Business Oregon's Infrastructure Finance Authority is assisting the city of Sherwood with their Cannery Square Public Improvements project by approving an $8.5 million loan from Special Public Works Fund for the development of a 6 acre piece of property in the downtown core of the city. The development will be mixed-use and include retail space, a 13,000-square-foot plaza and the redevelopment of the old machine works building into a community center. The city's involvement in the project will allow $33 million in private development to take place.

The downtown core of the city of Sherwood has been blighted for many years, and has been unable to attract businesses. It took years of planning for the city to find developers and funding for the project in hopes to spark reinvestment in downtown, an off-path area about a mile from the big-box commercial sector along Oregon 99W and Southwest Tualatin-Sherwood Road. The public-private partnership with developer Capstone Partners LLC carries a total price tag of close to $10 million. The entire project includes multiple phases that will span several years. Developer Capstone will purchase land from the city at market value as it progresses.