The concerns raised by the legislature regarding the overall financial feasibility of this project and it potential impact on on-going operating costs for the Portland State University and the City of Portland remain unanswered.
These concerns should be shared by every resident of Portland as we are will be on the hook financially for any challenges that emerge with construction cost overruns, failed lease agreements, and operating expense overruns.
Ultimately, there is no "emergency" here just a willingness to disregard legitimate concerns about this project and avoid providing answers. Potentially deepening the city's financial commitment to this project doesn't erase the lack of facts on the financial feasibility of this investment.
I hope that this "emergency" item is removed for the agenda. If there is to be any additional action on this project, the city must present a clear business case to public for proper review and consideration.
At this point (if you haven't noticed) it's ram it all through to get the goodies into them and their crony-capitalist pals' pockets, city folk be damned.
'we will be on the hook financially for any challenges that emerge with construction cost overruns, failed lease agreements, and operating expense overruns.'
They might as well put a middle finger on the Portlandia statue aimed at everyone else.
They DO NOT CARE what you think, what you want, or what actually 'works' for Portland.
It's notable that the the$8.2 million on city bonds paid for by the Portland Bureau of Planning and Sustainability (BPS) rent doesn't recognize that this reflects an increased operating expense for that bureau which currently resides in a space upon which the city still owes $13 million:
"The director of BPS' sustainability division, Michael Armstrong, acknowledges that there is nothing wrong with their current office space."
Of course the chart above noted an important caveat on this particular financing piece, namely that the bonds will be paid for by BPS rent "or from the City's General Fund".
So, the full known cost (i.e. increased operating expense for BPS) is not included here, no plan for repaying the existing debt on BPS's current space is not included here, and the fall back for challenges with any financing problems will fall to the City' General Fund.
It is hard for me to overstate the need for folks to contact the City Council and tell them to dump this project. Here are the email addresses if you need them:
Personally, I hope someone puts a stop to this boondoggle.
These concerns should be shared by every resident of Portland as we are will be on the hook financially for any challenges that emerge with construction cost overruns, failed lease agreements, and operating expense overruns.
Ultimately, there is no "emergency" here just a willingness to disregard legitimate concerns about this project and avoid providing answers. Potentially deepening the city's financial commitment to this project doesn't erase the lack of facts on the financial feasibility of this investment.
I hope that this "emergency" item is removed for the agenda. If there is to be any additional action on this project, the city must present a clear business case to public for proper review and consideration.
At this point (if you haven't noticed) it's ram it all through to get the goodies into them and their crony-capitalist pals' pockets, city folk be damned.
'we will be on the hook financially for any challenges that emerge with construction cost overruns, failed lease agreements, and operating expense overruns.'
They might as well put a middle finger on the Portlandia statue aimed at everyone else.
They DO NOT CARE what you think, what you want, or what actually 'works' for Portland.
http://www.portlandmercury.com/portland/gr…
"The director of BPS' sustainability division, Michael Armstrong, acknowledges that there is nothing wrong with their current office space."
Of course the chart above noted an important caveat on this particular financing piece, namely that the bonds will be paid for by BPS rent "or from the City's General Fund".
So, the full known cost (i.e. increased operating expense for BPS) is not included here, no plan for repaying the existing debt on BPS's current space is not included here, and the fall back for challenges with any financing problems will fall to the City' General Fund.
It is hard for me to overstate the need for folks to contact the City Council and tell them to dump this project. Here are the email addresses if you need them:
Amanda@portlandoregon.gov
Sam.adams@ci.portland.or.us
dan@ci.portland.or.us
randy@portlandoregon.gov
NickFish@portlandoregon.gov