The Port of Hood River Commission has authorized approaching the City about establishing a formation of a single-property Urban Renewal District for Development of Waterfront Lot 1.  That would allow the City to close out the current 109-acre Waterfront Urban Renewal District, while the Lot 1 URA would only be nine acres in size.  Consultant Elaine Howard told the Commission she feels it’s the best solution available to allow the Port to move forward on public improvements for the property west of the Nichols Basin.  If the City agrees to the single-property district, it would generate $1.7 million in tax increment financing over ten years to pay off Lot 1 project costs the Port would incur upfront.  The city would be able to use the majority of the current Waterfront acreage for a potential new urban renewal area on the West Side.