Behind every shiny public works project, there is a budget spreadsheet that makes it all happen. Gateway’s Urban Renewal Area project is no exception, with its own financial machinery being periodically adjusted behind the scenes.
The most recent changes came on April 12, when Portland Development Commission passed its second revision to their 2016–17 budget. The primary reason for these changes, according to PDC in Report 17-11, dated April 11, is “to reflect shifts in project timing based on current-year activities.” This process also affords citizens a chance to weigh in on PDC’s spending.
The Gateway Regional Center URA’s budget shuffle affected several areas, with $7,681,440 being moved from the 2016–17 regular funds and placed in contingency—a holding container for unused budget money this year. The contingency fund then moves forward to become available in the next year’s budget. This included roughly $2.2 million from housing, $2.2 million from infrastructure, and $3.2 million from property redevelopment. Gateway also saw a slight increase in tax increment debt proceeds, with $238,737 additional funds.
The practical effects of this are straightforward, according to the PDC’s Anne Mangan, spokesperson for the PDC: “Next year will have more resources than originally projected, because this year [we] didn’t spend as much,” she said.
The notable projects affected by this budgetary housekeeping are Gateway Discovery Park and the Halsey/Weidler Streetscape Improvements, along with the Commercial Property Redevelopment Loan Program. The Gateway Urban Renewal district is set to expire in 2021.
