From staff reports OKLAHOMA CITY – Robust economic development is the goal of a new act created through the passage of Senate Bill 1447 in the recent legislative session.
The “Creating Oklahoma’s Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act” was approved by Gov. Kevin Stitt on June 5. With the emergency tag attached, the bill went into effect immediately after Stitt signed the measure.
A committee was formed from the act, which is the bipartisan, bicameral Legislative Evaluation and Development (LEAD) Committee. In addition, the act required the Oklahoma Department of Commerce to create two separate and distinct divisions, which are the Division on Economic Development, Growth, and Expansion (EDGE) and the Division on Community Outreach and Revitalization Enterprise (CORE).
The two new divisions will work together to encourage Oklahoma’s economic stability, improve the state’s economic competitiveness and to implement the Oklahoma Department of Commerce’s strategic plan.
EDGE will serve as the state’s lead economic development point of contact. CORE will focus on the long-term development of local communities in an effort to increase competitiveness and enhance economic opportunities.
The LEAD Committee met for the first time last week and was hosted by the Oklahoma Department of Commerce. This committee is tasked with reviewing finance options for large incentive packages aimed at bringing new businesses and jobs to the state, according to a recent press release. It will also review economic development projects presented by government entities or private businesses.
At the Aug. 14 meeting, members were briefed on upcoming agency projects. The LEAD Committee is composed of the Senate President Pro Tem, the Speaker of the House and eight other legislators. The panel will examine economic development incentive packages that offer tax benefits, funding or other provisions outlined in SB 1447, according to the release.
“Recognizing the geographic diversity of this state, Oklahoma needs one central, primary public-sector economic development agency for the state in order to manage or coordinate all public sector economic development activity,” wrote Sen. Kristen Thompson (R-Edmond), author of the bill, and Rep. Mike Osburn (R-Edmond), co-author.