2000 Session

Budget Amendments - HB30 (Committee Approved)

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City of Salem Economic Project (language only)

Item 548 #1h

Item 548 #1h

Central Appropriations
Central Appropriations

Page 376, after line 19, insert:
"4.  Out of the amounts in this Item for the Governor's Development Opportunity Fund shall be made available, in the form of a zero-interest loan, a line of credit up to $4,500,000 to assist the City of Salem to support the expansion of a major employer.  The City shall not provide a cash match.  The city's matching contribution shall include the donation of at least 7.2 acres and the assumption of all site preparation and site development costs.  The City shall repay the loan over a five-year period, commencing one year after completion of the expansion.  Such line of credit shall be contingent upon an affirmative decision by such employer to expand its facility."

(This amendment provides a loan of $4,500,000 from the Governor's Development Opportunity Fund to help the City of Salem assist a major employer to expand its plant operations.)