Four Companies Join City's Enterprise Zone

PORTLAND-Four more companies have joined this city’s North/Northeast Enterprise Zone, which means that in exchange for meeting job creation and other requirements they will receive a five-year property tax abatement on new investment and, in certain cases, a 25% state income/excise tax credit. The four companies are Georgia Pacific, National Meeting Co., Oregon Biofuels and Oregon Transfer Co.The Enterprise Zone is a public/private partnership program managed by the Portland Development Commission, the city’s urban renewal agency. In return for the exemptions, Enterprise Zone companies must meet requirements aimed at job quality, employees and job retention, increased job opportunities for North/Northeast Portland target area residents and increased business opportunities within North/Northeast Portland. PDC officials say that the agreements with the companies will result in the retention of 233 jobs, the creation of 53 jobs and capital investment of nearly $20 million. National Meeting Co. is a 20-year-old local company providing creative services, meeting logistics, and technical staging for business communications and events. The company recently purchased a property for its national headquarters. According to the PDC, the company will invest more than $3 million in the Enterprise Zone, retain its 25 employees and add a minimum of three additional people to its staff.Georgia Pacific, a maker of paper and paper-related products, plans to construct a 200,000-sf facility for the storage and distribution of products. The company will make a $5.9-million investment in the Enterprise Zone, and add a minimum of 10 new jobs to its current workforce of 50 employees. Georgia Pacific also will spend a minimum of $93,000 to hire MWESB contractors, according to its Enterprise Agreement.Oregon Biofuels is a start-up alternative fuel company that plans to begin production of B100 biofuel in the first quarter of 2005. The company will employ 15 people once production is under way. The amount of the company’s investment is $3.4 million.Oregon Transfer Co., a woman-owned public warehouse company, will invest $7.4 million in the Enterprise Zone. The investment includes a new 317,000-sf warehouse in the Rivergate Industrial Area. The company primarily stores and distributes food and beverage products for large blue chip corporations. This project will lead to the creation of 25 new jobs and the retention of the company’s current 83 employees.