*410 Grant a ten-year property tax exemption to Station Place LLC for
housing on the southwest portion of the block bounded by NW 9th
Avenue, NW Marshall Street, NW Station Way, the Lovejoy ramp and NW
Lovejoy Court (Ordinance)
City Council Action
Full text of the ordinance (.doc) web page format
Project details (.doc)
Here are two quotes form the ordinance:
"14-story residential tower" ". . .the tax exemption is necessary to make rents affordable to a range of low and moderate income senior households and to achieve a rate of return on the project of -1.7%."
14 stories requires steel and concrete, a very expensive building method.
Why are these units being built on some of the most expensive land in Portland,
using an expensive building method? Further, is there low income infrastructure
in the Pearl district? Stores? Restruants? What will they do? Walk around
the neighborhood, looking in the windows of the art galleries and exclusive
restruants? Maybe low income people will hang out at Starbucks and envy people
consuming $5 coffee.
Why not place low and moderate income senior households in lower cost areas of town, where many could live without the stigma of being on public assistance and where they would have low cost services?