Local Incentives

Category: Local

New Market Tax Credits Map:  

Opportunity Zone Map:

Chickasha EDC Incentive Development Process

All clients (company or individual) applying for funding must be willing to submit requested information to the Chickasha EDC Executive Committee.  Client may request a confidentiality agreement if desired.

Incentives

1. Incentives from CEDC are created and offered on a case-by-case basis.
2. Once an initial set of incentives have been determined by staff, these incentives along with the Economic Data Sheet are used to calculate the Economic Impact Analysis of the project. That analysis is then submitted to members of the Chickasha Economic Development Council for consideration.
   1. All incentives must be approved by City Council
3. The completed Economic Data Sheets is considered as the prospects’ application for incentives.
4. Potential incentives are listed below:
   1. Job Creation Payments: CEDC offers cash incentives based on new, quality, high-paying jobs that are created in Chickasha. Generally, an amount in the range of $1,000 to $3,000 is offered for each job created based on employee wages.
      1. New jobs must have an average wage of $16 per hour/$33,280 annually
      2. Company must create at least 10 permanent, full-time jobs
      3. Only jobs that pay $16 per hour and above qualify for payment
   2. Reduced or Free Land: Property owned by EDC of the City of Chickasha may qualify for land conveyance
      1. Incentive amount based on job creation and/or capital investment.
   3. Employment Assistance: Chickasha EDC can help your company with:
      1. Advertising of job openings
      2. Meeting room for interviewing process
      3. Job Fair
   4. Build-to-Suit Option: CEDC has a partnership with experienced developers to do a build-to-suit on most properties that are available

Economic Impact Analysis

1. The first step in the Incentive negotiation process is that the prospect must complete the Chickasha Incentive Worksheet.
2. When completed, the file provides information regarding the company's operations and investment. It is important that the data within the file be as accurate as possible. The information within the worksheet is used in the Performance Agreement, which is a legal binding contract.
3. After viewing the incentive worksheet and the request for incentives, the economic development staff will determine a range of incentives to consider.
4. Once the range of incentives has been determined by staff, it will be included in the data sheets.
5. An economic impact analysis is done based on the data provided in the file using the Regional Project Assessment System.
6. After the analysis is completed, the staff will submit the packet to members of the Chickasha Economic Development Council for consideration.
7. An Offer letter will then be submitted to the company.

Financial Review

1. Company must consent to present information requested by the Chickasha EDC for review to receive incentives.
   1. i.e. financials, collateral, business plan, etc.
2. Financial review will include review by the Chickasha EDC Executive Committee, as well as the body issuing funds.
3. A confidentiality or non-disclosure agreement is available upon request

Offer Letters

1. An Offer Letter is a written document that outlines the community’s initial incentive offer to the prospect.
2. The Offer Letter is NOT a binding contract.
3. An Offer Letter is sent to a prospect after the staff and CEDC leadership have reviewed the Economic Impact Analysis.
4. The Offer Letter is the beginning of negotiations with the prospect.
5. An Offer Letter can be submitted to the prospect with a clear understanding that the offer is contingent on the approval of the authorizing agencies.
6. Incentives are subject to the official approval of the Chickasha Economic Development Council and ultimately the Chickasha City Council.

Performance Agreements

1. The Performance Agreement is a written document created after CEDC and the Chickasha City Council has approved the incentive package.
2. The Performance Agreement should clearly state:
   1. the parties to the Agreement;
   2. CEDC’s responsibilities;
   3. the Prospects responsibilities;
   4. the terms and conditions under which CEDC can access the prospect’s records;
   5. default definitions; and
   6. penalties for failure to remedy a default.
3. The Performance Agreement is executed by the president of CEDC.

           The executed document is mailed to the prospect for execution by their officer.

*Restrictions Apply