INDUSTRIAL SITE READINESS PRGORAM ADMINISTRATOR - PROSPER PORTLAND
Binding City Policy
WHEREAS, the State of Oregon (“State”) has enacted legislation creating the Industrial Site Readiness program (“ISR Program”) managed by Business Oregon to promote the development of regionally significant industrial sites, as codified through Oregon Revised Statutes 285B.625 – ORS 285B.632;
WHEREAS, the ISR Program is intended to incentivize traded sector economic development by providing local municipalities with a portion of new income tax proceeds from qualifying jobs at designated regionally significant industrial sites;
WHEREAS, the Prosper Portland Board of Commissioners (“Board”) adopted Resolution No. 7262 on February 14, 2018 (“February 2018 Resolution”), which authorized Prosper Portland staff to pursue designation by Portland City Council as the City of Portland’s administrator for the ISR Program, including for non-Prosper Portland owned properties and projects;
WHEREAS, Prosper Portland is well-suited to solicit and facilitate development of regionally significant industrial sites utilizing the ISR Program and serve as the City’s administrator of the program;
WHEREAS, Prosper Portland will utilize the funds generated to support the development of industrial redevelopment projects that further the agency’s job creation and social equity objectives, as well as to support Prosper Portland’s economic development programs;
NOW, THEREFORE, BE IT RESOLVED, that the Council designates Proper Portland as the sole entity authorized to administer the Industrial Site Readiness Program on behalf of the City of Portland; and
BE IT FURTHER RESOLVED, that Prosper Portland will receive a five percent (5%) administrative fee from the funds generated from the ISR Program to support the development of industrial redevelopment projects that further the agency’s job creation and social equity objectives, as well as to support Prosper Portland’s economic development programs; and
BE IT FURTHER RESOLVED, that this resolution shall become effective immediately upon its adoption.
BE IT FURTHER RESOLVED, that this resolution is binding city policy.
Resolution No. 37447, adopted by City Council September 11, 2019.