Corvallis and Benton County is a community focused on livability that supports the growth of family and living wage jobs, socially and environmentally responsible companies, nurtures its businesses, and seeks to create economic diversity while maintaining a balanced economic growth with livability.
The City of Corvallis has three Enterprise Zones: South Corvallis, Sunset Research Park, and the Hewlett-Packard campus.
An enterprise zone exempts only new property that a job-creating business might build or install in the enterprise zone at some future time. Also, an enterprise zone exemption is temporary, usually lasting only three years, after which the property induced by these incentives is available for assessment. An extension to four or five years in total is possible in some cases.
For rather exceptional investments, longer-term incentives might be available in a rural enterprise zone, but only if Benton County meets certain economic criteria; these longer-term incentives also may include a state tax credit, which triggers annual payments to local taxing districts by the state government. Both the extension and the long-term incentives need approval from the City of Corvallis and Benton County, which sponsor the Benton/Corvallis Enterprise Zone.
Finally, none of these property tax exemptions would be available to just any business. Most commercial or retail operations would not be eligible. Rather, the primary beneficiaries of enterprise zone benefits are manufacturing or other more-industrially oriented facilities serving other businesses.
For more information visit the City of Corvallis website.
Opportunity Zones can deliver significant tax savings on medium- to long-term investments in economically disadvantaged communities. This new tax incentive pertains to both the capital gains invested initially through a qualified opportunity fund (QOF), as well as future capital gains earned on the original investment in zone-based businesses or projects.
Urban Renewal in South Corvallis
Urban renewal is an economic development tool that provides funding for projects in specific areas in cities. It has been used for decades in cities around the country, including more than 100 urban renewal areas in Oregon.
In March 2019, Corvallis voters approved the City’s first-ever urban renewal district in South Corvallis. The district is intended to help spur economic growth in the area by enhancing public assets such as streets and sidewalks, improving access to commercial services and housing opportunities, and developing resources that can assist other projects in South Corvallis. All of this work will make South Corvallis more appealing to new and existing businesses, which will catalyze economic growth in the area.
Many of the projects identified by the Urban Renewal Plan will build on the action items identified the City’s Climate Action Plan by enhancing resiliency and encouraging alternative transportation options throughout South Corvallis.
The current plan was created with input from community members, property owners, City Councilors and representatives of taxing districts.
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