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West Valley Enterprise Zone Designated in Sheridan and Willamina

Monday, July 20, 2015  
Posted by: Elizabeth Peters
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Strategic Economic Development Corporation (SEDCOR), the lead economic development organization for Marion, Polk and Yamhill Counties, lauded the cities of Sheridan and Willamina for working together with the Mid-Willamette Valley Council of Government to create the West Valley Enterprise Zone.

Enterprise Zones are state-approved designations that give existing and relocating businesses tax relief on property, property improvements, and capital equipment expenditures in exchange for meeting minimum investment and job requirements. 

“This Enterprise Zone is good for both communities,” said AJ Foscoli, SEDCOR Business Retention & Expansion Manager for Polk and Yamhill Counties, who worked with both cities and Business Oregon to help create the new 1,856-acre Enterprise Zone. “It provides more opportunity to encourage new business investment in the region and keep jobs right here in the community.”

The West Valley Enterprise Zone allows taxes associated with capital improvements to be waived for a set period of time based on a ten percent increase in employment and minimum investment of $50,000 in property improvements or capital equipment purchases. Companies that pay wages and benefits exceeding 150 percent of the county’s average median wage can extend their tax abatement period (from three to five years).

Both city councils voted to cosponsor the Enterprise Zone early this year and the zone was made official this week by Business Oregon, the official state agency for business and economic development. 

“The collaboration between these two cities illustrates that communities are interested in helping businesses expand and locate in the region,” said Chad Freeman, SEDCOR President. “Employers are gaining confidence and we’re getting new investment in the region. Communities are realizing the advantage to helping local businesses as they look to add jobs, and that’s good for the region—and good for the state of Oregon” he said

Freeman noted that business investment in the region totals $139 million since 2013, which equates to more than 2,000 new and retained jobs. 

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Strategic Economic Development Corporation (SEDCOR) is a private, non-profit membership organization, composed of over 400 business and community leaders. SEDCOR’s mission is to enhance and diversify the Mid-Willamette Valley economy by retaining and attracting high value jobs and capital investment, while supporting the performance of existing businesses.

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