Lane County Commission approves tax breaks for Avago Technologies
EUGENE, Ore. - The company that bought the idle Hynix plant in West Eugene has won approval for a 5-year property tax worth an estimated $21 million.
Broadcom (also known as Avago Technologies) had already secured a 3-year tax exemption under the enterprise zone.
The Eugene City Council approved extending that tax break by 2 years.
The Lane County Commission ratified that plan Tuesday by a 4 to 1 vote.
"If we can forgo some taxes for 2 years - 2 additional years - to gain them in our community and to have that wealth created in our community, I think the investment is well worth it," Commissioner Jay Bozievich said.
Commissioner Pete Sorenson cast the lone dissenting vote.
"Extending that benefit for two more years, it seems to me is too much," he said.
The tax breaks exempt the company from property taxes on the anticipated $400 million upgrade to the plant. That includes a $100 million remodel and $300 million in equipment.
Once up and running, the plant will employ about 230 people. The company agrees to pay 150 percent of the average Lane County salary and provide funding to support job training for youth as part of the deal.