News Release from: City of Beaverton
BEAVERTON EXPANDS ENTERPRISE ZONE BOUNDARY
Posted: April 24th, 2013 5:13 PM
The City of Beaverton has expanded its Enterprise Zone by 2.93 square miles, including .64 square miles of unincorporated Washington County land under a consent agreement that would enable companies just outside of Beaverton city limits access to the tool.
"This expansion benefits not only Beaverton, but also the surrounding county areas by continuing to encourage business investment, property redevelopment and, ultimately, job creation," said Mayor Denny Doyle "Partnering with the county makes good business sense for our region's economy."
The boundary expansion now includes approximately 4.5 square miles, a 67 percent increase from the original 1.5 square miles, with more than 1,300 companies that could potentially benefit. The expansion includes all eligible industrial and commercial-zoned land along with .64 square miles in unincorporated Washington County.
The City of Beaverton is responsible for administering the BEZ for all areas included in the boundary and will retain any fees associated with BEZ applications. A new zone area consisting of .67 square miles in the downtown core zoned commercial was also added to spark additional investment for downtown revitalization efforts.
"This tool currently serves as a powerful recruitment, retention and expansion incentive," said Alma Flores, economic development manager. "We have local businesses inquiring about expanding their existing facilities or looking to invest in other sites within Beaverton in order to remain close to their existing and future workforce."
An Enterprise Zone allows for eligible businesses to make additional investments to improve employment opportunities, spur economic growth and diversify business activity. Eligibility is afforded to companies with a minimum of a $1 million investment either through expansion, new development, and/or equipment for the development. Businesses locating or expanding into an Enterprise Zone receive total exemption from property taxes for three years (in some cases, five years). Other cities, such as Gresham, Hillsboro and Portland, have Enterprise Zones, and have helped creates business advantages for them. One of the most important results has been job creation, contributing to a healthier local and traded sector economy.
"Given Beaverton's land availability, geography and workforce strengths, incentives like the Enterprise Zone make the difference in whether these companies remain here or relocate elsewhere," said Mayor Doyle.
Enterprise Zones were enacted by the Oregon Legislature in 1985. The number of allowed zones has increased in subsequent legislative sessions to the current 60 zones in 2005. Of the 60 Enterprise Zones that are currently designated, 49 are non-urban and 12 are in urban areas. In a previous state session, the legislature approved extending the Enterprise Zone to 2025 and in the last state session it voted to create an additional five urban zones. Beaverton received one of those five additional urban zones.
For more information, contact Don Mazziotti, community and economic development director, Alma Flores, economic development manager, at 503-526-2456, or visit www.BeavertonOregon.gov/Ezone.
ABOUT BEAVERTON
Beaverton enjoys one of the most diverse populations among Oregon cities. It was one of just four cities of its size recently recognized as a "Smarter City" energy leader by the Natural Resources Defense Council and one of the 100 Best Places to Live in America by Money magazine. Most recently, the city was awarded the 2012 Mayors' Climate Protection Award from the U.S. Conference of Mayors. In addition, Beaverton has been named one of the safest cities in the Pacific Northwest for three consecutive years, as one of the best places to raise kids by BusinessWeek magazine, an All-America City finalist, as one of the top 25 Suburbs for Retirement by Forbes.com, one of the 100 Best Walking Cities in America by Prevention magazine, the Recycler of the Year from the Association of Oregon Recyclers, a Tree City USA by the Arbor Day Foundation, a Bronze Award Bicycle Friendly Community designation by the League of American Bicyclists and as one of the Environmental Protection Agency'
s Green Power Communities, the Beaverton Community Vision program was named Public Involvement Project of the Year--Best Planning Project by the International Association of Public Participation (IAP2) Cascade Chapter. For more information, please visit www.beavertonoregon.gov or follow us on Facebook at www.facebook.com/cityofbeaverton.
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