Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 674 - STANDARD EXEMPTION ON TAXABLE ENTERPRISE ZONE PROPERTY
Section 123-674-0700 - Written Agreement between Sponsor and Eligible Business Firm

Universal Citation: OR Admin Rules 123-674-0700

Current through Register Vol. 63, No. 9, September 1, 2024

For purposes of the written agreement that is required between the sponsor of an enterprise zone and an eligible business firm under ORS 285C.160:

(1) To receive an additional one or two years of exemption, the agreement must be finalized no later than completion of the Approval Form.

(2) Both the Firm/applicant seeking an extended abatement and the sponsor of the zone (see OAR 123-668-2450) must formally endorse the agreement.

(3) The agreement shall specify whether:

(a) The total period of abatement is four or five consecutive years; and

(b) The Firm/applicant needs to fulfill any additional requirement with respect to determining satisfaction and consequence of its not being met, in accordance with OAR 123-668-2000 to 123-668-2500.

(4) Adherence to or satisfaction of such additional requirements shall in no way condition the first three years of an eligible business firm's enterprise zone exemption under ORS 285C.175(2)(a).

(5) For any agreement entered into on or after September 24, 2023, it:

(a) Shall take effect only in accordance with OAR 123-668-3000.

(b) Is not valid unless stipulating a rate for the school support fee under ORS 285C.160(2) in accordance with OAR 123-668-4000 and 123-668-4100.

(6) Notwithstanding section (1) of this rule, if the zone sponsor rejected a Firm/applicant's request for an extended tax abatement, and the Application was subsequently approved, but commencement of construction, modification or installation of qualified property has not yet occurred, then the sponsor may reverse its decision and enter into a written agreement based on a resubmitted Application.

Statutory/Other Authority: ORS 285A.075 & 285C.060(1)

Statutes/Other Implemented: ORS 285C.140, 285C.160, 285C.162, 285C.163 & 285C.175

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