LAWTON – Lawton officials are moving forward with plans to bring an undisclosed company to town, which could create more than 2,000 jobs.
After discussing the issue in an Aug. 23 closed session, the Lawton City Council approved basic terms for the economic development project, dubbed “Blue Braveheart.” The company has asked the city not to disclose additional details of the project at this time, including the company’s name and the type of industry.
The terms included providing a $10 million forgivable loan to the company if it meets certain benchmarks, according to a news release from City Hall. The council directed staff to place the $10 million in escrow until the company has secured $126 million in development financing from other sources.
The company is expected to invest approximately $200 million in its Lawton plant and bring 2,335 jobs to the community, according to the news release.
Council Policy 1-11, which deals with economic assistance for nonretail businesses, allows the city to provide incentives to companies that fulfill certain requirements. The policy specifies that the city must have or acquire a legal interest in the land on which any public improvements are built, including rights-of-way and easements.
One of the city’s tools for promoting economic development is a tax increment financing program, in which the city creates a special taxing district. The city uses tax revenues from the district, known as a TIF district, to cover the cost of public improvements in that area and other development-related expenses.
Another option is the city’s Industry/Jobs Investment Program, which is open to new businesses that will create 20 or more full-time jobs and an annual payroll of at least $1 million. The program is also available for business expansion projects that will create at least 10 full-time jobs and an annual payroll of $500,000 or more.
To qualify for the program, a company’s average wage must be 100% of the Lawton Metropolitan Statistical Area’s average wage. In addition, the company must provide health care benefits to all full-time employees.
Funding for Blue Braveheart could come from Lawton’s 2019 Capital Improvement Program, which earmarked $29 million specifically for industrial economic development.
Three local entities focused on economic development took steps connected to Blue Braveheart in the hours before the Lawton City Council considered it. The Lawton Economic Development Corporation and the Lawton Economic Development Authority both discussed the issue in separate closed sessions, then voted in open session to recommend that the council approve the project’s basic terms.
The Comanche County Industrial Development Authority went behind closed doors Tuesday morning to discuss the possibility of selling a CCIDA-owned tract of land near the Goodyear plant. The undeveloped 480-acre parcel is located on the south side of West Lee Boulevard, south of the Goodyear plant.
CCIDA was slated to consider acting on the potential land sale, according to a copy of the authority’s agenda. However, it was not immediately clear Friday whether the authority took any action.
The connection between the land sale and Blue Braveheart was not immediately clear Friday.