The Nines Hotel in Portland offers to buy out Portland Development Commission

The Portland Development Commission's board will consider a $11.5-million proposal from owners of The Nines luxury hotel on Wednesday.

PDC chipped in $16.9 million in loans in 2008 to help The Nines project move forward. But since then, PDC received just $1 million from The Nines, and 11 percent interest rates on the loans ballooned the total owed to PDC up to $18.2 million.

Now, the PDC board will consider a proposal that brings in $11.5 million now, leaving $6.7 million on the table. PDC staffers say that total is more than made up for in economic benefits from the addition of the luxury hotel in the city's downtown retail core.