Corvallis Economic Development Update highlights new tax exemption and airport annexation plans

The Benton County Board of Commissioners meeting on February 18, 2025, highlighted significant developments in economic growth and infrastructure planning that promise to impact the local community positively. Christopher Jacobs, the Economic Development Manager, presented a comprehensive quarterly update, emphasizing new initiatives aimed at enhancing the region's competitiveness and supporting local businesses.

One of the key highlights was the anticipated second reading of the Commercial Property Assessed Clean Energy (CPACE) program, which is set to provide financial tools for energy-efficient upgrades in commercial properties. This initiative, alongside the first multi-unit property tax exemption application for a downtown Corvallis project, aims to stimulate economic activity and job creation in the area.

Jacobs also discussed the ongoing annexation of approximately 1,000 acres of the Airport Industrial Park into city limits. This move is expected to modernize land development codes and attract more industrial growth, further bolstering the local economy. The survey for this annexation is scheduled for completion by April, with an application expected by May.

The report also shed light on the region's business landscape, revealing that Corvallis houses 90% of Benton County's businesses. The commercial vacancy rate stands at 4%, while the industrial vacancy rate is at 3%, indicating a healthy demand for commercial space. Major employers in the area include Oregon State University and various healthcare and technology firms, contributing to a diverse economic base.

In addition to these developments, Jacobs highlighted the importance of supporting electric vehicle (EV) infrastructure. An upcoming EV gap analysis report aims to assess the current landscape of EV charging stations in the region, identifying opportunities for improvement. This initiative responds to community feedback regarding the need for more charging options, particularly in downtown Corvallis, to enhance visitor experience and support local businesses.

The meeting also touched on the potential for a downtown urban renewal district, with discussions ongoing about funding a feasibility study. This initiative could pave the way for further revitalization efforts in the downtown area, contingent on the city council's decisions regarding budget amendments and tax increment financing plans.

Overall, the discussions at the meeting reflect a proactive approach to economic development in Benton County, with a focus on infrastructure improvements, business support, and community engagement. As these initiatives progress, they hold the promise of fostering a more vibrant and competitive local economy.