City Council approves PDC education urban renewal plan
Portland City Council today approved, in a 3-1 vote, the Portland Development Commission’s Education Urban Renewal Plan, focused on expanding Portland State University as a leading engine of economic growth, prosperity and opportunity.
The plan will invest tax increment resources in the 144-acre Education Urban Renewal Area and establishes long-term partnerships between PSU, Portland Public Schools, Multnomah County and the City of Portland with the objectives of creating an environment of educational excellence, attracting private investment, enhancing blighted properties and developing the region’s workforce. The EDURA will provide up to $169 million for investments that leverage research facilities, business accelerators, affordable housing, and private development.
Mayor Sam Adams said, “The Education URA will be a transformative initiative and partnership, growing a great urban university to serve a healthy, prosperous, educated and equitable city.”
"This is a testament to the partnership we have with the city and the county," said Wim Wiewel, president of PSU. "They recognize that a great city needs a great university and today the council cast their votes to help make that happen. This is a long-term investment in education and economic development. I look forward to working with city council, PDC, and the county commissioners in continuing to serve the growing needs of our region."
The plan takes effect in June, 30 days after Council approval. Money is anticipated to flow to the urban renewal area beginning in Fiscal Year 2013-14.