Portland stiffed by a green company

I say, only liberals could so something like this and let the people pay the bill…..

A company once pursued for its promise of green jobs will cost the City of Portland $5 million after defaulting on a $10 million state loan.

Portland paid millions to lure SoloPower Systems to the city but will now have to pay much of the $8.1 million left on a state loan the company failed to pay. The Portland Business Journal reported Wednesday that the company defaulted on a $10 million loan from the Oregon Department of Energy. It stopped making payments in September. Portland made two payments of $119,000 toward the loan in April and May, said Oregon Department of Energy spokeswoman Rachel Wray.

Portland will now have to make $119,000 monthly payments toward the company’s debt through October 2020 because former Mayor Sam Adams agreed in 2011 to guarantee $5 million of the state loan. The money will come from Portland’s Bureau of Transportation, but Prosper Portland, formerly the Portland Development Commission, will spend $5 million in urban renewal money on a parking garage the bureau is building in the River District, said Prosper Portland spokesman Shawn Uhlman. 

All of this and more at this SOURCE

Share
This entry was posted in Uncategorized. Bookmark the permalink.