The Portland Development Commission announced today that it is laying off 17 employees. The layoffs come as no surprise as then-Executive Director Bruce Warner in January announced large budget cuts.

The city-owned agency generates most of its operating budget from urban renewal districts, which produce less money as they age.

Here's the announcement from PDC spokesman Shawn Uhlman:

·       Based on slowing property tax growth and resources ending in four URAs, we identified the need for a $4 million ongoing reduction in PDC’s Operating Budget beginning in 2011-2012·       Our 2010-11 budget is $211M. Our requested 2011-12 budget is $144M. o       This reduction in force will eliminate 22.2 FTE (including vacant positions) and will reduce the total PDC FTE count to 138.3 beginning July 1, 2011. o       17 of the positions listed are currently filledo       About $1.7 million in cuts will be made in Materials and Serviceso       About $2.3 million will be made in Personal Services as a result of the RIF.