Back in the 1970s, long-timers will remember, Corvallis residents fought a pitched battle over whether to allow Hewlett-Packard Co. to locate a plant on the north side of town.

You know how that one turned out.

Then, it was apparent that having HP settle into Corvallis would fundamentally change the region's economy.

It might not be so apparent now, but take a look around: This might be another period when decisions we make today could affect the shape of our economy in 25 years.

Consider:

* State officials last week gave Benton County and Corvallis the go-ahead to form an enterprise zone on the south side of Corvallis. Enterprise zones offer tax exemptions on construction and equipment for up to five years as a way to attract businesses to invest in the area. Restrictions are being considered to encourage companies with a sustainable aspect to their business to locate in the zone. Done properly, this could help to develop a cluster of businesses with an interest in, say, renewable energy.

* Plans to develop an urban-renewal district for downtown Corvallis are on track to be considered by voters next year. The district would create money for projects in downtown through tax-increment financing. Once the district is approved, any increase in property taxes within the zone is set aside for programs in the district. This could give downtown a substantial boost - and could point the way for improvements in other areas of Corvallis once the downtown district sunsets after 20 years.

* More than 200 people showed up last week at the "Prosperity that Fits" town-hall meeting to hear about the progress the community has made on a long list of economic action items. The progress reported was substantial, but more work remains - and some of that work hinges on our ability to pay for it. That's where the proposal for a business-license fee comes in; as currently proposed, money raised by that fee would be used only to pay for items identified in the Prosperity that Fits plan.

We could point to other signs in the air as well: The growth of mid-valley "angel investors," financiers who provide the seed money to help promising business ventures get off the ground. Work by folks at Oregon State and elsewhere to transfer technologies developed on campus to startup companies willing and able to take those technologies to market. The ways in which our institutions of higher education increasingly are connecting with employers to identify future work-force needs. We could go on.

So, yes, there are a lot of pieces in motion, and not all of them will pay off. And not all of the news is so promising: We're still in uncertain economic times, even though Oregon might be spared the worst of any downturn. Rumors are flying again that HP is considering layoffs in Corvallis. Everyone's being squeezed by higher gasoline and food prices. Undoubtedly, we will suffer economic shocks.

But the work that's under way now could be planting the seeds that would grow a truly diversified economy for us - and for our children. We should be mindful.