This is the second incentive deal that city officials have negotiated with Paycom.
Oklahoma City and Paycom signed an economic development agreement worth up to $1.96 million in 2010 after the company pledged to create 492 jobs and build a new local headquarters.
The company so far has created about 186 new jobs out of the 492 it pledged to create in 2010. The city will only begin paying Paycom incentives for the 667 new jobs once it has fulfilled its 2010 job creation promise, Bryant said.
Money for the job creation incentives will come from Oklahoma City's Strategic Investment Program, an incentive fund that gives cash payments to expanding or relocating companies in the city.
Paycom in 2010 also qualified for payroll tax rebates worth up to $4.5 million from the state's Quality Jobs Program. The job creation program gives expanding or relocating employers rebates worth up to 5 percent of a company's taxable payroll.
Boelte said the company is growing rapidly as it continues to open up new markets for its payroll and human resources tools across the country.
Paycom last year opened sales offices in Boston, New York, and Minneapolis, and has plans to open additional locations this year in San Francisco and Detroit, giving the company a total of 23 field offices in the United States. The company also plans to open additional offices in 2013, but has not determined the locations yet, Boelte said.