The City proposes to reallocate $3 million in Riverfront Downtown Urban Renewal Area funds for construction and to "increase the competiveness of future grant applications for the project."
According to the staff report, the City is $7 million short:
To date, $1,930,000 in Riverfront Downtown URA and $212,700 in South Waterfront URA funding has been committed to support design and permitting of the Bridge and Trail. Additional funding of approximately $6,200,000 for the Bridge and $800,000 for the Trail is needed for final design and construction....In order to shift the funds, the following reductions would be made - reductions to which the Downtown Advisory Board has given consent, it should be noted.
To date, the only grant awarded is a $60,000 grant from the Oregon Business Development Department's Brownfields Redevelopment Program to fund environmental assessment in the location of the future Bridge and Trail. Feedback from other granting agencies indicates the funding gap for the Bridge and Trail is too large, leading to uncertainty regarding the ability to finance the project.
$1,300,000 - Reduce Existing Toolbox Loan Program FundsWithout more information it's hard to evaluate the impact of these cuts, but I think it might be true that these are programs that have had difficulty soliciting applications, and so it might be that the money is in a sense idle and not being used as effectively as it might. So it may not be wholly accurate to characterize these as "cuts." Hopefully more detail will come out about this.
$1,000,000 - Reduce Demonstration Grant Allocation
$150,000 - Eliminate Streetscape Funds
$550,000 - Reduce Ending Fund Balance
$3,000,000 - TOTAL
At the same time, the strategy sure leaves the impression that we may not be getting the full story.












