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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 growing from about $2,500,000 to nearly $30,000,000 over the forecast period. The trust voted to pass the item following a brief presentation by company leadership.
Vince Bobbins, chief operating officer of ARL Biopharma, told trustees the company is headquartered in the OU Research Park and now employs more than 450 people. Bobbins said ARL provides laboratory services to the pharmaceutical industry, that roughly 95% of its revenue comes from clients outside Oklahoma, and that the company plans to expand into bioanalytical testing and protein characterization (biologics) to broaden services and revenue streams.
Trust staff said the seven-year performance window in the memo is their standard period; they added that ARL expects to hit the targets in a shorter timeframe (staff stated they expect achievement in five years). Trustees asked a small number of clarifying questions, and the trust took a motion and approved the resolution.
The trust’s action was an allocation authorized by a joint resolution; trustees did not specify amendments to the performance conditions beyond the standard seven-year measurement period noted in the staff report. The vote passed as recorded by the chair.
ARL Biopharma said the new positions will include laboratory scientists (chemistry, microbiology), and support roles such as information-technology, purchasing and accounting staff. The company also described its employee benefits, including medical, dental and vision coverage and paid family leave.
