DUNCAN – The Duncan Economic Development Authority recently approved the fourth in a series of incentive payments for Model 1 Commercial Vehicles, a bus and transportation services dealer with a distribution hub in Duncan.
The authority, which is made up of the five Duncan City Council members, voted unanimously July 23 to authorize the Duncan Area Economic Development Foundation to withdraw $36,869.46 in sales tax dollars for the payment.
The incentive is based on the number of new jobs Model 1 creates between Aug. 1, 2023, and July 31, 2026, DAEDF President Lyle Roggow said in a July 19 letter to City Manager Chris Deal. He noted that the incentive, which is paid quarterly, equals 10% of annual new salaries.
“For the second quarter of 2024, Model 1 had a total of 41 full-time employees, with 31 of those employees qualifying for the incentive,” Roggow said.
The foundation’s three-year contract with Model 1 requires the company to create 50 jobs paying $40,000 or more per year. The incentive is capped at $4,000 per job.
The foundation will pay the final incentive to Model 1 once the company has more than 50 full-time employees earning more than $40,000 a year, Roggow told the council.
“Right now, they have 41 employees,” he said. “And so, I would imagine that before long, as far as their employee headcount, they will be about 50 soon.”