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Washington County and the city of Tualatin on Friday announced a proposed agreement with semiconductor equipment manufacturer Lam Research for it to invest up to $1.7 billion in Tualatin through 2041.

Negotiations took place via Oregon’s Strategic Investment Program (SIP), according to a press release. The SIP, a private-public partnership that provides property tax exemptions, was authorized by the 1993 Legislature to increase Oregon’s ability to attract and retain capital-intensive industry and high-wage jobs.

Lam Research, headquartered in Fremont, California, designs and builds products for semiconductor manufacturing, including equipment for wafer fabrication, thin film deposition and plasma etch systems.

The proposed SIP agreement would support Lam Research’s expansion of its operations in Tualatin. Plans call for creating a large, state-of-the-art research and development facility spread over multiple buildings. Previously, the company’s 120,000-square-foot Building G was completed in September 2025.

The property tax abatement would help support the company’s investment in the community and regional job creation. As with previous SIP agreements, property taxes would be partially abated for investments in the advanced facility, the press release states.

Lam Research would be required to make payments under two categories: those required by state law and those negotiated locally. Based on current models, the required payments would total an estimated $84 million in property taxes and fees over the life of the agreement, but actual amounts would vary based on finalized assessed values, timing of the company investments, and inflation. Additional fees are expected to total $27 million over the same period.

The Washington County Board of Commissioners and the Tualatin City Council will gather public comments on the proposed SIP agreement. The board of commissioners is set to meet at 10 a.m. on Tuesday, when it will receive public testimony and vote on the proposal. The city council will consider the proposal when it meets at 7 p.m. on Aug. 10.

State law would then require the Business Oregon Commission to approve the agreement before it could take effect. The group’s next meeting is scheduled for Sept. 24.