Monday, June 9, 2008

City of Portland Asks for SoWhat Loan Extension

From Bojack's blog:

Here's another sure sign of impending financial doom in the folly-filled wasteland known as Portland's South Waterfront (SoWhat) district. Now the Portland Development Commission is asking the city to hustle up a two-year extension of the "temporary" line of credit that it took out from Bank of America to pay for the SoWhat streetcar. There's currently about $5.9 million outstanding on that line of credit, and the money that the PDC hoped to have to pay it off when it expires this Sunday(!) hasn't materialized. Apparently the funds were supposed to come from two parcels of land in the RiverPlace area that haven't sold.

I’m starting to see a lot of parallels between consumers’ debt load and Portland’s debt load. Once you realize you don’t have enough money you attempt to modify the loan.

Here we go…