STRATEGIC INVESTMENT PROGRAM
GE Global Research
The GE Global Research Oil & Gas Technology Center, designed to advance technology in these industries, selected Oklahoma City over several other large cities in the region heavily involved in the oil and gas industry. A large factor in the selection was an economic incentive package that included SIP.
When the company opened its doors in 2016, it had already invested more than $100 million in the building, equipment and startup costs. Long-term it is estimated to generate $13 million annually in economic impact.
The Strategic Investment Program is a job-creation incentive program to help recruit jobs and employers. The program helps bring high-quality, high-paying jobs to Oklahoma City, while keeping companies accountable for their performance.
Companies must locate in Oklahoma City
Create at least 50 full-time jobs with a new total payroll of at least $1.75 million annually.
Average wages for the jobs must meet or exceed the average wage of the Oklahoma City Metropolitan Statistical Area.
Firms locating or expanding within an enterprise zone will be given consideration if they pay within 20% of the MSA wages.
Employers must also pay at least half the cost of employee health care benefits.
The application process is initiated through the Greater Oklahoma City Chamber of Commerce.
Funds are allocated on a pay-for-performance basis and are not released until companies prove they have fulfilled job creation requirements.