Gresham approved a $12 million property tax break to help Boeing invest $300 million in new equipment at its manufacturing plant.
The deal is expected to save Boeing $12 million in property taxes. It is the third break the city has approved for the company since 2007; the first two totaled $200 million.
Unlike the previous two breaks, which helped Boeing expand its Gresham complex and add 400 jobs, this time the company will simply replace aging equipment with more efficient machines over the next three years. It will not be required to add jobs because it is investing more than $25 million.
Read more at OregonLive.com.