Portland City Council today unanimously passed three resolutions that will expand the Enterprise Zone program, which is locally and nationally recognized as an innovative tax incentive tool to help businesses grow in an inclusive way.
The resolutions were co-introduced by City Commissioner Carmen Rubio, who oversees Portland’s community and economic development portfolio, and Mayor Ted Wheeler.
All three of these items are connected to our city’s effort to retain and grow traded sector businesses and to encourage commercial activity in the Central City, which is the state’s economic engine:
- Including the downtown core in the Portland E-Zone boundary. This intentional action provides the Central City with a tool to revitalize and incentivize business investment.
- Designating the East Portland E-Zone to retain an E-Commerce overlay for 10 years. This action ensures we have more tools available to assist business growth in East Portland.
- Providing a statutory employment waiver from the E-Zone job creation requirement. This action will allow Daimler Trucks to complete an investment of $25 million or more in qualified property and qualify for the E-Zone program benefits.
“Today’s actions were significant steps, and I want to thank my Council colleagues for their support,” Commissioner Rubio said. “These actions come at a critical time for us to invest in our Central City and deploy innovative green products and services.”
Mayor Wheeler added: “Retaining and growing businesses in our Central City core remains an ongoing top priority. E-Zones have helped us grow and retain 100 company projects, with more than $2 billion in local impact for Portland in the last 10 years. Currently, we have seven active projects with more than $100 million of potential new investment that are considering growth in Portland as part of the program.”
The strategic actions align directly with Advance Portland, an inclusive economic development strategy that Council unanimously passed in April. The plan’s goals include:
- Quality job growth and expansion of competitive industries.
- Vibrant and inclusive Central City and neighborhood commercial districts.
- Increased racial equity in entrepreneurship and traded sector employment.
- Deployment of innovative green products and services.