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Incentive programs help Edmond grow

Bill Stewart, chief executive officer, at the Petra Industries warehouse. [PHOTO BY BRYAN TERRY, THE OKLAHOMAN ARCHIVES]

Bill Stewart, chief executive officer, at the Petra Industries warehouse. [PHOTO BY BRYAN TERRY, THE OKLAHOMAN ARCHIVES]

EDMOND — Petra Industries and Gateway Services Group expanded their businesses in Edmond and together added 45 new jobs, making the companies eligible for economic incentives from the city.

“Both companies qualified by meeting the requirements of adding at least $750,000 of new payroll at an average salary of $40,000,” said Janet Yowell, Edmond Economic Development Authority's executive director.

The incentive program, used by those two companies so far, was adopted in January 2013.

Officials said it makes Edmond competitive with other cities that are working to entice businesses.

The money comes from the city's Edmond Electric Incentive Fund, which currently has a balance of $900,000.

“We are receiving a lot of requests on our incentives — mainly on the retail side — and they are getting larger and larger,” Yowell said. “Competition is getting stronger from community to community, and banking regulations are making things more costly, especially with upfront costs on developments.

“We are also getting asked about tax increment financing possibilities.”

Petra Industries

Petra Industries, an Edmond-based wholesale distributor of consumer and custom electronics, was awarded a $250,000 incentive on May 26, 2015, to increase the size of its business and add 30 jobs.

“Petra Industries purchased the former Remy warehouse at 33rd and Kelly and did a multimillion-dollar renovation,” Yowell said. “This incentive is available to primary job companies moving to Edmond and expanding here.”

“We are grateful to the city of Edmond for the funding provided by the Edmond Economic Development Authority,” said Tate Morgan, Petra Industries president. “This incentive allows us to consolidate operations that were previously spread throughout the metro area to a single location inside Edmond.

“We've realized immediate benefits in more efficient operations, and we've installed state-of-the-art warehouse management and material handling systems in this new distribution center. These advances help us stay competitive and provide great opportunities for growth.”

Petra's new property includes 525,000 square feet of warehouse space, giving Petra a total of 640,000 square feet of space.

Petra came to Edmond in 1998 and has expanded its original facility several times.

Gateway Services

Gateway Services Group was awarded a $36,000 incentive that will be paid over two years.

“Gateway located to a 20,000-square-foot building at Fifth and Littler and added 15 new jobs to the economy with their move,” Yowell said.

Money in the Edmond Electric Economics Development Fund has been collected over 11 years from Edmond Electric to help stimulate the growth of Edmond's economy, City Manager Larry Stevens said.

A decision was made in 2013 to provide $100,000 annually, with $50,000 coming from Edmond Electric and $50,000 from the city's general fund.

The two sets of available incentives are for a business and retail plan where economic assistance is available to new and existing retail, commercial developers and owners who build or expand in target areas of the city and companies that expand and increase jobs.

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              <span class="bold">Janet Yowell</span>
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Janet Yowell

<figure><img src="//cdn2.newsok.biz/cache/r960-6a79c5ebf98faf21b761bb7a5505354f.jpg" alt="Photo - Janet Yowell " title=" Janet Yowell "><figcaption> Janet Yowell </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-b8a4bd28a30e4a3205ba567db0e0db0f.jpg" alt="Photo - Bill Stewart, chief executive officer, at the Petra Industries warehouse. [PHOTO BY BRYAN TERRY, THE OKLAHOMAN ARCHIVES] " title=" Bill Stewart, chief executive officer, at the Petra Industries warehouse. [PHOTO BY BRYAN TERRY, THE OKLAHOMAN ARCHIVES] "><figcaption> Bill Stewart, chief executive officer, at the Petra Industries warehouse. [PHOTO BY BRYAN TERRY, THE OKLAHOMAN ARCHIVES] </figcaption></figure>
Diana Baldwin

Diana Baldwin has been an Oklahoma journalist since 1976. She covered the Oklahoma City bombing and covered the downfall of Oklahoma City police forensic chemist Joyce Gilchrist misidentifying evidence. She wrote the original stories about the... Read more ›

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