OAR 123-623-1700
Establishment of Exempt Property

(1) The Commission’s determination pursuant to OAR 123-623-1600 (Consideration and Approval) needs to define the Approved Project for purposes of the Abatement, consistent with the Application and the agreement between the Applicant and local government(s).
(2) Such a definition shall employ one or more of the following examples or a comparable method that:
(a) Stipulates the site(s) or overall facility at which applicable property must be located, used and occupied for commercial purposes;
(b) Delimits what the Abatement covers in terms of total investment cost or property value, or the specific period, in which construction/installation needs to commence, or in which property must be placed in service; or
(c) Identifies applicable real and personal property, including but not limited to portions or incremental units of property, by:
(A) Referencing or incorporating the description of investment(s) in the Application or further information from the Applicant (whether requested or not by the Department or Commission);
(B) Delineating improvements or property items (or representative examples thereof) that the Applicant will acquire, construct or install, or for which the assessed value would increase as a result of additions, reconstruction, modifications, refurbishment, remodeling, renovation, retrofitting or upgrades; or
(C) Specifying improvements or property items that are not part of the Approved Project subject to Abatement, including but not limited to Existing Property.
(3) The Abatement may include an increase in the assessed value of Existing Property that results, as part of the Approved Project, from:
(a) A new addition to or comprehensive reconstruction of an existing building or structure, whether inside an SIZ or not.
(b) Modification, remodeling, refurbishment, renovation, retrofitting or upgrade of any Existing Property, except inside any SIZ where only newly constructed or newly installed property qualifies for Abatement.

(4)

As otherwise allowed under the project definition described in this rule, the Abatement shall cover any property comprising the Approved Project, for which construction, installation, modification or the like occurs during or after the first year of Abatement, but only for the remainder of the 15-year period.

(5)

If another business firm acquires the Applicant or the Approved Project, the ongoing Abatement shall continue as authorized, such that continuously exempt property is not Existing Property, provided that:

(a)

The acquiring firm complies with all terms and conditions under the Application, its approval, and the corresponding local agreement in OAR 123-623-1525 (Application within a Strategic Investment Zone) or 123-623-1550 (Application outside a Strategic Investment Zone), as well as applicable requirements of law and this division of administrative rules, as if the acquiring firm were the Applicant; and

(b)

The owner or chief executive officer of the acquiring firm furnishes and authorizes a formal statement to the Department and the parties to the agreement, attesting to the firm’s full assumption of relevant obligations and requirements formerly incumbent on the Applicant.

Source: Rule 123-623-1700 — Establishment of Exempt Property, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=123-623-1700.

Last Updated

Jun. 8, 2021

Rule 123-623-1700’s source at or​.us