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Trust approves up to $600,000 for ARL Biopharma contingent on 433 new jobs
Summary
The Oklahoma City Economic Development Trust approved a joint resolution with the City to allocate up to $600,000 to ARL Biopharma tied to the creation of 433 jobs and defined wage and payroll milestones.
The Oklahoma City Economic Development Trust on Sept. 23 approved a joint resolution with the City of Oklahoma City to allocate up to $600,000 in investment proceeds for ARL Biopharma, contingent on job creation and payroll targets.
Trust staff described the incentive as contingent on the creation of 433 jobs over a standard seven-year performance period. Staff noted the application projects an average annual wage of $67,009.20 in year one, rising to $76,444 by year five, with payroll…
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