Beaverton center will get $1.5 million state grant
A state grant will put the proposed Patricia Reser Center for the Arts within $3.5 million of its fundraising target for construction in central Beaverton.
The grant of $1.5 million will come from bonds approved by the 2019 Legislature and repaid from Oregon Lottery proceeds. It was one of five projects requested by the Cultural Advocacy Coalition. The total of $4.1 million was part of an end-of-session bill distributing money from lottery-backed bonds.
Once the goal of $46 million is reached, ground will be broken at the site near Northwest Hall Boulevard and Crescent Street, probably by the end of 2019. Completion of the center and an adjacent seven-story parking garage is envisioned in spring 2021.
Lani Faith, executive director of the Beaverton Arts Foundation, said the grant puts the fundraising effort within $3.5 million of its goal.
She said in a statement:
"For the Patricia Reser Center for the Arts to receive funding of this magnitude from the state truly empowers our position that what we're doing will benefit Oregon as a whole. With every step forward, the vision of the facility — and how it will serve as the cultural hub of our region — gets stronger."
The state grant of $1.5 million will come after the sale of lottery-backed bonds scheduled in the first half of 2021, just before the close of the state's two-year budget cycle.
Other recent large contributors to the arts center were $750,000 from Cambia Health Solutions of Portland — the largest single corporate donor — and $102,000 from iSing, an organization that performs free concerts in exchange for donations to charitable partners.
The Planning Commission approved the plan for the arts center and the seven-story garage on Feb. 6. The garage will be owned by the Beaverton Urban Redevelopment Agency.
The City Council took preliminary action April 9 to sell $21 million in special revenue bonds, repaid from city lodging taxes, for the city's share of the arts center. The city staff will have to recommend whether the bonds should be tax-exempt or federally taxable before the council gives final approval for the sale.
The city bonds will have a cushion for pledged contributions to be collected after 2021.
Beaverton Central near The Round/City Hall is filling up fast.
The Rise Central opened in May with 230 apartments, 15 of them reserved for lower-income households. On the same day as the official opening of The Rise on May 22, ground was broken for a 125-room Hyatt House at the southwest corner of Crescent Street and Rose Biggi Avenue.
The Beaverton Central urban renewal subarea is bisected by the MAX light-rail line, which has a station there.