| Governor's Oregon Principles Budget 2005-2007 |
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| Economic Development |
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What do we expect our investment to achieve for this principle?
Oregon’s $7 million investment in ONAMI will increase Oregon’s national and global reputation for cutting-edge research and will provide additional economic benefits:
- Enhance capacity for existing businesses to develop new products, and advance manufacturing and information technologies to help existing industries be more competitive in a global economy through research and development activities from ONAMI.
- Position Oregon to leverage $50-60 million in federal research dollars and approximately $10 million in private investment and industry sponsored research.
- Deliver the spin-off of at least 10 companies in five years.
- Attract an estimated three new research programs and 20-30 additional researchers to Oregon universities and industries creating research and development synergies and increasing Oregon’s ability to compete in the global markets.
The Governor’s $2 million investment in the Commercialized Research Fund will provide a significant return on our investment to help Oregon researchers turn innovative ideas into business ventures by:
- Helping approximately 15 small businesses or university spin-off companies to commercialize new products.
- Leveraging an estimated $15 of private sector investment for every $1 of public investment.
The $60 million in lottery bonds for developing industrial lands will:
- Create 1,440 construction jobs.
- Create 31,392 permanent jobs.
- Provide 3,600 usable industrial acres.
- Generate $972,480,000 in local property tax revenues.
- Generate $1,620,000 in state income tax revenues.
- Facilitate the development of 23 industrial sites: 3 large opportunity sites and 20 certified sites.
The $3.5 million provided for the Regional/Rural Investment Fund will assist economic development across Oregon and:
- Create 4,667 new jobs across the state.
- Leverage $225.4 million in federal and other funds for economic development in rural communities.
ConnectOregon will provide the resources to make key non-highway investments in our transportation infrastructure and bolster our economy by:
- Using $100 million in lottery bond proceeds, ConnectOregon will allow the Oregon Transportation Commission to leverage funds with public and private partners to strengthen Oregon’s rail connections, marine commerce, aviation, and transit facilities.
- Investing in other modes of transportation to provide critical links for shippers to connect to national and international markets, speed delivery times, and create jobs.
- Improving infrastructure for the top five trades (based on total employment)—high technology/software, forest products, food processing, apparel/sporting goods, and transportation equipment—ensuring their presence in Oregon is maintained and positioning for future growth.
- Investing in rail and marine transportations systems to preserve Oregon’s highway investment because commodities that travel via rail and marine tend to be heavy and low volume and if those commodities can be moved by rail or barge, savings will be realized in increased lifespan of state’s highways.
- Supporting jobs in the transportation infrastructure and traded-sector industries that pay competitive salaries, which will promote the growth of additional jobs and income for Oregonians and the state.
Investment in the Willamette Valley Passenger Rail system will allow operation of the four daily Amtrak Cascades trains and the motorcoach operations to continue, creating and retaining permanent, family wage jobs and supporting numerous Oregon businesses:
- Rail improvements include restoration of historic railroad stations and redevelopment of core city neighborhoods, generating additional public and private investment.
- Passenger rail is also an integral part of the tourism trade as train travel becomes a transportation mode of choice for many tourists.
- Oregon is part of a designated federal corridor and continued state investment will help to leverage additional federal funds when investments are made in the future.
- The number of people using passenger rail continues to increase and without state investment the future of the Seattle to Eugene trains would be in jeopardy. From 1993-2002, there was an increase of 524 percent in the corridor. Nearly $49 million that has been invested within the last decade will be rendered meaningless if funding for passenger rail is eliminated.
- Additional public transportation in rural Oregon by funding buses from Portland to Astoria, Bend/Redmond to Chemult, Bend to Ontario, as well Eugene to Portland service. These services are even more critical for seniors and people with disabilities given the recent cutbacks by Greyhound.
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