Job incentives were unanimously approved Tuesday for two global companies that plan to start construction this spring on manufacturing and research facilities focused on high-tech products for the oil and gas industry.
The Oklahoma City Economic Development Trust approved awarding $1 million in general obligation limited tax bond funds to GE toward development of a $125 million, 95,000-square-foot oil and gas research laboratory to be built at NE 10 and Central. The incentives award is based on GE hiring 128 people.
Baker Hughes Oilfield Operations, meanwhile, was awarded $850,000 as it prepares to build a new manufacturing plant and research facilities at the southwest corner of the Kilpatrick Turnpike and U.S. 77. The award is based on Baker Hughes hiring 475 people.
Representatives of both companies reported Tuesday that they expect construction to begin within the next 60 days.
Tom Shaginaw, University Research Program Manager at GE Global Research, advised the estimate of 125 jobs is “conservative” by design.
“We’re going to exceed that,” Shaginaw said. “Our building is built to handle 250, and the site can handle more beyond that.”
Shaginaw reported a dozen employees already were hired and working at temporary offices at City Place Tower downtown. He said hiring will average five per month, with about 80 hired when the new research lab opens in the summer of 2015.