There are several federal, state, and local incentives available in the City of Springfield. The map below shows where different incentives apply within a specific geographic boundary and how they overlap with one another. Below is a brief overview of available economic incentives.
For information about housing incentives, visit Springfield’s Housing Incentive Programs webpage.
(Note: The map below shows the Housing Diversity Tax Exemption boundary. There are other housing incentives not shown on the map because they apply citywide subject to specific criteria for housing type and affordability level.)
Urban Renewal Districts
Urban Renewal (also known as Tax Increment Financing) is a tool used by cities to finance improvements and redevelopment in specific areas by reinvesting increases in the area’s property taxes as they grow over time. Springfield has two urban renewal districts – Glenwood and Downtown. This tool is used to support revitalization and make targeted investments to improve infrastructure, attract businesses, boost economic activity, and encourage private development including housing. The Springfield Economic Development Agency (SEDA) serves as the Urban Renewal Agency for the City of Springfield. SEDA’s decisions for investing urban renewal resources are guided by urban renewal plans for each district. The map below shows urban renewal districts in Springfield.
For more information, visit the Springfield Economic Development Agency’s webpage.
Enterprise Zones
Under the State program administered by Business Oregon, Enterprise Zones offer local property tax exemptions for a certain number of years in exchange for financial investment in and employee growth of manufacturing facilities once operational. The zone incentivizes retention and expansion of industrial and manufacturing businesses. The City of Springfield serves as the zone sponsor and is responsible for creating, amending, and managing the zone. Springfield’s Enterprise Zone measures approximately 8 square miles – it was established on July 1, 2021 and is in effect until the zone terminates in 2031. Oregon’s Enterprise Zone Program terminates on June 30, 2032. Existing approved authorizations will still be allowed to receive the property tax exemption, but any new or re-designations or future authorizations are not permitted after this date. The map below shows the Enterprise Zone in Springfield.
If you’re interested in applying for this incentive in Springfield, contact Allie Camp at acamp@springfield-or.gov. For more information, visit Business Oregon’s Enterprise Zones webpage.
Opportunity Zones
This is a federal economic development tool, administered by the Internal Revenue Service, that uses tax incentives to encourage private investment in designated low-income census tracts. The goal is for private capital to drive measurable improvements in housing, jobs, and infrastructure. Investors defer and reduce taxes on capital gains by reinvesting into Qualified Opportunity Funds that deploy capital to invest in Opportunity Zones. The City of Springfield’s role is to identify tracts that could attract investment and nominate them to the Governor each year ending in seven. The Governor nominates tracts for the U.S. Treasury to review and certify final Opportunity Zones in late 2026. On January 1, 2027, new Opportunity Zones go into effect for the next 10 years. The map below shows Opportunity Zones in Springfield.
For more information, visit Internal Revenue Service Opportunity Zones webpage and Business Oregon Opportunity Zones webpage.
