Pharmaceutical company will invest back into the city.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Bend pharmaceutical company Patheon will invest in the city after its tax break was extended.
The firm aims to hire 22 and invest $5.7 million.
The City Council voted unanimously Dec. 16 to extend the enterprise-zone tax breaks on business machinery, equipment and building improvements, provided Patheon creates jobs at its Bend plant that provide total compensation equal to 150 percent of Deschutes County’s 2014 annual average wage. That works out to $58,649, according to a summary presented to the City Council.
Patheon, which bought Agere Pharmaceuticals in March, plans to increase revenue from its Bend unit by 40 percent in the coming year, according to the summary. The company also plans to invest $5.7 million in new equipment and plant improvements. The tax breaks would cost the city about $16,000 in revenue per year in personal property taxes, the summary states.
(READ MORE: Bend Bulletin)
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