The Oklahoma City Economic Development Trust is being asked to approve job incentives totaling $1.45 million to Tapstone Energy as it seeks to establish a new headquarters in Bricktown creating 150 new jobs over the next five years.
The company employs 35 people and is in Oklahoma Tower with a field office in Harper, Kan., with two full-time employees. The company’s chief executive officer, Tom Ward, recently announced he is planning to move the company into the Mideke Building, 108 E Main, following a $17 million makeover.
The application for the funds, to be paid from a job incentives bond issue approved by voters in 2007, estimates the jobs will pay an average salary of $146,133 with payroll totaling $8.176 million the first year and ramping up to $18.5 million by the end of the third year. The application estimates total economic impact at $106.6 million.
Brent Bryant, the city’s economic development programs manager, said the application, if approved, calls for payments to be performance based and paid as jobs are created.
If the application is approved, Tapstone would be the second company employing more than 150 employees to establish a new headquarters downtown since the city’s job incentives program was started six years ago.
Similar incentives were used to aid the relocation of Continental Resources to downtown from Enid.
“We are grateful that city leaders have invested in our city’s future by initiating a pay for performance incentive program,” said Greg Dewey, vice president of corporate and human resources at Tapstone.