Airport Way

Economic Development Highlights

The Airport Way URA has attracted significant investment in the past eight years, thanks to the successful efforts of the PDC’s Economic Development Department in enrolling businesses in signature assistance programs like the Quality Jobs Program and Economic Opportunity Fund.

Between 1999 and 2007, PDC’s Economic Development Department provided 46 loans, totaling $7,191,750 to Airport Way businesses, leveraging $113,964,648 in private investment and helping businesses create an estimated 17,000 new jobs in the district since its inception. This private investment has come from companies in manufacturing, sustainable industries, bioscience, food processing, and transportation and distribution, which have either built new facilities or have invested in extensive tenant improvements on existing facilities. Such activities have stimulated increased economic activity in the area and contributed substantially to an increase in the area’s tax base. 

Notable companies that have taken advantage of PDC’s loan and grant programs include Thortex, Pierce Pacific Manufacturing, Harry’s Fresh Foods, LaCrosse Footwear, QuantRX and LABfx. These and the other recipients of PDC assistance are exceptional employers, paying on average more than 20% above living wage salaries and providing excellent employee benefits. For more details about PDC’s Economic Development tools please link to www.pdc.us/bizfinance.

Financial Impact from all projects and programs:

Public sector investment has leveraged more than $300 million in private sector development and over 16 million square feet of development (not including Cascade Station). Growth and assessed market value in the Airport Way URA has occurred at more than three times the pace of citywide assessed market value, averaging 13.6 % growth per year since 1986 (OMF Urban Renewal Update, 2005). Also significant, Airport Way has released $2,893,724,226 in assessed valuation back to the local taxing jurisdictions in the past five years and all future property taxes will be returned to the taxing jurisdictions.

Tax increment will continue to be collected and applied to existing long term bond debt service and the full valuation will be returned to the taxing jurisdictions when the bonds are paid off at maturity – scheduled to be the year 2020.

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