Global Logistics Firm Grows By Leaps and Bounds in its Portland Home
UTi Worldwide grew from 14 employees to more than 230 in just 18 months thanks in part to a $250,000 loan from Business Oregon.
Rural Renewable Energy Development (RRED) Zones offer an incentive to encourage investments that either:
Throughout Oregon, a city, county or several contiguous counties can set up a RRED Zone that covers all the territory in the jurisdiction(s) outside the urban growth boundary (UGB) of any large city or metropolitan area.
The abatement is the standard (3- to 5-year) exemption from local taxes on new property available in any enterprise zone, except that in a RRED Zone it is only for renewable energy activities (which also would be eligible if located in an enterprise zone). In addition, the total amount of property (among one or more projects) that can qualify is subject to a locally-set cap with each RRED Zone designation of $250 million or less in initial market value.
Since 2013, the local government sponsor (county) may waive the requirement to create full-time employment with new projects, if the cost of the investment is $5 million or more. This is like the $25 million wiaver in an enterprise zone, except that local additional conditions may not be imposed.
Oregon's smart implementation of federal business financing tools as well as its approach to innovation investment has been nationally recognized as a model for its efficiency and effectiveness.