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Podcast: Cascade CounterPoint
Episode: Metro, Please Learn from Past Mistakes
Description: The Oregon Convention Center (OCC) was opened in 1990 with the backing of Metro, the Portland regional government. It was opened to create more economic growth opportunities in Portland.
In 2003 the convention center was underperforming, and Metro made the decision to upgrade. This renovation came with the promise of generating surplus revenue.
Unfortunately, the site continued to underperform, leading Metro to invest in the construction of an on-site hotel that would be owned and managed by Hyatt but subsidized by public funding. Metro would provide $60 million of the $74 million in public funding through revenue bonds.
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