Working Glossary 

A tenanting approach that seeks to assist underrepresented businesses, preserve the vitality of small businesses, and provide business development opportunities that in turn offer needed goods and services to the community, and advance the agency’s goal to build an equitable economy. This approach aims to address dramatic increases in retail rents and decrease in vacancy rates in the city of Portland which have resulted in the displacement of small businesses from Portland’s urban neighborhoods. (Source: Prosper Portland)

Housing that serves extremely low, very low, and low-income households. In determining affordability, the cost of housing, utilities, and transportation are considered. The U.S. Department of Housing and Urban Development (HUD) defines “affordable” as housing that costs no more than 30 percent of a household’s monthly income. (Source: City of Portland 2035 Comprehensive Plan)

Large organizations or companies that are generally well-known and have recognizable names that attract commercial counterparts to a location. They are primarily anchored in place and are key drivers of local regional economic opportunity. Anchor tenants can offer stable jobs, many with career ladders and good wages and benefits, and strong purchasing power of goods and services. (Source: Prosper Portland)

The expression or application of human creative skill and imagination, which may come in various ephemeral and permanent forms and as a tangible product and/or process including the visual arts, music, dance, literature, design, theater, musical theater, opera, folk and traditional arts, and media arts including animation and digital art. The ‘arts’ refers to subjects of study primarily concerned with the processes and products of human creativity and social life. (Adapted from the Oxford English Dictionary and the NEA)

The customs, arts, social institutions, and other manifestations of human intellectual achievements of a particular nation, people, or other social group. Culture can also refer to attitudes, behaviors, and norms characteristic of a place as influences by the people who, live, work, play, and pass through a place. (Adapted from the Oxford English Dictionary)

A feasibility analysis of the Broadway Corridor’s potential to meet a number of established City objectives through the acquisition and redevelopment of the USPS site. The Framework Plan was informed by an advisory committee, public open houses, and stakeholder surveys. As a result of the Framework Plan, City Council authorized a line of credit of up to $40 million to generate resources to acquire the USPS property. (Source: Prosper Portland)

This measures a building’s rate of return (profitability) and is commonly used to compare the attractiveness of different investments. (Source: HR&A, UPenn Urban Design Class)

Indicates the boundary of Portland’s Central City as used in CC2035 plan, which serves as the region’s premier center, anchoring an interconnected system of centers or places with concentrations of commercial and community services, housing, gathering places, and transit connections. (Source: City of Portland Bureau of Planning and Sustainability)

This replaces the 1988 Central City Plan as the primary guiding policy document for the Central City with goals, policies and tools designed to make the Portland’s urban core more vibrant, innovative, sustainable and resilient. CC2035 will address challenges and opportunities in the Central City to ensure this unique economic, transportation, cultural and educational hub will be a vibrant resource for all Portlanders over the next 20 years. (Source: City of Portland Bureau of Planning and Sustainability)

Climate Mitigation refers to efforts to reduce or prevent the emission of greenhouse gasses. Mitigation can mean using new technologies and renewable energies, making older equipment more efficient, or changing management practices and consumer behavior. (Source: UN Environment Programme)

People who self-identify as Black Americans, Hispanic Americans, Native Americans, Asian-Pacific Americans, Subcontinent Asian-Pacific Americans, and/or first-generation immigrant populations for the purpose of minority business ownership. (Source: Prosper Portland, Equity Policy)

A community benefits agreement refers to the collection of legally binding and enforceable community benefits to be delivered by a project (ex. Affordable housing, targeted hiring, etc.). Community benefits may live in various agreements or documents (ex. Operations Agreement, Jobs Policy) and not necessarily a document named “Community Benefits Agreement”, however, they should be enforceable. (Source: Prosper Portland, adapted from ELP Advisors)

Small businesses in which more than 51% establish that they are socially and economically disadvantaged within the meaning of DOT regulations, and prove they control their business. (Source: US Department of Transportation)

Authorized under Portland City Code 33.710.050, the Design Commission provides leadership and expertise on urban design and architecture. The Design Commission is comprised of seven members, none holding public elected office. As it relates to the Broadway Corridor Project, the Design Commission will have approval authority over USPS Master Plan using criteria established by Central City 2035. (Source: The City of Portland Development Services)

A set of design parameters for development which apply within a design district, subdistrict, or overlay zone. The guidelines are adopted public statements of intent and are used to evaluate the acceptability of a project's design. (Source: City of Portland Planning and Zoning Definitions)

Determine the shape or configuration of something. This verb is used for physical outcomes for which the City will establish parameters for plans and through implementation. (Source: City of Portland 2035 Comprehensive Plan)

As it relates to the Broadway Corridor Project, the Development Plan is a document that guides the strategy of development in the Broadway Corridor to achieve community aspirations. While the Broadway Corridor Development Plan will encompass the full 32-acre study area of the Broadway Corridor, a more detailed Master Plan will be prepared for the 14-acre USPS site based on requirements mandated by CC2035 and consistent with the Development Plan. (Source: Prosper Portland)

The spread between the cost to develop a project and its market value upon completion to be realized as profit by a developer/owner. (Source: Deloitte LLP)

An approved contract that defines a development project’s rules, regulations, commitments, and policies over a specified period of time. (Source: San Francisco Office of Economic and Workforce Development)

As it relates to the Broadway Corridor, it is the process of developing a strategy to guide the development of the site to achieve community aspirations, ultimately resulting in a framework for public benefits and land use proposals to guide the future direction of the Broadway Corridor.

As it relates to the Broadway Corridor project, this includes the selected developer and any consultants/advisors directly under contract to the developer. (Source: Prosper Portland)

Differences between groups in the presence of any form of outcomes, including access to services, health, and education. Disparities include both acceptable and unacceptable differences. (Adapted from Multnomah County Health Department, Health Equity Initiative)

A dynamic system formed by the interaction of a community of organisms with their environment. (Source: City of Portland 2035 Comprehensive Plan)

A set of calculations projecting the cost, revenue, and net financial return of what is being proposed to be built. (Source: Prosper Portland)

Equity is when everyone has access to opportunities necessary to satisfy essential needs, advance their well-being, and achieve their full potential. (Source: Prosper Portland, Equity Policy)

The notion of equity with respect to real estate is the difference between the market value of the property and the amount of any mortgage or other encumbrance. (Source: Wikipedia)

A method for determining the maximum gross floor area permitted for all buildings or building on a given site through the use of an assigned ratio. For example, given a ratio of 6:1 on a downtown city block of 40,000 square feet, the maximum floor area permitted would be 240,000 square feet. This might translate into a 30-story apartment building with each floor containing 8,000 square feet. As it relates to the Broadway Corridor project, the FAR was increased from 4:1 to 7:1. (Source: Portland Plan)

This means that there are no investments in or any use of utilities that burn fossil fuels to produce electricity, no investment in any company with proven carbon reserves, and no investment in any company that explores for, extracts, processes, refines or transmits coal, oil and gas. (Adapted from Green Century)

The process by which an undervalued neighborhood becomes desirable, which results in the displacement of lower income households due to the loss of affordable housing, often with a corresponding change in racial and ethnic makeup of a neighborhood’s residents and businesses. (Source: Prosper Portland)

The practice of creating structures and using processes that are environmentally responsible and resourceefficient throughout a building's lifecycle from siting to design, construction, operation, maintenance, renovation and deconstruction (Source: Prosper Portland, Green Building Policy)

A system of standards, rating systems and certifications to demonstrate the impact of buildings on the natural environment and mitigation strategies through sustainable design. (Source: adapted from Whole Building Design Guide)

A rigorous, sustainable urban development framework for achieving people-centered, economically vibrant, planet-loving, neighborhood- and district-scale sustainability.

(Leadership in Energy and Environmental Design): A voluntary, third party rating system that includes points related to site, energy, water, materials and indoor air quality. Projects can earn recognition at Certified, Silver, Gold and Platinum levels. LEED also accredits professionals with their Accredited Professional (AP) and Green Associate programs. (City of Portland Green Building Certifications and Programs)

A challenge developed and implemented by the Cascadia Region Green Building Council, part of the International Living Future Institute. To meet the challenge, buildings are required to process waste, generate energy, source materials locally and capture water. (City of Portland green Building Certifications and Programs)

A framework for master planning, design and construction. It is a tool to create a symbiotic relationship between people and all aspects of the built environment. The program is a call to action to governments, campuses, planners, developers and neighborhood groups to create communities that are connected and beautiful. (Source: International Living Future Institute)

Public or private assets — either natural resources or engineered green facilities — that protect, support, or mimic natural systems to provide stormwater management, water quality, public health and safety, open space, and other complementary ecosystem services. Examples include trees, ecoroofs, green street facilities, wetlands, and natural waterways. (Source: City of Portland 2035 Comprehensive Plan)

An urban design concept that proposes a 6-mile signature linear park and active transportation path that will bring new life and energy to the Central City. The Green Loop concept will promote more walking, biking, rolling, jogging and public transit trips helping contribute to a smaller city-wide carbon footprint. (Source: City of Portland Bureau of Planning and Sustainability)

Land that is partly or completely covered with grass, trees, shrubs or other vegetation. Examples of Greenspace include parks, community gardens and cemeteries. (Source: United States Environmental Protection Agency)

The guiding principles for the Broadway Corridor Project include the following (Source: Prosper Portland, Broadway Corridor Steering Committee Working Planning Tool):

Implement a robust, proactive and transparent strategy that is a responsible expenditure of public funds, attracts private investment, and delivers targeted and equitable public benefits, with clear and enforceable milestones and metrics

Leverage regional and local assets to strengthen multimodal transportation connections and improve accessibility to and through the area for all.

Promote social equity, reduce disparities, and extend community benefits

Foster economic and wealth prosperity for all through opportunities for innovation, creativity, education and economic growth in the region.

Demonstrate leadership in sustainability, health and integration of the built and natural environments and promote human interaction with the environment.

Create a unique and aesthetically stunning, mixed-use community that welcomes and reflects diversity, integrates private and public spaces, and enriches the quality of life for existing and new Portlanders of all ages, cultures, and backgrounds

A High Road Employer is an employer that follows labor law, provides a livable wage, benefits, stable scheduling, targeted hire, career ladders, a voice on the job, and health and safety for all employees; including subcontracted workers, contingent, and temporary workers. (Adapted from the American Sustainable Business Council)

Zoning requirements effective Feb. 1, 2017 in the City of Portland that requires all new residential buildings with 20 or more units to include a certain number of units that are affordable to Portlanders making 80 percent of median family income (MFI). Additional rules create incentives for developers to build units for people making 60 percent of MFI. Affordable housing within the redevelopment of the USPS property, estimated at approximately 700 units, will be delivered by a combination of Inclusionary Housing and a direct investment by the Portland Housing Bureau including development rights. (Source: City of Portland)

An incubator is an entrepreneurial resource which helps to lower the barrier to entry for business start-ups. Locally “grown” businesses are more likely to stay and grow where they originate, thus providing an avenue for job creation that compliments local business expansion and new business attraction efforts. (City of Yakima Economic Development Strategic Plan)

The use of a development site for impermanent interim uses that can bring attention and activity to the site and district and showcase the development potential. (Source: Prosper Portland).

IRR is a metric for measuring the return of an investment, or rate of growth, over a specified period of time. IRR is used to calculate the profit potential of an investment and determine its appropriateness relative to the level of risk – and takes into consideration the time value of money. Mathematically speaking, IRR is the discount rate at which the Net Present Value of a project’s cash flow income stream will be zero.

A review that determines whether a proposal meets regulations regarding how a property can be used. LURs are reviewed against approval criteria stipulated by the Zoning Code. (Source: Next Portland Architecture and Development)

The way in which land is used. Land use is generally described in terms of such things as the size of the lot, the size and location of the structure on the lot and the activities that take place within the structure. Activities not directly associated with land, such as housing construction, population growth, traffic flow and job development are influenced by the way land is used. (Source: City of Portland 2035 Comprehensive Plan)

The minimum income necessary for a person working forty hours a week to meet their basic needs, such as housing, food, health care, childcare, and transportation. (Source: City of Portland 2035 Comprehensive Plan)

The LTV is calculated by dividing the loan amount by the value of the property. Typically, this metric plays a role in determining the risk taken when underwriting a loan or line of credit where a high LTV ratio may represent higher risk and higher total costs (City of Portland Investment Policy)

Typically based on annual Median Family Income (MFI) limits published by HUD. Households earning: 0‐30 percent MFI are “extremely low‐income”; 31‐50 percent MFI are “very low‐ income”; 51‐80 percent MFI are “low‐income”; 81‐ 120 percent MFI are “moderate‐income”. (Source: City of Portland 2035 Comprehensive Plan)

Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. The market value of a building is typically assessed by dividing the building’s net operating income by a capitalization rate. (Source: Fannie Mae; HR&A, UPenn Urban Design Class)

A plan for the future development including proposed uses and possible uses. As it relates to the Broadway Corridor project, the USPS site is subject to master plan requirements detailed in the Central City 2035 plan. Once approved through the land use review process, an approved master plan remains in effect until development allowed by the plan has been completed or the plan is amended or superseded. (Source: Prosper Portland)

The amount that divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. MFI is typically stated based on family size (typically based on a family of four people). As of April 12, 2017, the MFI for Portland is $74,700 per year. A household at 80 percent MFI earns $59,750 a year; at 60 percent MFI, it’s $44,820 Median household incomes are frequently used to determine housing affordability. (Source: City of Portland 2035 Comprehensive Plan)

Having a variety of modes available for any given trip, such as being able to walk, ride a bicycle, take a bus, or drive to a certain destination. In a transportation system, multimodal means providing for many modes within a single transportation corridor. (Source: Portland Plan)

Minority-owned, women-owned and emerging small businesses (Source: Prosper Portland)

Revenues received from operation of the subject property, less total operating expenses. (Source: Prosper Portland)

How open space is activated post development on a recurring basis. (Source: Prosper Portland)

Any open piece of land that is undeveloped and is accessible to the public. There could be many creative opportunities for open space preservation that could help connect the community and revitalize its economy and social connectivity. Some opportunities for community open space can include: schoolyards, playgrounds, public seating areas, public plazas, vacant lots, and green space. (Source: US EPA)

All reasonable and customary expenses incurred in operating the subject real estate, including (but not limited to) utilities, on-site and off-site management, insurance, property taxes, maintenance, replacement reserves, and administrative charges which are associated with any compliance monitoring or reporting required by funding sources. Operating Expenses do not include contributions to operating reserves, depreciation, interest or principal payments. (Source: Prosper Portland)

A system or structure designed to watch over the delivery of public benefits in various binding agreements. As it relates to the Broadway Corridor, this framework provides the basic structure for establishing mechanisms and decision making processes to enforce public benefit commitments. (Source: Prosper Portland)

This refers to a housing status which means that a certain unit, whether rented or owned, continues to remain affordable to lower income households. A variety of programs and strategies are used to keep the unit below market price. For example, properties with homes that are rented are owned and operated by nonprofit charitable corporations that agree to hold this real estate to provide affordable shelter in perpetuity. Similarly, for homeownership units, the land remains public while the unit is sold below market price with restrictions on resale. (Source: City of Portland 2035 Comprehensive Plan)

A useful feature or facility of a building or place designed to improve the livability of a project. (Source: Prosper Portland)

The collaborative act of identifying current or creating new, distinctive public environments or places to be experienced by people. These places build on existing assets that include physical, social, or natural characteristics. (Source: City of Portland 2035 Comprehensive Plan)

In 1993, Portland was the first city in the United States to create a local action plan for cutting carbon. Since then, the City of Portland and Multnomah County have collaborated to produce updated climate plans that help guide the design and implementation of City and County efforts to reduce carbon emissions. The 2015 Climate Action Plan outlines a strategy to put Portland and Multnomah County on a path to achieve a 40 percent reduction in carbon emissions by 2030 and an 80 percent reduction by 2050 (compared to 1990 levels).

(Metropolitan Statistical Area): An area defined by the U.S. Office of Management and Budget and used as a metropolitan statistical area by the United States Census Bureau and other entities comprising Clackamas, Columbia, Multnomah, Washington, and Yamhill Counties in Oregon, and Clark and Skamania Counties in Washington.

A cash flow projection that includes a rent schedule, anticipated operating expenses, vacancy rates, and all other information pertinent to the operation of the property. Operating income and expenses are generally projected for at least ten years and allows an investor to evaluate the overall profitability of a property. (Source: Prosper Portland)

The purpose for which a lot or structure is designed and occupied in accordance with the city or county zoning ordinance and general plan land use designations. (Adapted from Institute for Local Government)

Prosper Portland’s Green Building Policy is a policy established to ensure that Prosper Portland’s project’s and transactions advance environmental, social and economic conditions by promoting green building practices, maximizing public health benefits via new construction and redevelopment projects, leveraging economic development opportunities to grow Portland’s reputation of deep industry expertise in green building, and providing flexibility for borrowers and other partners to incorporate Green Building practices. (Source: Prosper Portland’s Green building Policy)

A public good or service provided to members of the public. As it relates to the Broadway Corridor, these are people-centered community benefits that are oftentimes realized in the construction and operation phase of a development project. The current list of public benefit categories that the community aspires the Broadway Corridor project to deliver on include (Source Prosper Portland):

• Workforce Development and Hiring Operations

• Workforce Development and Hiring Construction

• Affordable Housing

• Affordable Commercial

• History, Arts, and Culture

• Interim Activation and Ongoing Programming

• Programming/Uses of the Site

• Urban Design & Accessibility

• Sustainability Infrastructure

• Transportation: Streets & Transit

• Parks, Open Space, & Habitat

A term sheet is a bullet point document outlining the material terms and conditions of a business agreement, and serves as a “jumping-off” point for negotiations and the preparation of final agreements. As it relates to the Broadway Corridor project, this is a document that outlines the summary of the terms being discussed or offered as part of the Broadway Corridor project including physical amenities (i.e. affordable housing and commercial) and people-centered benefits (i.e. workforce development). (Source: Prosper Portland)

A group consisting of City of Portland Bureau and other agency and utility partners including Bureau of Planning and Sustainability, Portland Bureau of Transportation, Bureau of Development Services, Bureau of Environmental Services, Portland Parks and Recreation, TriMet, Portland Streetcar, NW Natural, and Portland General Electric. This group is convened to provide technical expertise and assistance for the Broadway Corridor project.

The system of publicly accessible spaces that is made up of parks and other open spaces, streets, trails, public or civic buildings, and publicly‐accessible spaces in private buildings (such as lobbies or courtyards). This system works with, and is framed by, adjacent development and building edges that help energize and define the public spaces of streets, sidewalks, and parks. (Source: City of Portland 2035 Comprehensive Plan)

A contractual arrangement between a public agency (federal, state or local) and a private sector entity. Through this agreement, the skills and assets of each sector (public and private) are shared in delivering a public benefit. In addition to the sharing of resources, each party shares in the risks and rewards potential in the delivery of the service, benefit and/or facility. (Source: modified from The National Council for Public-Private Partnerships)

An assessment of how institutional racism historically impacts decision making on a project and an analysis of how the project can be done differently to address historical inequities. According to Race Forward, a REIA is “used to reduce, eliminate and prevent racial discrimination and inequities.” (Source: Prosper Portland, REIA)

Residual land value is a method for calculating the amount a developer is able to pay for the land given the assumed value of the development, the assumed project costs, and the developer’s desired profit. This is done by subtracting from the total value of a development, all costs associated with the development, including profit but excluding the cost of the land. The amount left over is the residual land value, and denotes whether a project is feasible with or without subsidy. (Source: modified from HR&A, UPenn Urban Design Class)

The capability to anticipate, prepare for, respond to, and recover from significant multi‐hazard threats with minimum damage to social well‐being, the economy, and the environment (Source: City of Portland 2035 Comprehensive Plan)

Uncertainty as to the outcome of an event or process. (Source: Prosper Portland)

Opportunities for people of color and low-income people such as affordable commercial space, workforce training and contracting opportunities. (Source: Prosper Portland)

Sustainable infrastructure refers to the designing, building, and operating structural elements (roads, water supply, energy systems, etc) that support day-to-day functions and do not diminish the social, economic and ecological processes required to maintain human equity, diversity, and the functionality of natural systems. (Source: Community Research Connections)

A public financing tool used to assist economic development projects by capturing the projected property tax revenue stream to be created by the development or development area and investing those funds in improvements associated with the project. (Source: Prosper Portland)

A business sector consisting of companies that compete in markets extending beyond the metropolitan region. These companies include exporters to markets outside the region, suppliers to regional exporters, and businesses whose products substitute for regional imports. Traded sector businesses bring money into the local economy, help keep local money at home, and help improve economic equity. Jobs at traded sector companies help anchor the city’s middle class employment base by providing stable, living wage jobs for residents. (Source: City of Portland 2035 Comprehensive Plan)

A type of community development that includes a mixture of housing, office, retail and/or other amenities integrated into a walkable neighborhood and located within a half-mile of quality public transportation. Such land uses have a lower demand for parking than auto-oriented land uses. (Source: Reconnecting America; Portland Plan)

Underlying Universal Design is the principle that buildings and their sites should be built or renovated in ways that can work for all — for a “universal” population. People have varying abilities, temporary or permanent, throughout life. Rather than doing special or separate design to accommodate differences in age and ability, Universal Design principles foster design that works for all. The seven principles of Universal Design are: equitable use; flexibility in use; simple and intuitive use; perceptible information; tolerance for error; low physical effort; and size and space for approach and use. (Source: City of Portland 2035 Comprehensive Plan)

The attempt to give form, in terms of both beauty and function, to selected urban areas or to whole cities. Urban design is concerned with the location, mass, and design of various urban components and combines elements of urban planning, architecture, and landscape architecture. (Source: Greenbelt Alliance)

The urban heat island effect is a measurable increase in ambient urban air temperatures resulting primarily from the replacement of vegetation with buildings, roads, and other heat‐absorbing infrastructure. The heat island effect can result in significant temperature differences between rural and urban areas. (Source: City of Portland 2035 Comprehensive Plan)

The West Quadrant Plan lays out a detailed roadmap for the long-term development and growth of the western half of Portland’s Central City. The plan sets out goals, policies and implementation actions for the seven districts that make up the West Quadrant. It was adopted by City Council in March 2015. Specific recommendations in the West Quadrant Plan will go into effect once the Central City 2035 Plan is complete, anticipated in May 2018 (Source: City of Portland Bureau of Planning and Sustainability)

A temporary group made up of Steering Committee members, Bureau partners, Prosper Portland staff, and other relevant stakeholders who are assigned a specific item or issue of a larger project or policy matter to propose alternative solutions or recommendations. (Source: Prosper Portland)

A range of educational, training, and networking activities to create, sustain, and retain a viable workforce that supports economic security for individuals and meets current and future business and industry needs. (Source: Prosper Portland)

Workforce Investment Boards, also known as local Workforce Development Boards, are charged with assuring that Oregonians have the skills they need to fill current and emerging high-wage, high-demand jobs; employers have the skilled workforce they need to remain competitive and contribute to local prosperity; and the workforce system is aligned. (Source: Oregon Workforce Investment Board)