HB 3377
Authorizes lottery bonds for construction of the James Beard Public Market in Portland.
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Sign in to take actionPublic sentiment
Support
75%
Oppose
25%
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows the state of Oregon to issue lottery bonds to help finance the construction of the James Beard Public Market in Portland. The Oregon Department of Administrative Services, in consultation with the Historic Portland Public Market Foundation, will authorize the State Treasurer to issue these bonds. Proceeds from the bonds will be directed to a fund for distribution to the foundation to cover construction costs.
Key provisions
- Authorizes the issuance of lottery bonds.
- Specifies the amount of bonds to be issued: $10 million in net proceeds.
- Directs proceeds to the ODAS Economic Development Distributions Fund.
- Designates the Historic Portland Public Market Foundation as the recipient of the funds.
- The State Treasurer will consult with the Historic Portland Public Market Foundation.
- The Legislative Assembly finds that the market will promote economic development.
- The bill declares an emergency, effective July 1, 2025.
Who is affected
- Oregon State Government
- Portland, Oregon
- Local Vendors
- Historic Portland Public Market Foundation
- Oregon Department of Administrative Services
Notable changes
- Establishes a mechanism for using lottery bond proceeds to finance a specific public market project.
- Creates a dedicated fund for distributing bond proceeds to the foundation.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
Supporters of HB 3377, including local preservationists and business owners, believe that the bill will have a positive impact on downtown Portland. The restoration of two historic commercial buildings is expected to promote historic preservation and reuse, while also supporting small local businesses through the creation of a market in downtown Portland. Metro's endorsement of the bill highlights the need for recovery and revitalization of Portland's hospitality, arts, and tourism sectors, with the proposed James Beard Marketplace construction seen as a key component of this effort. By authorizing $10m in lottery bonds, supporters hope to stimulate economic growth and celebrate local businesses during uncertain times.
Source: Testimony Summaries
Arguments opposed
Reasons to oppose this legislation.
Opponents of HB 3377 argue that the bill's authorization of lottery bonding for the project is unnecessary and could be met through alternative funding sources, such as private investors or the City of Portland. They also express concern over the undefined amount needed to pay for lottery bonding costs, which they believe may lead to unforeseen expenses and financial burdens on taxpayers. Furthermore, some that this approach undermines the principles of public-private partnerships and could result in a lack of transparency and accountability in the project's funding.
Source: Testimony Summaries