The Edmond City Council approved a recommendation this week by the Edmond Economic Development Authority to provide $120,000 financial assistance to Petra Industries from the Edmond Electric Economic Development Fund.
Petra Industries is the first proposal for the incentive package since the new economic incentive policy was created for EEDA about a year ago, said Janet Yowell, EEDA executive director.
“I think it’s a great first-time opportunity for us,” said Elizabeth Waner, city councilwoman. “Petra has been such a long-term contributing member of the Edmond community,”
An investment of $120,000 would allow Edmond to retain Petra within its city limits. So, Yowell considers the incentive to be a retention project.
“Petra Industries would like to basically double the size of their location on Kelly,” Yowell said. “In order to do this they need to purchase just over two acres of land that connects their property to the west.”
The move would allow Petra to move their Oklahoma City warehouse to the property west of Edmond. Yowell said the move will allow Petra to add 30 employees and improve the efficiency of their operations.
Petra moved to 2109 S. Kelly Ave. in 1998, where they constructed a 40,000-square-foot building. They added another 50,000 square feet to their property by 2000 and another interior renovation to add an additional 10,000 square feet to the second floor, Yowell said.
“They’ve been one of our major primary job employers since they’ve moved here,” Yowell said. “They’ve been a good corporate citizen.”
Petra will receive the funding after the construction’s completion. They would submit to an energy audit with Edmond Electric and the Oklahoma Municipal Power Authority, Yowell said.
Petra will also provide EEDA with quarterly copies of their unemployment tax forms for the next several years to prove they have added the 30 employees. Another condition is that Petra must remain in the city limits for at least five years, Yowell said. Otherwise, the company would reimburse EEDA the entire $120,000 sum.
The EEDA board unanimously passed the incentive package last month. It represents an investment of $424 per each of the employees, Yowell said.
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