Posted By johntarantino1 on July 27, 2010
More than two years after construction was to begin, no one knows when work will start on Fields Park, the final and by far largest of three Pearl parks.
The project is hung up on negotiations between the city and Hoyt Street Properties (HSP), the development firm that in 1997 agreed to donate land for the parks in exchange for removal of the Lovejoy viaduct, provision of streetcar service and relaxation of zoning rules.
City Commissioner Nick Fish has stepped into the negotiations, but there is no word on what kind of settlement will be reached or when.
Things began going sideways a year after Hoyt Street President Homer Williams closed the 1997 deal with the city and Portland Development Commission.
No one foresaw that within a year the Parks Bureau would institute system development charges (SDCs), a citywide system of fees on new construction to underwrite creation and maintenance of public parks.
One estimate puts these charges at about $2,800 per unit for typical Pearl buildings.
Hoyt Street Properties got full credit for the value of its land donated for Jamison Park, a credit it used against SDCs applied to the new buildings it was churning out…
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