summary
Introduced
02/27/2025
02/27/2025
In Committee
03/31/2025
03/31/2025
Crossed Over
Passed
Dead
06/27/2025
06/27/2025
Introduced Session
2025 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: The Act would grant lottery bond proceeds to Williams & Russell CDC so that it may set up a business hub in Portland. (Flesch Readability Score: 65.2). Authorizes the issuance of lottery bonds with the proceeds distributed to Williams & Russell CDC for the purpose of developing a business hub to support small businesses, professional devel- opment, workforce training and economic growth in Portland’s Albina neighborhood.
AI Summary
This bill authorizes the State Treasurer to issue lottery bonds totaling $8,750,000 for Williams & Russell CDC to develop a business hub in Portland's historically Black Albina neighborhood. The bonds, to be issued by June 30, 2026, will provide funding for creating office and retail spaces designed to support small businesses, professional development, workforce training, and economic growth. The bill specifically requests that the Oregon Department of Administrative Services transfer the bond proceeds to Williams & Russell CDC for this purpose. The Legislative Assembly justifies this funding by noting that developing business hubs contributes to Oregon's economic vitality and has potential to create jobs, support economic development, finance public education, and contribute to environmental restoration efforts. The bond authorization is structured under existing Oregon Revised Statutes (ORS) 286A.560 to 286A.585, which govern lottery bond issuance, and includes provisions for additional funds to cover bond-related costs.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
In committee upon adjournment. (on 06/27/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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