In today’s news, Oregon considers borrowing money to fund PERS, state incomes beat national average and Nike adds sixth building to campus.
1. Oregon’s pension woes spark new proposal
Oregon needs $22 billion to bridge the deficit in the public pension system. The latest proposal is to borrow money. But the Oregonian reports this fix is risky. Borrowing to backfill PERS puts the liability on future generations. Oregon isn’t alone in its pension troubles. Cities in California are considering a cut to public pensions to make ends meet, the New York Times reports.
2. Incomes rising fast in Oregon
A U.S. Bureau of Economic Analysis report finds Oregon incomes are increasing faster than the national average, especially among working class employees. This finding comes after Oregon’s jobless rate reached a record low. The Statesman Journal reports the data is translating to real jobs in Oregon.
3. Nike announces campus expansion
The athletic giant is adding a sixth building to its world headquarters in Beaverton. The Portland Business Journal reports the building will span 360,000 square feet, with an additional 330,000 square feet parking space. Work will begin mid-2017.
4. Vancouver energy terminal announces new safety measures
The oil-by-rail terminal at the Port of Vancouver is sponsored by Tesoro, which says the safety measures are intended to quell community fears. OPB reports the energy terminal intends to operate at 50% capacity for the first year. Barring no incidents, the terminal could increase to 75% capacity in year two. Full capacity would be reached in year three as long as the terminal is incident-free.
5. Wapato Jail buyer wants to grow fruits, vegetables
The county decided to entertain bids to purchase Wapato Jail instead of renovating the space into a homeless shelter last month. Renewable energy company owner Garison Russo bid $9 million for the jail. The Portland Tribune reports the county has discussed the offer at two executive sessions and signed a letter of intent. If the proposal moves forward, Russo plans to grow organic fruits and vegetables at the jail.
6. Timber class action suit certified
The lawsuit seeks $1.4 billion from Oregon for failing to maximize timber harvests in Linn County. Capital Press reports the state has until May 2017 to file any motions in attempt to dismiss the case.
7. Did you miss last night’s presidential debate?
The New York times compiled the must-see highlights from the second debate between Donald Trump and Hillary Clinton. Clinton can add the debate to her win column as support for Trump continues to wane.
8. From the Magazine: On the Road
Rupert Poole, senior collaborations manager for future technology at Jaguar Land Rover, revs up the connected car.