Gresham approves tax abatement for Boeing
Gresham City Council voted unanimously Tuesday afternoon, Feb. 5, to approve a tax abatement application from The Boeing Company to support new investments in its Gresham facility.
The abatement is through the Gresham Enterprise Zone program, which is in place to encourage new investment and expansion of industrial companies in the community. The application with Boeing is for a five-year abatement that will enable additional equipment and facility improvements at the Gresham facility.
The Boeing Company is one of Gresham's largest employers, with more than 1,500 employees. The Gresham plant, 29000 N.E. Sandy Blvd., occupies more than 60 acres and more than 1.3 million square feet of manufacturing and facility space.
Boeing is committing $142,938,000 in new investment to the site, prompting the tax abatement. The company will pay a Community Service Fee calculated at 25 percent of abated taxes every year of the abatement, which will be used for economic development projects in the city.
Usually the abatement requires the company to increase employment by 10 percent to qualify, but that can be waived if the investment is more than $25 million.
Boeing has committed to maintaining its current employment levels throughout the 5 years.
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