The PDC's Quality Jobs Program is open primarily to manufacturing firms paying an average wage that is 200% of Oregon's minimum wage and employ no less than one person for every 800 sf of space they will operate in. Companies who agree to meet the standards can receive up to a $300,000 loan for permanent improvements to its facilities. Moreover, if the company meets or beats the standards, it will see the loan converted to a grant.

Under the agreement announced this morning, the PDC will purchase the property for no more than $7.21 million and make various improvements, including widening of 185th Avenue, building a cul-de-sac and installing a water quality stormwater facility. The PDC would then sell off pieces of the land to Panattoni--at a pace of no less than five acres every 18 months--which would in turn develop, lease or sell the land only to companies who meet Quality Jobs Program standards.

Between late January and late February, Panattoni's local partner Mike Wells tied up a total of 60 acres that Spada owns at the northeastern edge of the city between the Columbia River and Airport Way. Wells tells GlobeSt he tied up the first 45 acres in late January after receiving a commitment for a 250,000-sf build-to-suit for an unnamed assembly-manufacturing company. The remaining 15 acres of riverfront property were tied up in mid-February.