Oregon Public Broadcasting

Portland's mayor announced the details of his $500 million economic stimulus plan Tuesday. Kristian Foden-Vencil reports.

It's the first economic stimulus package the city has ever proposed and the hope is it'll create 5000 jobs and help Portland out of recession.

The money would be loaned to small businesses and used for capital improvements like: new affordable-housing projects; an extension of the streetcar; a 50 million gallon reservoir at Powell Butte; and the acceleration of road and bridge repairs.

Mayor Sam Adams says the package won't put the city further into debt. The projects are already in the five-year budget, so this plan simply means they'll happen sooner.

The $500 million would be paid back through taxes and development fees.

In addition to its own stimulus package, Portland has requested $880 million in federal money, to be spent on other "shovel-ready" projects.