Oklahoma City has awarded $415,000 in economic development funding to Orthocare Innovations, which is in the process of establishing headquarters, research facilities, and a manufacturing center in the area. The funds can be used to purchase land, improve a site, build facilities, or acquire equipment.
The economic development portion of the city’s 2007 bond election provided the funds. The election allows Oklahoma City to provide performance-based economic incentives for companies that relocate or expand in Oklahoma City.
According to the city, its incentive package was based on Orthocare’s plans to add approximately 83 new jobs in Oklahoma City over the next five years and invest a minimum of $1 million. The average first year wage is expected to be over $53,000.
“The combination of the bioscience park, existing expertise, and the local incentives made Oklahoma City the best choice for our expansion,” said Orthocare CEO Doug McCormack. “We are proud to locate our global manufacturing headquarters here.”
“Our ability to attract quality businesses like Orthocare Innovations to Oklahoma City is essential to our growth and success,” Assistant City Manager Cathy O’Connor said. “We are constantly competing with cities across the country for jobs, and incentives for economic development give us a significant advantage. We expect a return on our investment in three to five years.”
