State Chamber Applauds Economic Development Funds

State Chamber Praises Passage of Economic Development Legislation

OKLAHOMA CITY (March 11, 2013) – Legislation passed by the House today will help grow Oklahoma’s economy, create jobs and better develop statewide infrastructure, said State Chamber Senior Vice President of Government Affairs Gwendolyn Caldwell.

House Bill 2000, by Representative Skye McNiel, creates long term economic growth and financial efficiency by combining the state’s successful Infrastructure Pool and the Economic Development Pool. Combined, the pools would create a $200 million pool, maximizing overall economic benefits. The merger would ultimately streamline economic expansion and ensure adequate infrastructure for future growth.

This legislation will allow the state to grow its workforce and ensure a viable future for Oklahoma’s citizens,” said Caldwell. “This is a clear example of a tax incentive that has worked to create jobs and investment in our state and we applaud Rep. McNiel’s efforts to further improve the program.”

Since its passage in 2009, the state’s Economic Development Pooled Finance Program has generated significant economic growth and job creation. The program, as of 2013, has been credited with creating 781 new jobs and over $600 million in new capital investment. The new annual payroll of $41.5 million has facilitated a wage increase, above the state average, to $53,094.

The $100 million Economic Development Pool allows the state to quickly act on economic opportunities. The public financing, through the Oklahoma Development Finance Authority, expands local industries and targets further industry specialization. The investment opportunities have made Oklahoma more competitive and fostered new production capabilities. Industries have modernized facilities, expanded production, and more importantly, avoided closures. More than 7,000 jobs were retained since 2009 and many more are being created.

Oklahoma’s $100 million Infrastructure Pool, also issued through the Oklahoma Development Finance Authority, provides public financing to local governments. The investment allows municipalities to create stronger local resources that enhance economic capabilities. Road, railways, utility systems, and water treatment facilities have all benefited from the public financing. The funds also are placed in local control by allowing the community to vote on financing options.

The bill passed the House with a vote of 71-22 and now moves to the Senate for further consideration.

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Contact: Jennifer Monies

jmonies@okstatechamber.com

405-235-3669