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Corvallis‑Benton economic office highlights CPACE, Airport Industrial Park annexation and OSU tech hub funding
Summary
The county’s economic development manager reported progress on local development tools — CPACE and a multiunit property tax exemption — an upcoming annexation for the Airport Industrial Park, and federal and state funding awarded to Oregon State University and associated semiconductor initiatives.
Christopher Jacobs, economic development manager for the Corvallis‑Benton County Economic Development Office, briefed the county commissioners Feb. 18 on recent and planned initiatives intended to boost industrial and downtown development in the region.
Jacobs said the county’s Commercial Property Assessed Clean Energy (CPACE) program passed on first reading at the city and second reading is scheduled for March; he also noted the first multiunit property tax exemption application for a downtown Corvallis project will be considered that evening by the city council. He described both as new financing and incentive tools meant to support taxable development and jobs.
Jacobs reported that the county is finalizing a survey task order for the Airport Industrial Park (AIP). The survey will be part of an annexation application that could add roughly 1,000 acres in the urban growth boundary into city limits, enabling industrial code updates and site development. The survey was expected to be complete in April with the annexation application submitted by May, before the end of the fiscal year.
He summarized local business and employment data: Corvallis contains roughly 90% of the county’s registered businesses; the county’s commercial vacancy rate is about 4% and industrial vacancy about 3%. Jacobs also noted changes in sector employment: government and education and health services are the largest employers, with education and health services showing recent growth and financial activities and manufacturing showing declines.
Jacobs highlighted a major research and commercialization funding win: the Oregon State University microfluidics tech hub received $45 million in federal support, following earlier federal and state CHIPS Act awards tied to HP and semiconductor‑related investments. He described those awards as potential catalysts for regional research commercialization and job growth but said precise job totals and future investment levels are not yet known.
On transportation and planning fronts, Jacobs mentioned the airport and mobility projects, an EV charging gap analysis due at month’s end, Main Street revitalization and a downtown revitalization grant with up to $400,000 available; he also described a priority list of ordinance updates, outreach and code amendments planned through June and into the next fiscal year.
Commissioners asked for clarifications on timelines and details for the annexation survey, EV charging analysis and the downtown tax increment financing feasibility study; Jacobs said the annexation survey target was April with a May filing, the EV study will map current charging infrastructure and opportunities for commercial fast charging, and the downtown financial feasibility depends in part on city council direction about charter and tax increment financing approaches.
