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Require the identification and acquisition of rights to develop affordable housing on a site
Macadam that will fully achieve all affordable housing goals in the district (Resolution)
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North
WHEREAS, the City of Porfland uses urban renewal as a tool to meet redevelopment, economic
cleveiopment, and affordable housing goals; and
WHEREAS, the Portland Development Cornmission (PDC) manages the North Macadam Urban
Renewal Area (URA); and
a targeted package of changes to URAs will preserve affurdable housing investments
and help the city better tneet its redevelopment and economic development objectives in alignment
with the Porlland Plan, Central City 2035, and Economic Development Strategy; and
WHEREAS,
WHEREAS, the Fourlh Amendment to the North Macadam Urban Renewal Plan expands the
URA to include approximately 45.I acres, extends the last date to issue debt from fiscal year
2019/20 to fiscal year 2024125, and does not change rnaximum indebtedness; and
WHEREAS, the changes detailed above as well as an increase in the Affordable Housing Set Aside
target from 30 percent to 42 percent over the life of the dishict are anticipated to generate an
additional $38 rnillion from tax increment funds for affordable housing in the North Macadam
Urban Renewal Area; and
WHEREAS, PDC and the Portland Housing Bureau (PHB) are working collaboratively to issue a
request for proposals on a PDC-owned site (RiverPlace Parcel 3) that will require a minimum of
200 units of affordable housing at 0 - 60 percent median family income (MFI), of which at least
62 units will be affurdable at 0 - 30 percent MFI; and
V/HEREAS, Affordable Housing Set Aside resources are not assumed
to cover potential
environmental remediation costs at River?lace Parcel 3; and
WI-IEREAS, groundbreaking on phase 1 of the R.iverPlace Farcel 3 ploject
will occur by 2AI7;
and
WHEREAS, in addition to the affordable housing at RiverPlace Parcel 3, City Council intends to
ensure that tho City rneets the balance of afÍtrrclable housing goals for North lVlacaclarn.
NOW, THEREFORE BE IT RESOLVED, that City Council directs PDC and PHB to work
collaboratively to identify and acquire the rights to develop affurdable housing on a site of at
least one acre in addition to RiverPlace Parcel 3 (Second Site) no later than frscal year
202212023; and
NOW, THEREFORE BE IT RESOLVED, that through Second Site acquisition and
clevelopment, PDC and PHB will fully achieve all affordable housing goals in North Macadam
¡s clcl'jllccl b¡,
11l*
2003 Nortll lr4acaclau Lilban Iì.cnewal Ai"c¿r Ilousing Dcvelopttrcttt Stratcgyi
ancl
NOW, 't'tl,'tat'lrOlìÌ.ì lll,i
I'f
I{BSOLVIìD, that this lìesolution u,ill be presentecl to the
PDCI
lloarcl fbr consiclcration bclbre .lLrne 30. 2015,
llli I'l'lrtjlì'l'llì'ìR
l{l-rSOLVIil), that PDC ancl Pl-lB will retum to Clitl, Clouncil to r"rpclate the
North Macaclam on ¿i biannnal basis: by.lune 30,2017.by.ltlne 30,2019. by
.lLurc 30,2021. arrcl by.lunc 2023,
lroLrsing stlatcgy
lill
r\do¡rtcc1 by thc Council;
Mary [Iull Caballero
Auditor ol' the Clity ol' Por"tlancl
(
llv
lorlmissioncr Nicl< l'ìish
I'r'clralecl by: .lustin Douglas
l)a1c: l)r'clrar"cd: Malch 23. 201 5
I)cput¡'
Irnpirct St¿ìtellcnt l'or llecluestecl CoLrncìl Action
N&{PACT STAT'frfufl{ìNT
I-egisl:ltion
fittrc:
Iìequire the iclentilìcation and zrccluisition ol'ri-ehts to cleveiop al-f'ord¿rble
housiug on ¿r site in North Mac¿rcl¿rm th¿rt will 1ìlly achieve ¿rll afl-orclable
housing goals the district (Resolution)
n¿ìme: l-iarn Frost
Cont¿rct phone: 503-832-3594
Presentcr nâme: No presentation
Contacf
Purpose of' proposecl lcgislation ¿rnd backgrouncl information:
T'his r:esolution supplemeuts the North Macacl¿'Lrn Urban Renewal Area (URA) Amenclment by
clirecting PIJII and PDC to iclentily and zrcquire property in North Macacl¿rm for-aIlòrclable
housing. 'Ihis reallrms and fìrlJìlls the housing goerls lì'om the 2003 North M¿rcacl¿rnr Urb¿rn
Renewal Are¿r I'lousing l)evelopment Strategy.
Fin¿rncial :rnd [rudget:rry impacts:
AcqLriring propetty will be lunded usin-e'f¿rx Inclemental Financing generertectby the North
Macacl¿rm Urban Renewal Are¿r. 'Ihe City's General Funcl will not be al:fectecl. Cost estim¿rtes l-or
acquisition cannot be cietermined because a site has yet to be iclelttiliecl.
Cornmunity irnpzrcts and community involvement:
Accorcling to Portland i-Iousing Bureau cl¿rt¿r. the lowest-income householcls in Portland cannot
¿rlIbrd to rent in eury ale¿r of'the city. Iìurthenlore, when low-income inclivicluals a¡cllà¡rilies
stretch theil br"tclgets to secure a home in Portl¿rncl. that home is ofien in an area ol'iow
opportunity. Prioritizing aIìòrclerble homes in North Mac¿rc1arn. ¿ìn area o1'high opportunity,
ensures th¿rt the South Waterfì'ont will be home to Portlanclers at every income level.
Budgefnry Impnct Wortr<shcet
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