Portland Development Commission approves break to allow company to expand its space over the next five years.
BY JACOB PALMER | DIGITAL NEWS EDITOR
The Portland Development Commission approved a property tax break for the Jaguar Land Rover innovation incubator.
The city approved a tax break of $382,000 over the next five years through the Enterprise Zone program that will support the automakers expansion in Northwest Portland. The expanded space is needed to house the incubator program which will necessitate the company hire at least 50 more engineers.
The incubator was hatched as a way for the British automaker to work with startups on technology that could have uses in the in-car entertainment, or infotainment, sector.
(SOURCE: Portland Business Journal)
The company’s Matt Jones made a written statement: “This incubator approach will enable us to seek out and encourage young companies with brilliant ideas for new technologies who may lack the technical skills or knowledge of the automotive industry to move their ideas forward. … As well as mentoring them and offering them technical support, we will provide them with a base where they can develop and test their ideas in our brand new, collaborative and innovative environment in Portland.”
JLR plans to have 120 small companies participate in its Portland incubator over 10 years, beginning late this year. Of the dozen startups participating each year, the PDC said JLR will pick two from members of “underrepresented” populations – part of the agency’s ongoing effort to increase diversity within the city’s rapidly growing tech community.
In addition to the property tax breaks, a state-funded program called Drive Oregon will grant $50,000 for JLR’s incubator. The organization, funded in part by state lottery dollars, promotes electric vehicle technology.
(SOURCE: OregonLive.com)
