Oklahoma Industrial Facilities Development Act

Oklahoma Industrial Facilities Development Act is sponsored by Oklahoma Department of Commerce. Provides grants for small communities to support development, construction, or improvement of industrial facilities for manufacturing companies.

Oklahoma Industrial Facilities Development Act - Oklahoma Department of Commerce Oklahoma Industrial Facilities Development Act Grant for small communities to support development, construction or improvement of an industrial facility for manufacturing companies.

The Oklahoma Industrial Facilities Development Act allows access to a grant for cities/town/counties with populations of less than seven thousand (7,000) people for the purpose of developing, constructing or improving an industrial facility for manufacturing companies.

Communities, which are defined as cities, towns or counties with less than 7,000 people in the most recent Federal Decennial Census (2020), that have either: Previously demonstrated the ability to recruit new manufacturing business activity.

This requirement may be satisfied by proving that an establishment has located a manufacturing activity within the community employing at least ten (10) persons not more than five (5) years prior to the date of the application for funding; or Employs at least one person on a full-time basis or is aided by the efforts of at least one full-time employee of a local chamber of commerce or similar organization whose primary duty is the recruitment of new business activity to the community.

In addition to the above requirements, the statute (62 O. S.

§ 2101 et seq) requires the community: to own or construct a facility used by manufacturing companies that does not exceed 100,000 square feet, the industrial facility may be owned by the community or by a public trust whose beneficiary is the applicant community, the funds to be used for construction or renovation of the industrial facility, the community to commit at least 25% of the total cost of the project (but the percentage may be higher) within 90 days of the date of application, be able to complete the construction or renovation project within six (6) months of the date that a grant is paid.

Should completion not be made within the required time, the funds must be repaid. Complete and return application below. Applications accepted beginning November 1, 2024.

What does the Oklahoma Industrial Facilities Development Act accomplish? The Oklahoma Industrial Facilities Development Act allows access to a grant for cities/town/counties with populations of less than seven thousand (7,000) people for the purpose of developing, constructing or improving an industrial facility for manufacturing. The grant is paid to a community.

It is not paid to a manufacturing entity operating in the industrial facility. Any grants that are awarded may not exceed $150,000 in a fiscal year to a community.

Oklahoma Industrial Facilities Act Application Program Rules Procedures and Agreement Oklahoma Industrial Facilities Act FAQ Oklahoma Industrial Facilities Act One Sheet Analysis and assistance at no cost Call us today at 800-588-5959 and we’ll get started on a cost/benefit analysis for your business. After your preliminary assessment, we can assist you with the application process.

The materials contained on this website have been prepared by the Oklahoma Department of Commerce for informational purposes only and do not constitute legal or tax advice. This information is subject to change based on judicial interpretation and legislative action. The application of the information is subject to your unique facts and circumstances.

YOU SHOULD NOT ACT UPON ANY INFORMATION CONTAINED IN THESE MATERIALS WITHOUT SEEKING YOUR OWN PROFESSIONAL LEGAL AND TAX ADVICE. For assistance, contact the Regional Development Specialist (RDS) who serves your region. Executive Director of CORE Director of Research & Economic Analysis Services Thank you for visiting the Oklahoma Department of Commerce.

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