Downtown Portland during the coronavirus pandemic, April 24, 2020 (KOIN)
PORTLAND, Ore. (KOIN) – The Portland City Council on Wednesday unanimously approved expanding business tax incentives to revitalize the city center and encourage businesses to rent retail and office space.
of Downtown Business Incentive Credit ProgramThe bill, passed in 2023, previously limited eligibility to subdistricts hardest hit by the COVID-19 pandemic.
The expansion plan, introduced by Mayor Ted Wheeler and Commissioner Carmen Rubio, now includes the entire downtown area.
“Our central cities are recovering economically from the pandemic's major disruptions, public safety and livability issues, and the proliferation of hybrid and remote work models for many employers,” Rubio said in a press release Wednesday. It continues,” he said.
“This innovative program is already proving successful, so today’s expansion is a smart move to continue delivering investment, jobs, foot traffic and vibrancy across our city centres,” she continued. .
Eligible businesses must take new or extended leases for at least four years and hire office employees on at least a semi-annual basis. Additionally, eligible businesses must have at least 15 employees.
Officials said the program would provide eligible businesses with a full tax credit for business license taxes owed in a year, up to a maximum of $250,000 in profits per taxpayer over a four-year period. It is said that it can be done.
The total program cap is $25 million.
“We need to consider all options to continue restoring the positive foot traffic, economic activity, cultural vibrancy, and revitalization of our downtown core,” Mayor Wheeler said. “This is a multifaceted initiative that includes public safety efforts, outreach efforts to house and serve people in need, improvements to public roads and public spaces, and investment in events. It's just the latest initiative as part of a broader plan that also includes public activities that bring together people from across the city and beyond. ”
As of the week of Feb. 19, the program had received 61 applications, of which 17 had been approved, officials said.