Changing the subject
I was digging around late last night through the upcoming Portland Development Commission board agenda to see what titillating tidbits it might hold. One deal caught my eye. The agency is about to close on about a half of a block of land and some ragtag buildings just off I-205 on Glisan Street, buying out a nonprofit and a developer who were planning low-income housing on the site. It didn't pencil out, and the PDC is going go pick up the property for $1.9 million. It's only an acre and a half, and so the price seems pretty high to my untrained eye. On the other hand, it isn't all that expensive when you consider that the folks selling the parcels to the PDC apparently paid more than $2.6 million for the property over the last few years. At least, that's what I gathered from PortlandMaps before they went into their nightly maintenance downtime.
Anyway, as I Googled around learning more about the type of project that was originally planned for the site, I came across a national feature story from last May that pretty much made me lose interest in the latest monkey business in the "urban renewal" zoo. I missed this story completely back when it was newly published, but now that I've read it, I won't be forgetting it for a while. I have a daughter just like the girl featured in the piece, and so it had quite an impact. With all the millions the suits are throwing around, here's somebody's whole world that depends on $750 a month that's nowhere to be found.
With that, it was time for a prayer, and bed. The foibles of our local government can wait.
| Posted at 6:33 AM | Permalink |
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Comments (8)
Hmm, the owner of the two big pieces is Human Solutions. They are a CDC that develops LIH, so many they couldn't put together the money to get going? Then again, PDC gives out grants for stuff like that all the time, so don't know.
Posted by Steve | September 17, 2009 7:52 AM
Jack, your untrained eye is on target. This is well over market value for raw dirt (the house is a teardown). Congrats Portland, we just funded another bailed.
Posted by Brian | September 17, 2009 8:34 AM
Somebody follow the money through more than the cover story........please!
Posted by David E Gilmore | September 17, 2009 8:38 AM
Speaking of following the money ...
Where did our destitute mayor find the money to get his mortgage up-to-date? It looks like the Oregonian did is now-standard regurgitate-a-press-release style of journalism.
(Apologies for the threadjack.)
Posted by Garage Wine | September 17, 2009 9:17 AM
Where did our destitute mayor find the money to get his mortgage up-to-date?
The article stated that Adams said he hasn't received a personal loan or gift to settle the mortgages. Isn't that good enough for you?
Adams wouldn't lie, would he?
Posted by john rettig | September 17, 2009 9:33 AM
John Rettig says:
"Adams wouldn't lie, would he?"
===
Of course not!! What are you, a homophobe?
/sarcasm off
Posted by Harry | September 17, 2009 10:06 AM
There are some that read an article like that, hear stories like these, know people like these and still say NIMBY.
To hear some (Mr. Paulson)tell it, there's overabundance of housing for hard-working folks needing affordable housing. I'm not sure what world they live in, but the Ledesmas don't live there. For many families whose incomes continue to shrink as rents go up, it doesn't even take a job loss to wind up homeless.
My understanding is that the PDC gives low-interest loans and deals to all kinds of developers. I'd rather see that money to to a Human Solutions affordable housing complex than another empty condo tower on the waterfront, or to pay for rich guy's lunch or golf meeetings. How many people could have a place to live for what the monthly expense accounts cost at PDC?
Jack, I just don't know how to quit you and your warm, fuzzy curmudgeonly heart. First Jim Carroll and now this.
Posted by Ms. Contrarian | September 17, 2009 12:30 PM
Development land like that is practically worthless in this market. They WAY overpaid.
Posted by John | September 17, 2009 12:58 PM