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Downtown development incentive approved


The city of Oregon City has received approval from the Oregon Housing & Community Services Department to designate a vertical housing development zone.

The zone is within the existing Mixed Use Downtown Planning District, which also is within the city’s urban renewal district. Within the zone, the program will allow partial property-tax exemptions for qualified mixed-use development projects that include a vertical housing component. Developers, who in the past proposed hundreds of condo or apartment units on the Cove site just north of downtown, are expected to apply for the new program.

Taxing districts will not be negatively impacted by the vertical housing development zone program. The tax exemption applies only to the additional value created by the project. Districts will receive taxes on 100 percent of the “pre-project” value of the property, plus taxes on at least 20 percent of the additional value created by the VHDZ project, said Oregon City Economic Development Director Eric Underwood.