A.  “Economic development project” includes any properties, real or personal, used or useful in connection with a revenue producing enterprise.  “Economic development project” shall not include any facility or facilities designed primarily for the operation, transmission, sale, or distribution of electrical energy.  “Economic development project” also includes multiple unit residential housing development on land having an assessed valuation of $8 per square foot or more on September 13, 1975, land within a designated urban renewal or redevelopment area formed pursuant to ORS Chapter 457, land within an area designated as a Housing and Community Development target neighborhood pursuant to the Housing and Community Development Act of 1974, or projects which benefit low or moderate income tenants, or address slum and blight as defined by the 1974 Housing and Community Development Act.

B.  “Eligible project” means an economic development project found by the City to meet standards adopted pursuant to this Chapter.  “Eligible project” includes multiple unit residential housing development which increases available housing units through new construction, rehabilitation of nonresidential buildings, or provides for rehabilitation of residential buildings.

C.  “City” means the City of Portland.

D.  “Costs” as applied to any project must conform to all applicable Internal Revenue Service regulations and may include:

1.  The cost of construction and reconstruction.

2.  The cost of acquisition of property, including rights in land and other property, both real and personal and improved and unimproved and the cost of site improvements.

3.  The cost of demolishing, removing or relocating any buildings or structures on lands so acquired, including the cost of acquiring any lands to which the buildings or structures may be moved or relocated.

4.  The cost of eligible machinery and equipment and related financing charges.

5.  The cost of engineering and architectural surveys, plans and specifications.

6.  The cost of financing charges and interest prior to and during construction, and if deemed advisable by the City for a period not exceeding 1 year after completion of construction.

7.  The cost of consultant and legal services, other expenses necessary or incident to determining the feasibility or practicability of constructing a project, administrative and other expenses necessary to or incident to the construction of the project, including, but not limited to, costs of relocation and moving expenses according to a project plan developed by the City, and the financing of the construction of the project thereof, including reimbursement to any state or other governmental agency or any lessee of such project for the expenditures made with the approval of the City that would be costs of the project under this Chapter had they been made directly by the City, and any costs incurred after bond issuance by the City for audits or monitoring.