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Phil Knight pledges another billion dollar donation, Oregon Secretary of State refers Portland Public Schools be investigated for $61M contract with Texas based Procedeo, US extends trade truce with China to January, mortgages hit two year high.

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PNW Market Look

As of market close 9.23.26

Apollo’s $26 Billion Private Credit Fund Faces Another Rush for Exits (YF)

US 30-Year Mortgage Rate Tops 7%, Hits 2-Year High (Ground)

Headline Roundup

Pacific Power to charge new Oregon data centers for all costs associated with growing energy need (OCC)
Microsoft’s new gaming patent could turn boss fights and loading screens into ad breaks (YF)
Portland’s TriMet Cuts Signal Wider US Transit Challenge as Philadelphia, Chicago and More Cities Redesign Networks (TOW)
Sisters approaches final hurdles to approve urban growth boundary amendment map (OPB)
Knights pledge $1 billion to University of Oregon to create engineering college (OPB)
Secretary of State Refers Portland Public Schools to Department of Justice for Criminal Investigation Over Procedeo Contract (WW)
Portland councilors seek major expansion of city’s CEO pay-gap tax (ORL)
Newmark finds $55M for nearly full Yesler Terrace apartments (DJC)
Supreme Court puts Butte’s data center initiative back on the ballot (MTFP)
Salem Enacts 120-Day Moratorium on Data Center Development (SBJ)
Boise mayor blasts ‘shortsighted’ push for ‘mega data center’ on public lands (IDS)
Caldwell adds $8.7M to budget as fiscal year nears end (IDP)
Boise Schools could close several schools, revamp grades for junior and high school, more as it faces declining enrollment (BD)
Parents riled up as potential renters tour two Bellingham schools that may close (CD)
NeighborImpact gets $50,000 grant for child nutrition (BB)

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Community Highlight

Bend Rolls Back $60 Million in Tax Rebates for Apartment Developers After Wage Ruling (TS)

“In a July 14 decision, the Oregon Bureau of Labor and Industries ruled prevailing wage standards should apply for workers building a 264-unit apartment complex in southeast Bend because it’s slated to receive millions of dollars in property tax rebates. That’s forcing the City to roll back more than $60 million in planned rebates for three other large apartment developments already under construction or in the queue, as none had expected the added cost of paying prevailing wages.

Regional development company deChase Miksis has already started construction on a 178-unit apartment complex in north Bend called Britta Ridge. It will cost about $38 million to build, according to application materials. While cost additions from prevailing wage requirements vary, it can add between 15% and 20% to the price of construction, according to Managing Partner Mark Miksis. That can end up stalling or killing projects, he said.

But with less funding, affordability will only be required for the housing units for a duration of 12 years instead of 24 or 30 promised under the initial program. And the ruling — at least for now — has stifled the Bend City Council’s latest tool for meeting lofty state housing goals and creating the dense, walkable neighborhoods the City and state hope to see.”

Basically:

City of Bend said tax rebates are not public funding and therefore the affordable housing projects did not need to comply with prevailing wage requirements. The State disagreed, which means the construction costs will go up 15-20%. To properly finance a more expensive project, developers cannot offer discounted (affordable) units at the same level. Since the developers cannot offer affordable units at the same level, the City of Bend cannot offer the same level of tax rebates.

Rip’s Spotlight

Washington nears final step in joining California-Quebec carbon market (WSS)

“Taking the stage at Climate Week in New York City Wednesday morning, California Gov. Gavin Newsom announced his authorization to move forward with linking Washington into its carbon market that’s shared with Quebec, Canada, the next-to-last step in California’s process to complete the merger.

On the same day, Washington state officials completed the rulemaking process to allow the linkage. California and Quebec will still need to complete regulatory changes, the final step, before merging can occur.

In June, the three jurisdictions signed a linkage agreement to fully join operations in 2027. Washington hopes that joining the older and well-established carbon market will stabilize prices for businesses, which have swung wildly in recent years on the state’s 5-year-old market.

A Washington-California-Quebec carbon market will put the same price on greenhouse gas emissions across an economy that ranks as the third largest in the world, said Caroline Halter, communications manager at Washington’s Department of Ecology.

“Linkage isn’t just good climate policy — it’s smart economics,” said Washington Gov. Bob Ferguson in a press release. “Linking will unlock greater emissions reductions, lower the cost of clean technologies, and create good‑paying jobs in high‑growth industries.”

Both supporters and critics of Washington’s carbon market say that linking would stabilize prices and cut costs for polluters who have navigated an uncertain market with widely fluctuating allowance prices.

In December of 2025 Washington’s allowance prices hit a peak of $70 per ton. During its most recent auction earlier this month, allowances were $39.

Meanwhile, allowances in the California-Quebec market have been comparatively stable and hover around $30. Its most recent price was $32. “