MidAmerica offers “Quick Action” incentive fund to prospective businesses
05/22/2020
As part of MidAmerica Industrial Park’s economic development efforts, MidAmerica has established a “Quick Action” incentive fund that assists new companies with the costs associated with business relocation such as infrastructure, training and much more.
MidAmerica is uniquely positioned to incentivize new business from every angle because the MAIP incentives are added to both state and federal incentives. The packages offered to businesses are the most comprehensive in the nation. Whether catalysts for growth or assistance at startup, MidAmerica incentives help operations reach higher profitability and faster ROI.
MidAmerica’s incentive fund is comprised of three components. One, education and training. This encompasses the facilities at the park including Northeast Tech, Rogers State University Pryor campus located in the park and MAIP’s own Technology and Career Center which offers customized training aligned with the needs of business.
The second component of the fund is to offset and reduce land costs for companies considering relocation to MidAmerica. MidAmerica’s management team will work closely with clients to determine the best possible structure for the acreage needed based on the scope of the project. This includes anything from low-cost to no cost, typically determined by overall investment and jobs created.
And the third component is specialized infrastructure. This could include but isn’t limited to, working with companies to fulfill their needs in regards to water and wastewater at their site. Or, if a company has special needs for the site such as rail access, entry and exit access, land development, dirt removal, etc. MidAmerica would use the incentive fund to help offset those costs.
Qualifications and criteria for the fund depends on the value the business brings to the park. The number of jobs the company would bring to the park—specifically, density of jobs—how many employees per acre. And wages. What is the average wage of the employees? In regards to industry sector, MidAmerica concentrates on advanced manufacturing, automotive, aerospace and operations which require an abundance of water, but is not limited to that. Finally, is there opportunity for growth and expansion? If so, MidAmerica is willing to work with prospective companies to put in place future growth and expansion incentives.
In addition to the “Quick Action” incentive fund, companies considering locating at the park would also reap the following benefits:
MIDAMERICA BENEFITS
- MAIP operates an onsite workforce development career center
- MAIP has staff dedicated to workforce development
- No zoning and permitting
STATE BENEFITS
Oklahoma has some of the lowest tax rates and some of the best tax incentives in the nation. The state offers companies a low cost of doing business, a low cost of living for employees, and tax rebates that reduce tax burdens even further.
- Quality Jobs Program
- Priority Enterprise Zones
- Investment / New Jobs Package
- Economic Development Pooled Financing Aerospace Engineer Workforce Tax Credit
- Manufacturing Sales Tax Exemptions
Read more about Oklahoma State benefits at www.stateofsuccess.com/incentives/.
AMERICAN INDIAN LANDS TAX CREDIT
Because of MidAmerica’s Oklahoma location, qualified industries enjoy jobs tax credits and accelerated depreciation schedules.
Check Oklahoma Department of Commerce for more information.