2003 Section 108 Project Summary - Oregon

Economic Development

Salem Conference Center
BORROWER: SALEM
STATE: OR
COMMITMENT AMOUNT: $7,900,000

The City of Salem will utilize $7,900,000 in Section 108 loan guarantee assistance to develop a conference center in an urban renewal area in the downtown core. The 103,000 square foot conference center will be developed adjacent to a 185-room Phoenix Grand Hotel with access to the Riverfront Park. The center will be located between Liberty Street and Commercial Street, and Trade Street and Ferry Street. The City will loan the money to its Urban Renewal Agency (URA) which will own the public portion of the project, including the conference center, underground parking, and a public art gallery. The design includes approximately 70,000 square feet of small, medium, and ballroom size meeting space with a seating capacity of approximately 1,000 people. The parking garage will be developed on property owned by both the Salem Urban Renewal Agency and VIP's Hotels, Inc., through a public/private partnership. The City estimates that the conference center and hotel will create 37 full-time employees with 20 FTE jobs to be held by or available to low- and moderate-income persons. The entire project is estimated to cost approximately $31.8 million.

Public Facilities

Head Start Daycare Project
BORROWER: BEAVERTON
STATE: OR
COMMITMENT AMOUNT: $752,000

Section 108 funds will be used by Beaverton, Oregon, for acquisition of property that is currently being operated as a Head Start Center by the Community Action Organization (CAC), a non-profit social service agency serving Washington County. Specifically, the city is proposing to purchase the property and building at 12385 SW Longhorne Lane from Reality Income Corporation, a private property management firm based in California, to secure a permanent child care resource for Beaverton's low-income families. Following acquisition, the City will enter into a lease with the CAC for the property.

New Columbia HOPE VI Project
BORROWER: PORTLAND
STATE: OR
COMMITMENT AMOUNT: $11,457,000

The City of Portland, Oregon, will use $11,457,000 in Section 108 proceeds to assist with public facilities activities for the New Columbia HOPE VI project. The project is located in a HUD-approved neighborhood revitalization strategy area and consists of relocating the existing 1,200 residents, removing existing structures, streets, and sidewalks, replacing all or most of the infrastructure, and constructing approximately 850 housing units and 30,000 square feet of office and commercial space. A total of 650 units will be occupied by low- and moderate-income households. The Housing Authority of Portland (HAP) will act as the land developer for the site and will be responsible for the construction of 560 rental units using a combination of Low Income Housing Tax Credits, HOPE VI grant funds, tax-exempt bond financing and conventional debt. An additional 60 rental units will be constructed by a nonprofit selected through competitive process. All 620 rental units will be occupied by low- and moderate-income households at affordable rents. Either for-profit or non-profit developers will be selected through competitive process to construct 230 homeownership units of which a minimum of 30 units will be affordable to low- and moderate-income households. The total estimated cost of the project is $137,000,000.