ORS 307.854: Acquisition, disposition and development of real property within zone.

(1) Following the designation of a vertical housing development zone under ORS 307.844, the city or county that designated the zone may acquire or dispose of real property within the zone for the purpose of developing vertical housing development projects within the zone.

      (2) The development of projects may be undertaken by the city or county independently, jointly or in partnership with a private entity or may be undertaken by a private entity acting independently.

      (3) The entities undertaking the development of property under this section may own and operate the developed property or may sell or otherwise dispose of the property at any time during or after development. The property may be sold at the property’s real market value or at a lesser value.