Payroll services provider Paycom plans to build a $10.8 million building on its corporate campus in northwest Oklahoma City and hire another 667 employees over the next five years.
The company is poised to ink a deal with Oklahoma City for $1.25 million in economic development incentives to aid in the expansion.
As a result of its rapid growth in Oklahoma City, Paycom expects to run out of room at its 90,000 square foot, three-story headquarters off the John Kilpatrick Turnpike by next year. The company moved into the building in August 2011.
The Oklahoma City Economic Development Trust is scheduled to vote on the incentive deal on Tuesday, which would then have to be approved by the Oklahoma City Council.
Paycom has about 600 employees, with about 390 of those workers in Oklahoma City.
Oklahoma City estimates Paycom's expansion would have an economic impact of $143 million over the first five years, based on capital investment, wages, as well as state and local taxes.
“When we looked at those numbers, $1.25 million seemed appropriate with the city's guidelines,” said Brent Bryant, economic development program manager for Oklahoma City. “Plus, we are always excited to help a local company expand and grow.”
Incentives from Oklahoma City were key in Paycom's decision whether to expand its Oklahoma City presence, or add positions to another office in Lewisville, Texas, said Craig Boelte, Paycom's chief financial officer.
“I think it definitely helps when you are looking to expand,” Boelte said. “The money confirms our expansion in Oklahoma City.”