Downtown Corvallis Revolving Loan Fund Program

The Corvallis-Benton County Economic Development Office is now accepting complete applications on a first come, first served basis for the Corvallis Downtown Revolving Loan Fund Program. The total program funds available are $38,500 until more funding becomes available in the future. Applications are accepted on an ongoing basis until all funds are expended. Loan funds can be used for a variety of business investments, including rehabilitation, painting, window repair, interior design, electrical and plumbing upgrades, and sustainability improvements. 

Multi-Unit Property Tax Exemption (MUPTE)

The Multi-Unit Property Tax Exemption (MUPTE) is a tool that can move a proposed housing development to be financially feasible. MUPTE is a state-enabled program (ORS 307.600-307.637) designed to be an incentive for the development of residential properties in city centers and along transit corridors.

MUPTE allows new multi-family units (4 or more units) to be exempt from property taxes on the value of new residential construction for up to 10 years. The property continues to generate taxes for the land.

Please refer to the application packet for directions on the general application process, applicant credentials and fee information.

Enterprise Zone

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.

Tax Increment Financing (TIF) – Urban Renewal

Tax Increment Financing (TIF), also called 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.

Opportunity Zones

Opportunity Zones are an economic development tool that allows people to invest in distressed areas. Their purpose is to spur economic growth and job creation while providing tax benefits to investors. These zones have tax incentives to encourage those with capital gains to invest in low-income and or undercapitalized communities. Please view the Business Oregon website for more information about how they work. 

COMING SOON – Commercial Property Assessed Clean Energy (CPACE)

The Benton County CPACE Program is set to become just the sixth of its kind in Oregon and the first in the mid or southern Willamette Valley. CPACE is a real estate finance mechanism that incentivizes clean energy, energy efficiency, water efficiency, and seismic systems. The primary goal of CPACE is to promote resilience and sustainability of buildings. It acts like an assessment in that a property lien is recorded, and a loan is paid back to a third-party capital lender over time. All types of for-profit and non-profit commercial properties are eligible including office, industrial, agriculture, hotels, multi-family housing, affordable housing, and mixed-use developments.

COMING SOON – South Corvallis Revolving Loan Fund Program

The Corvallis Urban Renewal Agency has approved a new Revolving Loan Fund Program aimed at supporting new and existing businesses and encouraging commercial investment in the South Corvallis Urban Renewal District. 

The 2024 application period has closed. Program is currently closed and under review. Will reopen on June 1st, 2025.