PDC loans $5.5 million to Oriental Medicine school


The Portland Development Commission voted unanimously to give $5.5 million in low-interest loans to the Oregon College of Oriental Medicine.

Share this article!

The Portland Development Commission voted unanimously to give $5.5 million in low-interest loans to the Oregon College of Oriental Medicine.

The move will help the college renovate a 1911 building into a $16.2 million headquarters, bringing new life to the Old Town Chinatown neighborhood.

The deal is unusual in that the city’s contribution is seven times its original estimate. The agency, which spends city property tax revenues, normally wants to entice at least $5 of private investment for every $1 from the public. But this deal would bring just $2 for every $1.

City officials said the deal reflects their new recession-era mantra: Do what it takes.

Read more at OregonLive.com.

{biztweet}portland development{/biztweet}




Latest from Oregon Business Team