PORTLAND, Ore. – In an effort to revitalize the central city and attract businesses to lease retail and office space, the Portland City Council unanimously approved an expansion of the Downtown Business Incentive Credit program on Wednesday.
Initially implemented in 2023, the program previously limited eligibility to sub-districts greatly impacted by the COVID-19 pandemic. The expansion, proposed by Mayor Ted Wheeler and Commissioner Carmen Rubio, now includes the entire central city.
“Our central city continues to recover economically from the disruptions caused by the pandemic, as well as challenges in public safety and livability, and the shift to hybrid and remote work models by many employers,” Commissioner Rubio stated in a press release on Wednesday.
Businesses eligible for the program must enter into a new or extended lease for a minimum of four years, have in-office workers at least half-time, and employ a minimum of 15 individuals. Successful applicants will receive a credit for the full amount of business license tax owed within a year, capped at $250,000 per taxpayer over a four-year period, with the overall program capped at $25 million.
“We must explore all avenues to stimulate positive foot traffic, economic activity, cultural vibrancy, and revitalization in the central city,” Mayor Wheeler affirmed. “This initiative is part of a comprehensive plan that includes public safety measures, outreach efforts to provide housing and services to those in need, enhancements to public spaces, and investments in events that bring people together.”
As of the week of February 19, officials reported that the program had received 61 applications, with 17 approved. The expansion aims to boost investment, employment, foot traffic, and vibrancy in the urban core of Portland.
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