OKC Boeing Expansion Officially Opens


Ribbon cutting at new Boeing facility, photo courtesy of Boeing  

The aerospace industry continues its expansion in Oklahoma City, as the Boeing Corporation recently held a ribbon cutting at a new facility on their campus near Tinker Air Force Base. The $80 million dollar, 290,000 square foot engineering, research and development laboratory building will be the new headquarters for the company's Global Services & Support Aircraft Modernization and Sustainment division.  

The addition of this facility will bring  approximately 800 jobs to Oklahoma City, including skilled engineers who will work in highly-secured labs, as well as several senior management positions and some support staff. Once these jobs are added, Boeing's total employment in our area will be approximately 3,000 employees. 

State and City economic development incentives were instrumental in the Boeing expansion, including the Aerospace Engineering Tax Credit and the City's Strategic Investment Program. The Aerospace Engineering Tax Credit gives qualified engineers up to $5,000 in tax credits for up to five years, and also includes tax credits for companies.  

The Strategic Investment Program provides incentives to Oklahoma City companies to create new jobs that meet average wage thresholds. Voters approved the $75 million program in 2007 to help bring high-quality, high-paying jobs to OKC, while keeping companies accountable for their performance. Of the $75 million dedicated to the program, $64.5 million has been allocated thus far. 

To date, almost 3,300 new jobs have been created and $39.6 million has been paid to companies as a result. The taxable market value of the jobs created has been over $286 million. 

Boeing will begin moving labs and equipment into the building over the next few weeks and the building should be completely occupied by the middle of next year.
Core to Shore TIF Policy Guidelines Passed


 Core to Shore TIF District    

This month, the Oklahoma City Council approved the policy guide for the new tax increment financing districts in the Core to Shore reinvestment area.

This guide outlines the goals and objectives of the TIF districts, and details how assistance in development financing will be provided by allocation of tax increment revenue to assist private, tax-generating real estate development projects.

It is the intent of the Core to Shore reinvestment area to create a series of active, high-density and high-quality mixed-use urban districts as envisioned by the Core to Shore redevelopment framework adopted by the Oklahoma City Council in 2008. Increment created through six TIF districts will be targeted toward both public and private projects that support several objectives, including:
  • Extension of the central business district to the south to envelop the Myriad Gardens with high-density, mixed-use development.
  • Connecting the central business district and Myriad Gardens south to the new MAPS 3 park and the Oklahoma River through an attractive and engaging urban environment of buildings and streets.
  • Creation of opportunities for significant amounts of housing, office, hotel and retail space.
  • Leveraging the catalytic investment opportunities generated by the new convention center and hotel.
  • Developing impactful and well-designed private development along major public investments, including the MAPS 3 Park, the new Oklahoma City Boulevard, and the Oklahoma River.
  • A range of new housing opportunities, from high-rise flats to single-family neighborhoods.
  • Enhancement of Wheeler Park as a major open space and recreational asset.
  • Preservation of historic resources and adaptive reuse of historic buildings.
  • Stimulating private and public development by upgrading and enhancing utility infrastructure.
Projects seeking tax increment financing must follow density and design standards including minimum height, lot coverage, floor area ratio and various urban design guidelines. There are also historic preservation objectives that apply to certain structures within the reinvestment area. The city recognizes the importance of the availability of affordable housing options within the Core to Shore reinvestment area and has identified situations where additional assistance or consideration may be allocated for the creation of affordable or workforce housing development.

The city has the authority to activate each of these TIF districts at any given time during the first 10 years of the project plan and intends to activate each as development is proposed. Each district has its own eligibility period of 25 years.

More information on the Core to Shore TIF District can be found in the Policy Guide
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