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

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