A relocation to Redmond, Oregon hindered by statute may still be on the cards.
California-based MVM Technologies’s plan to relocate to Redmond, Oregon, which was held up due to Oregon disallowing the sale of industrial revenue bonds for research and development, may come to fruition with a bill to allow MVM’s intentions being sought by State Senator Chris Telfer, reports ktvz.com.
Telfer commented on the uncertainty of the current predicament, stating: “Right now, our stature is a little unclear. It looks like they can only use the proceeds in this private sale for acquisition of capital assets, meaning building and equipment.
“What they would like to use some of the proceeds for is R&D, and possibly some working capital.”
Telfer commented on speaking with MVM’s company president, who is claimed to have expressed interest in relocating the business to Central Oregon: “They like the workforce availability and level of skill the workforce has. They love the area, as far as livability.
“They’re a little apprehensive about our tax structure here. But they’re very impressed with how attentive the state has been to them and their needs.”
The move is expected to bring an immediate 200 jobs to the area, with 1,000 available within two to three years and a speculated 5,000 “in the long run”. It is not yet known what will happen with the former premises.