ORDINANCE No. 176409

*Authorize Intergovernmental Agreement with Tri-Met and the Portland Development Commission for Interstate Avenue Property Transfers (Ordinance).

The City of Portland ordains:

Section 1.  The Council finds:

1.  On May 24, 2000, the Council passed Ordinance No. 174482, which authorized a memorandum of understanding with the Enterprise Foundation and the Portland Development Commission to form the Smart Growth Fund.

2.  As a Smart Growth Fund acquisition, the City acquired a piece of property located at 5536 N. Interstate Avenue, known as the Mitchell Property.

3.  Tri-Met is constructing a light rail segment along Interstate Avenue, and needs to erect a substation in the area. It was determined through the recently completed Station Area Revitalization Strategy that the Mitchell Property is the preferred location for the new substation.

4.  Tri-Met owns property at 5513 N. Maryland Avenue, adjacent to Interstate Avenue, known as the Olberding Property.

5.  PDC is the City’s urban renewal agency and is the lead agency coordinating redevelopment efforts in the Interstate Corridor. PDC has identified the Olberding Property as a part of its station revitalization plan.

6.  If the City and Tri-Met swap the Mitchell and Olberding properties, Tri-Met will be able to construct its substation and PDC will have the Olberding property available for redevelopment.

7.  The Enterprise Foundation has agreed to release the Mitchell Property from the existing Smart Growth Fund Trust Deed, and has agreed to substitute the Olberding Property as collateral for the existing Smart Growth Fund loan.

8.  The ability of PDC to repay the Enterprise Foundation loan will not substantially change as a result of these actions because the loan amount and the property values used as collateral are substantially the same.

NOW, THEREFORE, the Council directs:

a.  The Mayor is authorized to execute an Intergovernmental Agreement with Tri-Met and the Portland Development Commission for Interstate Avenue Real Property Transfers, in a form substantially similar to the attached Exhibit A.

Section 2.  The Council declares that an emergency exists because delay would interfere with the Tri-Met schedule for construction.

Mayor Vera Katz

Linda Meng:lm

March 29, 2002

BACKING SHEET INFORMATION

AGENDA NO. 396-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176409