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When it comes to business recruitment, the city of Beaverton has been fishing without a hook.

鈥淲hen we would be prospecting for companies interested in expansion or companies looking to locate in the region, we found ourselves instantly in the situation of not being able to offer the benefits of an enterprise zone to them, whereas our neighbors could do that,鈥� said Don Mazziotti, community and economic development director for the city.

He noted that one challenge for Beaverton is that it sits between Hillsboro and Portland 鈥� and both have business enterprise zones. But now the playing field is a bit more level.

Last week, Beaverton received approval from the state to implement its own enterprise zone. The area consists of six chunks 鈥� including all of the city’s available industrial land 鈥� along Oregon Route 217. The zone provides 100 percent property tax abatement to eligible businesses on new development for a three- to five-year period.

But an enterprise zone is just one financial tool that the city’s new business development team has implemented to entice companies.

鈥淏别蹿辞谤别 Mayor (Denny) Doyle took over I think it was fair to say that economic development, while not ignored, was asleep at the wheel,鈥� Mazziotti said.

Beaverton already has an urban renewal area, new housing codes and tax credits designed to help make development pencil out. A new market tax credit, for instance, is available when qualified equity investments are made in long-term debt securities. The program lets institutions like banks receive tax credits in exchange for direct loans to community development entities, paving the way for financing of smaller projects.

鈥淲e’re systematically attempting to put into place programs, incentives and circumstances that will incentivize development: multifamily, industrial, employment-related and transit-related,鈥� Mazziotti said. 鈥淲e’re building our arsenal and we are using it.鈥�

The city’s new enterprise zone is already attracting attention.

鈥淔rom the time that any hint of this hit the press, I got at least three businesses that I know that have been here for quite a while that called me up and said, 鈥楬ey, if you get this new business enterprise zone, let me know right away because this will push us over a decision point,’ 鈥� Doyle said. 鈥淎ll of these were expanding businesses.鈥�

Though he couldn’t disclose the names of those businesses yet, Doyle said the tax abatement would help lower the cost of constructing a new building and help businesses get back on an even keel within three to five years.

鈥淚 think the loss of some tax revenue for a very limited period of time is a great investment in a local business,鈥� he said.

And because the city isn’t planning to acquire any more commercial land anytime soon, Doyle said, it needs to maximize the property it has. Mazziotti said the hope is to create a 鈥渃enter of gravity鈥� for the location, expansion and retention of businesses in Beaverton.

It appears to be working. He said , which developed the 320-home 45 Central project in Beaverton, is preparing to announce a project to build a 90,000-square-foot facility that could employ up to 150 people. John O’Neill with MLG could not be reached for comment.

Alma Flores, economic development manager for Beaverton, said one company that has expressed interest in taking advantage of the enterprise zone is , which produces industrial winches and hoists.

With a 7.2 percent unemployment rate and an educational attainment level second only to Portland, Beaverton is ripe for growth, according to Mazziotti. And with the right tools in place, he hopes it will be open season for business recruitment.
鈥淭here was a cause and effect relationship, no doubt about it,鈥� he said of the initial inquiries he received after the city announced implementation of the enterprise zone. 鈥淎nd we expect many more.鈥�