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REI New Markets Investment, LLC >The Mark of Success: Bringing New Investments Into Oklahoma
New Markets Tax Credit Program - REI New Markets Investment, LLC
For every $1 million invested by REI New Markets Investment, LLC $980,000 in additional economic activity is generated in the local economy.
Every $1 million invested by REI New Markets Investment, LLC results in 20 additional jobs with an average annual salary of $28,499.
(Economic Impact Group, Edmond, OK, July 2006)
Rural areas stand to gain $509 million in NMTC investments. REI New Markets Investment, LLC is one of five CDEs that will allocate the greatest amount of credits to rural communities. REI's LLC focuses on one state while the other four conduct multi-state or national programs.
(Robert Rapoza, President, Rapoza Associates Community Investments Online)
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| Ahrberg Milling CompanyExpansion is not new to the Ahrberg Milling Company in Cushing. It has had several expansions since its beginning in 1967. The most recent $1.1 million expansion includes the construction of a new facility and the purchase of additional equipment. To facilitate the expansion, Ahrberg Milling utilized the New Markets Tax Credit (NMTC) and Oklahoma state tax credit programs. Ahrberg Milling manufactures all types of feed for beef, dairy, swine, poultry and horses, distributing its products within a 150-mile radius. Currently, Ahrberg Milling employs 27 but with the expansion additional jobs will be created. | | Cytovance Biologics, Inc.The New Markets Tax Credit Program played a major role in the location of a $16.8 million biopharmaceutical plant in Oklahoma City. Cytovance produces protein-based therapeutics and antibodies for biotechnology researchers and laboratories. | | Cochran ChemicalA 40-year old Wewoka business needed to construct a new facility. To retain the business and the jobs in the community, Security Bank of Wewoka pursued an investment through REI New Markets Investment, LLC for the construction of the new plant. Cochran Chemical manufactures and sells chemicals used in the oil industry. | | EagleMed EagleMed utilized the NMTC program to purchase a helicopter for its new operation in Hugo, Oklahoma. EagleMed, a division of Ballard Aviation, Inc., has been in the air transport business since 1976. As the company's reputation grew, they received requests from hospitals for air ambulance transfers and in 1982, they expanded their operation to meet that need. Currently, EagleMed services are available in Kansas, Oklahoma, Missouri and Arkansas. The company performs an average of 500 emergency air transports per month. | | First Wave AviationFirst Wave is a Tulsa-based aerospace company located in Bristow, OK. By harnessing the NMTC, Bristow Aviation Investment, LLC, a for-profit subsidiary of Spirit Bank, was able to make a $14.6 million investment in the REI New markets Investment, LLC which in turn made a loan to First Wave. Of that amount, $5.1 million went to the construction of a 220,000 sq. ft. aircraft repair facility. The remaining $1.5 million went for the purchase of equipment and $8 million was directed to inventory. This project helped the community of Bristow to recover some of the 1,200 lost jobs with the closing of a Black & Decker door lock manufacturing facility. | | Charles Komar & Sons, Inc.$5.6 million was secured for the expansion of the Charles Komar & Sons, Inc., Manufacturing and Distribution Center in McAlester, OK. The manufacturer of womens sleepwear distributes its products to all major department and specialty stores and mass merchandisers in the U.S. and Canada. The project will add 100,000 sq. ft. to the existing 150,000 sq. ft. center and approximately 70 new jobs will be created over a three-year period. | | Owasso Medical FacilityOwasso is one of Oklahoma's fastest growing cities and a new hospital was built there to meet the health care needs of its citizens. The $55.3 million project included Oklahoma State Tax Credits, administered through REI New Markets Investment, LLC. Situated on a 67-acre site, the hospital features comprehensive services including outpatient surgical and diagnostic services, an emergency center, birthing center, medial office space and all of the other services offered by St. John Health System, the managing agency for the new 60-bed hospital. | | Skirvin Hilton HotelThe New Markets Tax Credit Program played a role in the long and complex road to the closing table of this $51.3 million project. The historic hotel opened in 1911 and was considered one of the finest in the southwest. It is currently under renovation and will open as a Hilton in 2007. The project will affect 184 jobs in the Oklahoma City area. | | Tulsa Bone & Joint AssociatesThe NMTC program was a key incentive in bringing a $9.8 million project to a Tulsa low-income community. Arvest Bank saw an opportunity to bring needed orthopedic services to the community and utilized the NMTC program to make it happen. The project will provide 81 employment opportunities. | | Linen KingThe $4.2 million expansion of Linen King, a commercial linen service will result in the initial creation of 50 jobs targeted to employ disabled workers. Ultimately, 125 jobs will be created. The Midwest City project is an expansion of Linen King's Sand Springs, OK operation. |
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