LAWTON — Lawton City Council recently approved a million-dollar incentive package designed to bring a new company and 75 jobs to town.
After discussing the issue in a closed session, the council voted unanimously Jan. 11 to provide a $1.5 million forgivable loan to the company, which has not been publicly identified at the developer’s request. The loan hinges on the company’s ability to generate 75 new jobs within the first five years of operation, according to the council’s motion.
Under the city’s economic development policy, the council may offer economic-development incentives to new businesses if they meet certain requirements, such as job creation.
According to the motion, part of the loan money would go to the Lawton Economic Development Authority in whatever amount LEDA needs to purchase property for the project, named “Project Dub.” Any remaining funds will become a direct loan to the redeveloper.
In addition to the loan, the redeveloper is required to make a $4.5 million investment in improvements, equipment and machinery for the facility, according to the motion.
In addition to approving the project’s basic terms, the council authorized Mayor Stan Booker to execute the documents required to keep the project moving forward.
The council met in a special session to discuss the incentive package shortly after LEDA hosted a closed-door session on the subject. The authority recommended approving the basic terms of Project Dub and sent the recommendation to the council for consideration.
The city is not releasing additional details of Project Dub at this time, communications and marketing manager Caitlin Gatlin said Thursday. She said more information will be released once both parties sign the development agreement.