What public funding resources are currently available for the Rose Quarter Development project?
$5.4 million in Tax Increment Financing from the Oregon Convention Center Urban Renewal Area is allocated in future fiscal years (Fiscal Year 2011-12 and Fiscal Year 2012-13). Up to $15 million in remaining maximum indebtedness from the Oregon Convention Center Urban Renewal Area could be accessed through private placement of deferred interest bonds. A study is also underway, called the N/NE Economic Development Initiative, to determine whether a portion of the Rose Quarter Development area should be moved into the Interstate Corridor Urban Renewal Area for funding purposes. The Rose Quarter is currently located within the Oregon Convention Center Urban Renewal Area, which sunsets in 2013 thereby limiting the availability of public funding in terms of amount and duration. For a listing of potential funding resources for a renovated Memorial Coliseum, please review the report in the project library.
