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Wilsonville City Business Incentive Urban Renewal District Measure (March 2013)

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A Wilsonville City Business Incentive Urban Renewal District measure was overwhelmingly approved on the March 12, 2013 election ballot in Clackamas and Washington Counties, which are in Oregon.

This measure created certain zones in which companies can invest in for business purposes and, under certain criteria, receive property tax rebates of up to 75%.[1]

Election results

Washington County

Wilsonville City Prop. 421
ResultVotesPercentage
Approveda Yes 33 84.62%
No615.38%

Election results from Washington County March 12, 2013 election results.

Clackamas County

Wilsonville City Prop. 421
ResultVotesPercentage
Approveda Yes 2,266 79.0%
No60221.0%

Election results from Clackamas County March 12, 2013 election results.

Text of measure

Ballot question:

Shall urban renewal district zones be created to stimulate converting targeted warehouses to manufacturing by partially rebating property tax increment?[2]

Summary of question:

Many cities offer financial incentive programs to attract business investment. Wilsonville proposes adopting an incentive program to target conversion of vacant or underutilized industrial buildings to manufacturing operations and create jobs.

Up to six buildings over 100,000 square feet in size would be established as Tax Increment Financing Zones. Each Zone would rebate to qualifying companies up to 75 percent of increased of increased property tax increment for three years for investment of at least $25 million in capital improvements and/or qualified equipment, and creation of 75 or more new full-time jobs paying at least 125 percent of the average Clackamas County wage. Two additional years of rebate available if the 75 new jobs pay at least 150 percent of average county wage. Each Zone would terminate 10 years after first rebate; non-performance by company would require repayment. If no qualifying investment occurs within five years of creating Zone, it would terminate. Other taxing districts including schools and fire district would receive 25 percent of increased property tax increment.[1][2]

See also

External links

References

  1. 1.0 1.1 Clackamas County March 12, 2013 Voter's Pamphlet
  2. 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.