I think it's for a billboard.
There's a little blue dot on/near the site on this map, which is for billboards & signage.
http://www.portlandonline.com/index.cfm?c=djjga
*update*
Yup,
just as I thought:
Regulation:
Ch. 33, 33.130, 33.430, TRN 10.26
Issue:
Sign code, Commercial Zones, Environmental Zones, Transportation Policies, Scenic Resources Protection Plan, Comp. Plan
Amount:
$178,813
Submitted:
11/30/06
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I gots to say, reading through the city's M37 spreadsheet is really interesting... they really don't fuck around with landowners in their claims!