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You are here: Home / Parking Garages / Prosper Portland Breaks Ground On Money Pit

Prosper Portland Breaks Ground On Money Pit

August 8, 2017 By TonyJ 2 Comments

Dump Truck Dumping Money Bags On Convention Center Garage
Prosper Portland is dumping money into a parking garage venture that may lose money and hurt climate goals.

Prosper Portland, the organization formerly known as the Portland Development Commission, celebrated the groundbreaking for the Convention Center Hotel and adjacent combination $26,000,000 parking garage and transit police station/jail.

Prosper Portland is looking to replace expiring tax-increment financing cash-flow with parking revenues from this garage and commuter garages in Old Town/Chinatown and the Central Eastside Industrial District.  The organization’s consultants say the projects will pencil out in the long run, but for that to be true, the city would have to fail to meet its own commuter mode-share goals and disruptive technologies, like ride-share and autonomous vehicles, will have to vastly underperform expectations.

Prosper Portland is mortgaging its own future for a short-term revenue stream. It might be too late to stop construction on this garage, but Mayor Wheeler and city council can tell Prosper Portland to stop undermining climate action policy and find other investments, like affordable housing, that the city actually needs and are more fiscally responsible.

If Paul Allen wants an NBA All-Star Game that badly, maybe he should finance the garage?

Do you want Prosper Portland to stop building new garages?  Email Mayor Wheeler and tell him to put a stop to Prosper Portland’s self-destructive plans.

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