Airport Way Acreage Reduction Analysis
Overview

March 17, 2010: City Council approved Ordinance # 183617 reducing the acreage of the Airport Way Urban Renewal Area by approximately 870 acres

 

Background

PDC is simultaneously analyzing the needs of the Interstate Corridor (Interstate) and Oregon Convention Center (OCC) URAs and the potential for a new URA in the downtown area. State law limits the amount of acreage and assessed value that can be included in an urban renewal area (URA) to 15% of the city’s total acreage and assessed value. The city was bumping up against both of these thresholds. With potential amendments to the Interstate and OCC URAs, the potential creation of a new URA, and because of state statute constraints on acreage and assessed value, PDC began to look at the feasibility of removing acreage from Airport Way.

Airport Way Acreage Reduction MapIn addition, bond covenants restrict PDC from removing more than 10% of assessed value in a URA in order to ensure payback of bonds. Airport Way has reached its maximum indebtedness and therefore cannot issue any more debt, however proceeds are still available for programs such as business finance.

PDC met with area stakeholders to discuss proposed removal areas.  These parcels included undevelopable wetlands and rights of way and /or had a low assessed value. By removing these areas from the district, Airport Way is still able to pay off its bonds and PDC will be able to fulfill broader PDC and Citywide goals.

For further information, please contact Bob Alexander at 503.823.3248.