Good to see TIF $ put to use

It’s good to see the tools in the toolbox put to use.
About 10 days ago, the Portland Redevelopment Commission stepped up to the plate to help fund a redesign project on the front of the Eagles Lodge. The building once known as the Merchants Hotel now sports a handsome mural honoring Elwood Haynes on its north wall.
The Eagles, who have worked their tails off to provide sweat equity in the building this year, will come up with some of the money. And an anonymous donor will pick up a large chunk.
The result will be the extension of the handsome new north wall paint job around to the east wall, along with — as we understand it — appropriate window improvements.
And while Mayor Randy Geesaman enthusiastically supports the project, it’s worth noting that it was his predecessor — former Mayor Bruce Hosier — who laid the groundwork.
It was Mayor Hosier who crafted the city’s TIF (Tax Increment Financing) district so property taxes on developments such as the Walmart SuperCenter and the Holiday Inn Express could help fund improvements in the downtown business district.
(If you’re not clear on how a TIF district works, you’re not alone. The short version is that the portion of property taxes that comes from new development, such as the Walmart building, goes into a pot that can only be spent on improvements within the district.)
Mayor Hosier’s smart stroke was to delineate the district so that downtown commercial properties that might see a negative impact from new commercial projects elsewhere could get a boost by receiving a share of the property taxes from the new development.
So far, the biggest expenditure by the TIF district and redevelopment commission was expanding Industrial Park Drive to three lanes, a project that made sense. So a chunk of the annual TIF revenues goes to pay off the bonds for that project.
But there’s a significant amount of money available, and one of the areas where it can be targeted is downtown Portland.
To date, the redevelopment commission has been a little slow to tap those dollars. That’s as it should be. Caution where public tax dollars are concerned is always a good idea.
But the Eagles project could prove to be a watershed.
If the right balance can be found between public and private investment, if the commission can move pro-actively without over-reaching, then we’re on the verge of something good, something very good.
Our hope is that the Eagles project is just the beginning. The toolbox is ready to be put to work. — J.R.[[In-content Ad]]