Vikings adrift
What in tarnation is going on at Portland State University? First they tell us that they're so broke that they have to lay off 52 people, including some tenured faculty, and cut curricular programs. But then a couple of weeks later, here they are busy prattling on about which contractor they're going to use to build a hotel and a public auditorium to replace the Keller.
PSU has gotten weirder and weirder over the years. They're obsessed with real estate development while their academic program is falling apart. I believe they already own a hotel, for no apparent reason. The place needs a turnaround expert, and a swift kick in the pants, before it's too late to save it.
The octopus isn’t kind. It’s been gobbling up real estate for decades. Wish the had a strong supervisor.
ReplyDeletePortland Real-eState University?... Reminds me of mega hospitals gobbling up everything in site, like OHSU and Providence.
ReplyDeleteColumbia University (NYC) is the largest land owner in that city, but a lot of what they own provides student housing or otherwise benefits the school and/or students.
ReplyDeleteI'm not seeing how a hotel / concert venue (which will just provide a lot of low-paying service jobs for the large labor pool of students) benefits the students.
PSU bought the old Red Lion Inn by I-405. They used it for some classes and as a conference center.
ReplyDeleteThis comment is a bit late, but there is nothing unusual here. A fluke of Oregon's tax system makes it relatively easy for governments to borrow money for capital projects they can't afford to staff, because operations have strict tax limitations. Remember MultCo's Wapato Jail that got built and stayed empty? The budget had no money for staffing for over a decade until it was sold off and now the buyer almost donates it for use as a home;less/drug rehab center? It's all about the differences between capital expenses and operating expenses, and as a tax Guru, it's just another example of the law of unintended consequences.
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