On June 28, the Portland Metro Chamber testified before Portland City Council in strong support of the creation of new Tax Increment Finance (TIF) districts in East Portland and the Central City. These TIF districts would support the Advance Portland economic development plan and help foster the growth of inclusive and vibrant commercial districts across Portland.
The council voted 4-0 to support the initiative which also included approval of the budget for Prosper Portland and the Portland Housing Bureau to provide a thorough analysis of the economic outcomes. Comm. Rubio has already convened an East Portland TIF Exploration Steering Committee to help guide this process with a similar committee focused on the Central City forming later this year.
“Creating these districts combined with policies like a business license tax holiday for employers who sign leases in downtown, expansion of the city of Portland enterprise zone, and deployment of property tax incentives for commercial to residential conversions – will send a powerful message to investors and employers that Portland is open for business,” said Jay Clark, director of Public Affairs for the Chamber.