Oregon is rushing statewide to use recovery bonds intended to stimulate the building industry before the Dec. 31 deadline.
Oregon is rushing statewide to use recovery bonds intended to stimulate the building industry before the Dec. 31 deadline.
Only approximately $185 million of Oregon’s $258.7 million in bonds has been issued.
“These bonds are a great stimulus because they give bond buyers a reason to lend to private projects in this economy,” said Patrick Quinton, urban development, business and industry division manager for the Portland Development Commission, which is in charge of allocating Portland’s bonds. “But even though they can be a big help, they’ve been slow to get off the ground.”
The first speed bump was the time-consuming process to secure the bonds and complete the accompanying paperwork and procedures, [spokesman for the Oregon Business and Development Department Marc] Zolton said. Then the department had to market the program to the various cities and counties, he said.
Read more at the Daily Journal of Commerce.
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