One good idea, one bad
The Portland Business Alliance (the downtown chamber of commerce) has a great proposal for Portland City Hall -- let some "urban renewal" areas expire on schedule and start paying off some of the more than $600 million of debt (and growing) that "urban renewal" has racked up.
Sadly, the PBA then proposes that the city start up yet another "urban renewal" area for downtown, and rack up more debt subsidizing the real estate fortunes of the property owners there. Just replace one set of debts with another. Let's see if we can get to $10 billion before we go under!
| Posted at 5:57 AM | Permalink |
|
Comments (4)
Even if the city creates another URA, the rare act of paying off bonds would boost public confidence in urban renewal, so city council should go for it.
Erik Sten called the idea "a very far-thinking recommendation." In Portland, that disqualifies the plan. ROFLOL
Posted by J | October 24, 2007 8:07 AM
Just why is " Downtown" such a sacred cow?If all the money spent on "Downtown" was to be used for important and needed remedies Portland would awash in money and taxes would be cut to an insignificant amount, instead of the burden it now carries. Is it just maniacal ego of the cliff-dwellers that might be in jeopardy?
Posted by KISS | October 24, 2007 8:10 AM
What a strange article. The business leaders of this city seem to be saying that the urban renewal district has been really successful at renewing a district. So successful that it could pay back the borrowed money very quickly, which would then, or course, free up the future tax revenue to continue improving areas of the town that could use some help. Somebody should send them a note reminding them that these things are just fronts for evil developers, can never and will never work, and are turning Portland from the vibrant paradise that it was in the 70’s into a festering, fast train to oblivion.
Posted by Sherwood | October 24, 2007 9:20 AM
I don't get it. PBA and other like groups, as well as CoP claim how "vibrant" "healthy", "progressive", "a model for all the US" that downtown is; but all these same groups insist that we have FOUR urban renewal areas for the Central City. But they forget that urban renewal is defined specifically to cure "blight". Which is it?
Posted by Lee | October 24, 2007 12:54 PM