On September 14, Portland Metro Chamber president and CEO, Andrew Hoan, testified before Portland City Council to support agenda item 779. This measure, co-sponsored by Mayor Ted Wheeler and Commissioner Carmen Rubio, would help spur economic development in the Central City by giving businesses with at least 15 employees a Business License Tax Credit for signing a new or extending an existing lease in downtown. Another stipulation of the tax credit would be a commitment to having employees in the office for at least half their hours.
“But for these recent incentives and your action today as a council, we will continue to hemorrhage employers moving from the downtown core. This investment is imperative to the vitality of our states’ economy and will pay dividends now and into the future,” said Andrew Hoan.
This measure and other recent policy changes, like expanding Enterprise Zones and exploring Tax Increment Financing districts in the Central City and East Portland, are a signal that Portland wants business and cares about private sector investment in the city. These policy changes support Prosper Portland’s ambitious economic development strategy “Advance Portland”, which Portland City Council adopted back in April.
The council voted unanimously to support the Business License Tax Credit measure.