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Subcommittee advances bill to create industrial land loan fund to finance site preparation
Summary
The Joint Ways and Means Subcommittee on Capital Construction moved House Bill 2411 forward on June 24; the bill would create a loan fund in the Oregon Business Development Department to provide upfront financing to prepare and develop industrial land.
The subcommittee approved moving House Bill 2411, a measure to establish a loan fund within the Oregon Business Development Department (OBDD) to provide upfront financing to owners and site sponsors for preparation and development of industrial parcels.
Legislative staff described HB 2411 as creating a financing option that allows OBDD to provide upfront funds for a range of industrial uses; current program assistance is limited to reimbursement for regionally significant industrial sites, and an existing industrial financing option is exclusive to semiconductor manufacturing. The LFO‑recommended dash A3 amendment removed a proposed $40,000,000 lottery fund allocation to OBDD, making the fiscal impact indeterminate in the work‑session summary. The summary noted Senate Bill 5531 and House Bill 5006 together carry other authorizations and expenditure limitations tied to the fund; the Legislative Fiscal Office recommended adoption of the dash A3 amendment.
Senators and representatives asked about the appropriation and whether $10,000,000 in lottery bond proceeds (authorized in a different bill) would be deposited into the fund; LFO staff answered that $10,000,000 in lottery bond proceeds are available via Senate Bill 5531 and that corresponding expenditure limitation would be included in later bills. The co‑chair moved adoption of the dash A3 amendment and then moved HB 2411 as amended to the full committee with a due‑pass recommendation; the motion carried with no recorded floor objections in the transcript excerpt.
The measure as described does not specify project recipients, and the dash A3 amendment removed the $40 million lottery allocation that would have been explicit funding for the program in the work‑session summary. LFO recommended adoption of the amendment and the bill was advanced to the full committee for further consideration of funding and expenditure limitation language in companion bills.
