Old Town Shoe Project Scrapped After Millions in Public Funds
Portland News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Made in Old Town Shoe Manufacturing Project in Portland Scrapped: A Seven Million Dollar Loan and Two Million Dollar Grant Went to Waste
The Made in Old Town shoe manufacturing project in Portlands Old Town neighborhood, which received a seven million dollar loan and a two million dollar grant, has been officially scrapped. The project, aimed at reviving the area hit hard by the pandemic, crime, and business closures, faced repeated setbacks and failed to secure tenants or meet funding goals. Prosper Portland, the lender, cited a lack of viable business plans from the projects leaders, who bought two buildings for nearly double their appraised value using most of the public money. Local leaders and critics had raised alarms from the start, with city councilor Mitch Green calling the loan terms too risky. The projects board blamed tariffs and economic uncertainty, but remained silent on further questions. Prosper Portland is now figuring out next steps, including possibly taking back the buildings, and has vowed to implement tougher scrutiny for future deals to protect taxpayer dollars in economic development.
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