Jefferson County offering $750,000 for construction of new industrial space
MADRAS, Ore. (KTVZ) -- Jefferson County has finalized its second grant program that offers a cash incentive for the private development of new industrial, light industrial, or for the major rehabilitation of existing space within the county’s borders.
For years, all existing heavy and light industrial space has been fully occupied in Madras, Metolius, Culver, Crooked River Ranch, and Warm Springs, which the Jefferson County Board of Commissioners see as a barrier for business development. This incentive offers up to $750,000 for the construction of a building, or buildings, available for lease or for expansion of an existing owner-occupied building. The minimum size for eligibility is 5,000 square feet.
The soft deadline for sealed applications for this incentive is Friday, June 3rd at 4 p.m., but late applications will still be considered.
“We are thrilled to bring this incentive to the commercial and industrial development community, on the heels of a well-attended developer tour last Friday, which will provide new location options for growing businesses in Jefferson County,” said Jefferson County Commissioner Kelly Simmelink.
“We thank EDCO and the City of Madras for their collaboration in helping us bring this funding opportunity to fruition,” he added.
Economic Development for Central Oregon Interim CEO Jon Stark noted, “Few communities dedicate these kinds of resources to stimulate speculative development. Given the low vacancy rates (less than 1%) in neighboring communities, it’s logical that newly constructed space will generate additional interest from companies looking to relocate to Jefferson County, while providing new options for existing businesses looking to expand.”
This incentive may be used in conjunction with the Jefferson County Enterprise Zone program, which offers 3–15-year property tax exemptions for qualifying new buildings, renovations to existing buildings, and real and personal property used in the business process.
The source of funding used for this industrial construction incentive program is the American Rescue Plan Act (ARPA), distributed by the State of Oregon via the Coronavirus State Fiscal Recovery Fund.
Grant details are available at https://www.jeffco.net/administration/page/2022-jefferson-county-mfg-industrial-space-grant.
