Commission OK's request

A grant program designed to help improve the look of Portland's downtown is getting an influx of a little more cash.

Members of the Portland Redevelopment Commission agreed Monday to allocate up to $20,000 in additional funding for the downtown façade grant program.

Last week, a committee awarded funds to the top six ranking projects among nine applicants. Because the fund requests exceeded the $50,000 in tax increment financing (TIF) and economic development income tax (EDIT) funds available, the committee also agreed to request more TIF funds from the redevelopment commission.

"The nice problem we had is the requests far exceeded our expectations," Portland Mayor Bruce Hosier told commission members.

Members Lola Joy, Joe Johnston, Mike Simmons and Brooke Aker approved the new funds after hearing a report from financial consultant Greg Guerrettaz on the overall financial condition of the redevelopment district.

In closing his report, Guerrettaz recommended that the commission approve the grant funds and agree to continue capturing 100 percent of the revenue from the TIF district. The commission has the option of returning some of the proceeds to the county auditor to offset property taxes.

The district, which was formed during the construction of the Portland Walmart, is designed to capture property tax revenue resulting from increases in assessed valuation. The funds are then re-invested in an effort to spur economic development and growth in the tax base.

The three projects not funded in the initial round - B&S Excursions, Manor's Footcare and The Tire Center (warehouse) - were requesting a total of $5,240 in grants.

Six projects were awarded just under $50,000 on a 50-50 match basis (up to $10,000). Some of the additional money may be given in excess of the $10,000 limit to three major projects - Portland Eagles, Tire Center and Inman Insurance.

The main project for the redevelopment commission so far has been the widening and improvement of Industrial Park Drive.

The commission issued bonds for that project in 2007.

Sue Beesley of Bingham-McHale, who serves as bond counsel for the commission, told members Monday that approximately $104,000 remains from the Industrial Park bonds. Those funds must be spent within three years of bond issuance, which is this summer.

Hosier said that he would be coming back to the commission in June to request that at least some of the $104,000 be allocated to the upcoming Lafayette Street extension project, which will extend the street to Industrial Park Drive.

Redevelopment commission members also elected officers for 2010. Joy will continue to serve as chairman, and Simmons as vice-chairman. Brooke Aker will be secretary, replacing Randy Wehrly, who has resigned from the commission.[[In-content Ad]]