ALTUS – City council members agreed July 5 to continue their partnership with the Altus-Southwest Area Economic Development Corporation to bring new businesses to the city and enhance existing companies.
The EDC was formed in 1990 with the purpose to promote economic growth in Altus, Jackson County and southwest Oklahoma; provide employment opportunities, and assist businesses with relocation as well as support existing businesses. None of the council members opposed the annual agreement.
One of the primary components of the partnership is the transfer of hotel/motel taxes from Altus into the EDC fund. The city has agreed for several years to provide the EDC 30% of the tax collected. The city retains the remaining 70%.
The EDC may contract for certain economic development services which can be reimbursed by the city using hotel tax. Those services include retail recruitment, Quail Breakfast, business improvement grants, military development as it relates to economic development in Altus, a grant writer, website hosting, advertising, shop local campaigns and conferences and training for economic development.
In exchange, the city will provide quarterly installments in September, December, March and June after the EDC presents the city with detailed invoices and receipts for projects that pertain to recruitment of new businesses and retention of existing businesses.
In its latest report presented July 5 to the city council, the EDC wrote it continues to work with Retail Strategies to identify businesses on a national level. In the report, EDC Director Rodger Kerr wrote, “We have several businesses and industry looking at our community, at least a couple of deals are in progress, with others still shopping or actively looking at Altus.”
However, Kerr pointed out that unemployment and lack of daycare appears to be an issue for companies looking to locate in Altus. The April 2022 unemployment rate for Altus was 2.3%.
“Unemployment numbers continue to be one of the largest factors in our local business economy. Every business owner I have talked with needs more dependable employees to keep their businesses viable,” Kerr wrote in his report to the council.
Kerr told the council that childcare seems to be a challenge and that the EDC is trying to determine if any corporate daycares are interested in looking at Altus.
“Even with those concerns, there has been continued interest in our community following the national trend,” Kerr wrote. “Some of the variables continue to be employment, supply, vaccine mandates, and pay.”
However, Kerr also wrote that local residents remain positive about “things taking place in our community. I am hearing enthusiasm with MAPS projects. We have had several events that were highly successful and have made an economic impact from that people that came to participate in them… We continue to encourage and support local events that draw overnight stays in Altus.”
The initial MAPS initiative, supported by a sales tax, provided for new city facilities like city hall and a new fire station. The MAPS II program is funding quality-of-life projects such as the Altus Reservoir renovations, a downtown park, the Veterans Court housing addition and new walking and jogging trails.