Commissioner Randy Leonard's Bureau of Development Services is so broke it's asking for an immediate $1.5 million loan.
In a resolution that will go before City Council on Wednesday, the bureau asks for interim funds from Portland's "Bancroft Bond Interest and Sinking Fund," a pot of local improvement district money that topped $15 million at the start of this fiscal year. If approved, the loan would be repaid by June 2011, assuming that's possible. It's designed to get the bureau through the current fiscal year, which ends in June.
Last month, Leonard also proposed a general-fund loan
to BDS for future budget years.
BDS had $13.5 million in reserves at the start of the last fiscal year. That total shrunk to $114,000 as of Feb. 28. And that's after BDS laid off about half of its 300-person staff
last summer and fall.