The Prosperity Investment Program (PIP) offers a matching, reimbursable grant that helps businesses and property owners make tenant improvements and small and large-scale improvements to new and existing buildings.
Donor Name: Prosper Portland
State: Oregon
City: Portland
Type of Grant: Grant | Matching Grants
Deadline: All Time
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The purpose of the Prosperity Investment Program (PIP) is to support and encourage business competitiveness and property redevelopment in order to increase access to high quality employment for Portlanders, foster wealth creation, and build healthy communities. PIP deploys tax increment finance (TIF) resources to support local community action plans and advance goals of fostering wealth creation through business ownership, while promoting a vibrant Central City and thriving commercial corridors through targeted investments in employment hubs, small businesses, entertainment, and cultural amenities.
Action Plan priorities used to review PIP grants in each TIF district are as follows:
- Central Eastside
- Preserving industrial production/maker space
- Property owners who are providing long-term commercial affordability for commercial space
- Gateway Regional Center
- Businesses that create goods or services, or serve food, that highlights international
cultures - Daycare providers and other multigenerational services
- Food and Beverage manufacturers
- Healthcare organizations providing community services
- Businesses that create goods or services, or serve food, that highlights international
- Lents Town Center
- Property owners who are providing long-term commercial affordability for commercial space
- Commercial Corridors on Foster, Powell, 82nd, & 122nd
- Old Town
- Retail vibrancy/safety/security
- Historic preservation/seismic/cultural character
- North Macadam
- Improve transportation infrastructure and accessibility
- Enhanced public amenities and uses, including greenway, riverfront improvements and access
Funding Information
Total grant may not exceed $75,000 with a 75/25 match.
Eligibility Criteria
Business owners. Owners of a business that:
- Is located in a City of Portland Tax Increment Finance District;
- Holds a lease with at least three (3) years remaining on the term; and
- Meets at least one of the following criteria:
- The business is aligned with the adopted Action Plan priorities for the TIF district where the business is located.
- The business is a “Priority Industry Business,” which means it is a traded sector and high growth business that generates sales outside of the region, bringing new income into the area (or that has specific prospects to do so), in one of the following priority industries:
- Athletic & Outdoor and accessories
- Food & Beverage Manufacturing
- Green Cities
- Metals & Manufacturing
- Technology & Media
- Is owned by a person who meets at least two or more of the following criteria:
- The business owner’s business or residence was displaced by urban renewal, or the business owner has generational ties to such displacement due to urban renewal;
- The business owner has limited access to employment opportunities, capital, and/or has not benefited from generational wealth;
- The business owner is a first-generation business owner and/or first- generation college graduate;
- The business owner has owned their business for a minimum of 10 years; and/or
- The business owner’s business or home address is within a Census Tract scoring at an Income Threshold of 100 or below
Property Owners. Owners of “Eligible Property,” as defined below, who also meet one (1) of the following criteria:
- They operate a business on the Eligible Property that is aligned with the priorities of the applicable TIF district action plan;
- They operate a business on the Eligible Property that is a Priority Industry Business; or
- They lease the Eligible Property to a tenant that is an eligible business, as set forth in Section A of these guidelines.
- Eligible Property means property that:
- Is located in a TIF district within the city of Portland;
- Is zoned for commercial/mixed use, employment, industrial or multi-dwelling; and
- Has all financial obligations related to the property paid current, including taxes and debt payments
For more information, visit Prosper Portland.
