinker every day, that we don't think has previously seen the light of day:

As of October, in 2011 the PDC had loaned out over $15 million, more than half of which was at a zero percent interest rate to a single borrower.

A large chunk of that was lent to an investor group led by Gerding Edlen, according to Quinton. Gerding is a "green" developer group and recipient of numerous government subsidies in the Portland area for a variety of projects.

The investor group received $8.1 million at a zero interest rate to renovate the old Meier and Frank warehouse in the Pearl for the new Vestas U.S. headquarters.

Vestas, a wind turbine manufacturer, has seen better days. Last week the company announced it is laying off 2,335 employees after missing several revenue and profit targets.

The loan to the Gerding Edlen is the single largest zero interest loan made by the PDC to date and shows that PDC has yet to shut off the faucet to cheap money, even with a reworking of its loan programs.

As we understood the deal when it was announced nearly a year and a half ago, the sweetheart loan was going to Vestas, not Edlen. Guess the deal changed, eh? Funny thing.

Somebody should dig up, and publish, all the documents on that transaction. It would make interesting reading indeed. If Vestas gets sold or goes under, which seems more likely all the time, somebody's going to get burned. Probably the taxpayers -- certainly not the developer. This is Portland, after all.

Comments (19)

Mark Edlen has just installed a LEED Platinum conveyor belt that transports money from City Hall to his wine cellar.

We knew this was the deal all along. It was just like the money we gave AIG that went straight to Goldman-Sachs.

PDC gave it to Vestas for "acquisition" costs for that building. However, G-E owned the building and was doing the improvements that Vestas wanted.

Only problem is Vestas is on the hook and not G-E that actually has stuff we can put a lien on.

Read the book, "Throw them all Out". One of the chapters talks about all the money loaned out to "green" companies that just happened to be run by major players on Obama's campaign finance committee.

Many of them (including Al Gore) took the money and used it to take the company public- then cashed out and moved on. Many of these companies have no way to make a profit and thus create jobs.

In Portland it is the same game and the same result- take the money and run.


Just so you know, it wasn't purposely buried. It was just a matter of word count and I stayed with my original intent to look at the loan trends as a whole. Trust me there are many interesting stories on that list of loans.

Plus, I had to save you some muckraking.

Next up, is the Portland Housing Bureau loan portfolio.

Jacob Szeto
Oregon Capitol News

No interest loans = not in the public interest.

The magic of Portland's legalized "public-private" partnerships. Get it? Public? Private? Guess who's the taker and who's the loser?

Ha, ha, ha...

Garage WIne, that was hilarious.

Here's how public/private partnerships work in Portland:

1. The public taxpayers put up all the money and take all the risk.

2. The politicians hand it out to their supporters and pet projects (under the guise of the PDC, or some other agency, to create an arms-length relationship).
They pretend to consult the taxpayers.

3. Any profits are retained by the well connected. Any losses are charged to the taxpayers.

4. The well connected help re-elect the politicians who feed them the profits.

2% for Art is a perfect example, though it has nothing to do with the PDC.

"When asked why the PDC does not charge market interest rates, Executive Director Patrick Quinton said that they risk making the project too expensive.

“If you make it so expensive that the project can’t go forward, we are really not serving our mission,” he said."

Are they not already too expensive when you attach Davis-Bacon to the jobs?

Green is dread. The city of Portland's chief Sustainability bureaucrat is on the Portland Public Schools' longrange construction planning committe, as PPS is looking to bring back the bond defeated last May 2011. The city talks up how it wants to help the public schools but then layers on expensive high end building [sustainability] codes onto any rebuilding of schools, jacking up the price of each school rebuild. Then too the city's urban renewal and other property taxes are squeezing out the rebuilding of schools as property tax payers only have so much proclivity to fund new public ventures, and taxpayers are apparently close to being tapped out.

Sadly, not much is going to change any time soon as the mayorial and commissioner candidates for this year's elections are made pretty much of the same clothe as the current slate at city hall.

Exit Portlandia when you've a chance is all I can advise.

When I read the above from Bob Clark his opening remark "Green is dread", my brain transposed that into "gread" and upon spell checking it should be "greed". No matter, what all of this is about plain and simple is GREED. The sharpies like Gerding, as we all know have figured it out and now manipulate the agencies like PDC to line their pockets and we the tax payers foot the bill! I know this has been hashed out dozens of times in Jack's blog, it's just so obvious. Q, So how do change or eliminate this practice? As to public review and input, it's a joke and a big fat lie. Been there, done that, what hoo-haw!

"Exit Portlandia when you've a chance is all I can advise."

Most of Portlandia is not exiting. Portland gets what Portland wants. By large majorities. And when the Liar confesses his lies, he survives two recall attempts.... because that is what Portland wants.

My only answer is that most of Portlandia believes differently than the people who post and comment on this blog.

There was a recent news story about how Portland doesn't have innovative thinkers because it draws people who want to all think alike, i.e, conformers, "pod people".

Baa, baa, baa...

Would love to learn mayor creepies and the rainbow city council's kickback totals? If only they didn't own the "news crews. "

My only answer is that most of Portlandia believes differently than the people who post and comment on this blog.

My thoughts are that those who profit from the scene are those who are engaged and sure to vote to continue their interests.

I could be wrong, but I think there are many more in numbers that are so disgusted, that they have retreated, have given up and do not think of being engaged to make any difference, or some are only thinking of the day they will leave. I hear people saying as soon as my kid is out of high school, as soon as we retire,...we are out of here, so they don't care anymore. Why don't they care anymore? Downtown Denizen said it last week, his life is not about fighting the city. Now, there are some who will not put up with this without putting up a fight. Years ago, at a council meeting, there was still quite a show of citizens, I remarked to one I got to know simply because I saw this person testifying there more than once that I was surprised people come to the hearings anymore, she said, "only the stubborn ones still keep coming..."

Are Americans a Broken People? Why We've Stopped Fighting Back Against the Forces of Oppression

Count me at "retreated and given up".

After living in Oswego, Portland, and Tigard for the past 22 years, we moved to Vantucky (Salmon Creek) since December 28th. The water & sewer rates are much lower and the garbage service costs less than HALF what I was paying before (for weekly pick-ups).

BTW, our SW Portland short sale is in escrow for $18,000 more than we paid for it (brand new) in 1995: AFTER SPENDING $25,000 on improvements. The current property taxes are $6,700 for a home that is in escrow for $261,000 vs. the assessed value of $301,000. Why would the new owner pay property taxes on $40,000 of vapor value?

MultCo can expect a wave of new challenges to their assessed property values, but I don't expect justice to carry the day. Not in Portlandia.

Hey, I'm green and sustainable. Now give me some cash!

clinamen wrote:
I think there are many more in numbers that are so disgusted, that they have retreated, have given up and do not think of being engaged to make any difference, or some are only thinking of the day they will leave.

Yes, I believe there is a silent plurality of city taxpayers who are regularly outvoted. They are mildly repelled, or else actively dislike what is going on -- but haven't quite left yet.

It takes effort to move, and you lose the remaining creature comforts. For us, the disadvantages outweigh that. We will definitely miss our favorite restaurants, but you can still drive there.

Perhaps the folks who stay have kids in a decent school, or they still earn enough to stay on the tax and fee treadmill -- for the time being. That simply can't last forever.

Businesses (and the people who run them) are still leaving. You can't run an entire city as a temporary, pop-up retail incubator. Investment follows confidence.

I'm glad people still move here, and choose to stay here. I hope that they have a positive effect on how the city is run; however I fear that the motivated ones are still heading out.

All of the strange (albeit predictable) Portland news over the last week has only reinforced my feelings that far-flung boringtude is worth it ...

Gerding Edlen is a principal partner in the debacle called the "Oregon Sustainability Center". So is notorious polluter, weapons manufacturer, and tax dodger General Electric.


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

Lange, Pinot Gris 2015
Kiona, Lemberger 2014
Willamette Valley, Pinot Gris 2015
Aix, Rosé de Provence 2016
Marchigüe, Cabernet 2013
Inazío Irruzola, Getariako Txakolina Rosé 2015
Maso Canali, Pinot Grigio 2015
Campo Viejo, Rioja Reserva 2011
Kirkland, Côtes de Provence Rosé 2016
Cantele, Salice Salentino Reserva 2013
Whispering Angel, Côtes de Provence Rosé 2013
Avissi, Prosecco
Cleto Charli, Lambrusco di Sorbara Secco, Vecchia Modena
Pique Poul, Rosé 2016
Edmunds St. John, Bone-Jolly Rosé 2016
Stoller, Pinot Noir Rosé 2016
Chehalem, Inox Chardonnay 2015
The Four Graces, Pinot Gris 2015
Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
La Antigua Clásico, Rioja 2011
Shatter, Grenache, Maury 2012
Argyle, Vintage Brut 2011
Abacela, Vintner's Blend #16 Abacela, Fiesta Tempranillo 2014
Benton Hill, Pinot Gris 2015
Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
LAN, Rioja Edicion Limitada 2011
Beaulieu, Cabernet, Rutherford 2009
Denada Cellars, Cabernet, Maipo Valley 2014
Marchigüe, Cabernet, Colchagua Valley 2013
Oberon, Cabernet 2014
Hedges, Red Mountain 2012
Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
Archery Summit, Vireton Pinot Gris 2014
King Estate, Pinot Gris, Backbone 2014
Oberon, Napa Cabernet 2013
Apaltagua, Envero Carmenere Gran Reserva 2013
Chateau des Arnauds, Cuvee des Capucins 2012
Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012

The Occasional Book

Phil Stanford - Rose City Vice
Kenneth R. Feinberg - What is Life Worth?
Kent Haruf - Our Souls at Night
Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 113
At this date last year: 155
Total run in 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269

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