There were some lofty words early about the would-be showpiece, in the form of a letter from Representative Earl Blumenauer ("this is an important project that will create significant economic opportunities") and in remarks from an aide to Governor John Kitzhaber ("the governor believes that an economy of innovation is in our reach"). And visits from businesses like Sanyo and Intel, which are committed to setting up shop in the center, and boosterish business advocates. But, still, questions and concerns about the project's still-murky finances (click here for a chart) came fast and furious. No vote yet, and I'll update when it comes.
First, the Office of Management and Finance indicated the project's current cost is only a "medium confidence estimate"—meaning it could go down once engineering work happens. But also that it could go up, requiring some of the building's niftier features to be shaved back. Again.
Then OMF dove into some of the hard truths about the city's financial risk, both from having the Bureau of Planning and Sustainability occupy and rent part of the building and also from agreeing to help fill any deficits if rents expected from other parts of the project fail to materialize. And the sums are pretty giant. As in millions of dollars that could potentially be diverted from other city priorities.
Update 12 PM: The project is moving forward—but not with the unanimous support Adams wanted to show his partners in Salem. Amanda Fritz and Nick Fish both voted no—declaring their support for the project's concept, but worried the financial risks, without further refinement, remain a lousy deal for Portland taxpayers.
"This is a sustainabilty building," Fish said, "but i have yet to conclude it is financially sustainable."
Check below for more details.