New Local Incentive Program
Economic development is vital to the City of Broken Arrow’s long-term economic and social health. As part of an ongoing effort to improve the quality of life for its citizens, the City of Broken Arrow is committed to the promotion of job creation and high-quality development in all parts of the city.
The purpose of this incentive program is to give guidance and consistency to economic development incentives and economic development agreements in the City of Broken Arrow.
The Broken Arrow Economic Development Corporation coordinated with the City of Broken Arrow to develop this local incentive program. The program has two parts: Primary Jobs Incentive and Retail Incentives.
Primary Jobs Incentive
For the purpose of this incentive policy, a primary employer is considered as any business or organization providing quality, high paying jobs that generally produces a good or service that can be utilized outside of the local economy.
Incentives under this category assist with the retention, expansion, and attraction of capital investment and quality jobs in the City of Broken Arrow.
To qualify for an incentive, proposed projects must meet a minimum of;
- A minimum capital investment of $500,000 or more; and,
- The creation of at least 10 FTE Quality Jobs
Retail Incentive Programs
This policy should only be utilized for new projects in the retail sector that generate new sales tax within the City of Broken Arrow and that supports the redevelopment and revitalization of underserved commercial areas and/or struggling retail centers.
Incentives shall be assessed and determined by the estimated amount of newly generated City sales taxes that can be reasonably defined and determined to result from the new development or investment.
For the purpose of this incentive policy, a retail project is considered as any business or organization whose primary focus is to sell goods and products to consumers.