Kimberly Branam, executive director of the city's economic development agency Prosper Portland, this week abruptly postponed a long-term budget presentation to the agency's board set for Nov. 18.
Prosper Portland has delivered megadeals for the city in the past, including redevelopment of the Pearl District and South Waterfront. It's now in the process of converting the former U.S. Post Office in Northwest Portland and surrounding properties into the Broadway Corridor.
But in the presentation scheduled Wednesday, the agency was set to describe a dismal future due to expected fallout from COVID-19—budgets 30% to 70% below its target of $30 million, stretching for the next decade. That could dramatically reduce the city's ability to engage in big developments.
An agency spokesman says Branam delayed the presentation and will refine the numbers and bring them back in January.