passed ordinance

Authorize Intergovernmental Agreement with Prosper Portland for FY 2024-25 economic development activities

budget finance
economic development
iga

Department: Prosper Portland
Introduced by: Former Mayor Ted Wheeler
Status: Passed

Impact statement

Purpose & background

This ordinance authorizes the agreement with Prosper Portland to fund the various economic development initiatives outlined and appropriated in the FY 2024-25 Adopted Budget. This ordinance represents the annual intergovernmental agreement (IGA) routinely approved by Council to specify (See EXHBIT A) the Prosper Portland programs supported through General Fund discretionary and Recreational Cannabis Tax resources

Financial impacts

The total value of the IGA/contract is for $ 21,991,575 (See EXHIBIT A). This amount is appropriated in the FY 2024-25 Adopted Budget. There are no direct increases in revenue anticipated as a result of this ordinance. However, it is anticipated that the results of Prosper Portland’s economic development efforts will lead to job growth and retention as well as to increased economic activity, leading, in turn, to potentially increased revenue to the City.

Community impacts

This funding supports a variety of citywide new and ongoing programs (See EXHBIT A) intended to grow local businesses, improve neighborhood business vitality, and support individuals in gaining job skills. Ordinance approval of the IGA authorizes funds to implement the FY 2024-25 Adopted Budget. The budget process is designed by the Mayor’s Office in coordination with the City Budget Office. That process includes a number of community budget forums and public hearings. Increasing public involvement in the City-funded portion of Prosper Portland’s operations has been an iterative process over several years involving a number of groups, Prosper Portland, and the Mayor’s office

▸ Full text (the legislation as adopted)

The City of Portland ordains: Section 1. The Council finds: Prosper Portland, as the duly-designated Urban Renewal agency of the City of Portland, is granted broad powers under ORS 457.170 and City Charter Chapter 15 for the planning and implementation of urban renewal projects and economic development activities. As part of this implementation, it has established expertise in economic development activities whose scope is restricted to the City’s urban renewal areas. A cooperative relationship between Prosper Portland and the City will be beneficial to the implementation of specific economic development activities, including target industry development, entrepreneurial development and community economic development on a citywide basis. Funding has been appropriated in the City’s FY 2024-25 Adopted Budget for the above-mentioned economic development activities. Both parties desire to enter into an Intergovernmental Agreement (IGA), attached as Exhibit A, that will establish terms and conditions by which one party will engage and compensate the other party for performing specific services. The City Budget Office (“CBO”), as the City’s budget liaison to Prosper Portland, has been identified as the bureau responsible for managing this agreement. NOW, THEREFORE, the Council directs: The Budget Director is authorized to execute, on behalf of the City, an intergovernmental agreement with Prosper Portland, in a form substantially similar to the contract attached as Exhibit A, and by reference made a part hereof, upon approval to form by the City Attorney’s Office. The Budget Director is authorized to execute amendments to this IGA on behalf of the City, including those amendments related to the total compensation in the IGA, provided that such changes in total compensation have been duly appropriated by City Council, upon approval to form by the City Attorney’s Office.

Tally

4 yea 0 nay 1 other