Business Finance and Incentives

Economic Opportunity Fund (EOF)

OVERVIEW

The Economic Opportunity Fund (EOF) provides flexible incentive amounts that are intended to cover a wide variety of needs related to company expansion or relocation. Infrastructure, permit fees, systems development charges, sustainability investments, tenant improvements, site acquisition and manufacturing improvements are all covered. The EOF program is not available for retail or speculative development. It is also limited in most instances to industrial development. The applicant may be required to provide a letter of interest describing the reason for the relocation or expansion.

The fund is designed to be responsive to small business as well as large. It may be boosted by a number of variables. Award of grant funds is based on the total dollar amount of investment in physical improvement. Each variable increases the base award by up to 10 percent. Variables are:

• Targeted Industry
• Green Building
• Transit Oriented
• Company Headquarters
• Small Business
• High Economic Impact

Eligible Purpose

Funding for this program is available primarily through tax increment and therefore is tied to the costs associated with redevelopment and physical improvements of real estate projects within an urban renewal area (URA).

Service Area

The PDC Board of Commissioners approved a set of guidelines for the Economic Opportunity Fund (EOF), which is designed to encourage business investment in the city's Urban Renewal Areas (URAs).

Loan Program Guidelines

• Companies investing in a URA could receive a base award of up to 10 percent of the first $100,000 of eligible investments and 3 percent for investment above that amount.
• Additional incentives (up to a maximum of 50 percent of the total incentive package) will be provided for projects within one more more of six identified variables (see bulleted list above)
• Provide at least 75% of goods, products, services to other businesses.

Loan amount is capped at $750,000 whether used alone or in conjunction with the Quality Jobs Program.

For more information call us at 503-823-3321 or email Neal Fitzgerald..

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