In 1998, the citizens of Ada passed Proposition 2, a quarter-cent sales tax to fund economic development projects. In 2002 and 2007, Proposition 2 was renewed by an overwhelming majority.
Proposition 2 funding was instrumental in retaining Pre-Paid Legal Serviceís corporate headquarters in Ada. Proposition 2 funding has also been used to recruit the Council on Law Enforcement Education and Training, Globe Manufacturing OK LLC, and many other companies.
Incentives are customized for each client, and can include cash inducements. A financial analysis assesses the impact of the project, and the City Council has approval authority. A letter of agreement with the City of Ada is required.
Contact us at 580-235-0070 for information. Incentives are ever evolving based on local, state, and federal decisions. The Ada Jobs Foundation Incentives Guide can be found here. The Oklahoma Department also publishes a more detailed statewide incentives guide, found here.
By locating your business in Ada, Oklahoma, you will have access to numerous incentives besides Proposition 2. Possible incentives include the following:
- Oklahoma Quality Jobs Program - program provides quarterly cash payments to a qualifying company of a percentage, not to exceed 5%, of newly created gross taxable payroll that equals at least 10%. Under the Oklahoma Quality Jobs Program, special provisions are made for certain small employers in rural counties or other specially designated locations.
- Small Employer Quality Jobs Program - Oklahoma Quality Jobs Program with special provisions made for qualifying small employers.
- Oklahoma Enterprise Zone - Portions of Ada and Pontotoc County are part an Oklahoma Enterprise Zone. Additional incentives may be available to firms locating within an Enterprise Zone. Enterprise Zones include certain designated counties, cities, or portions thereof and are based on the relative economic health of the area and other factors.
- Enterprise Community - Much of Ada resides in qualified census tracts covered by the Tri-County/Indian Nations Community Development Corporation, a "Round 2" Federal Enterprise Community ("EZ/EC"). This designation creates additional possible incentives, including workforce tax credits, facility construction financial dollars, and grant development opportunities not otherwise available.
- Ada Quality Jobs Program (Prop 2 Incentives) - In March, 1998, Ada voters approved a 1/4 cent sales tax for economic development projects and incentives, this sales tax has been reapproved through 2013. This raises roughly $3.2 million in five years. Incentives are customized for each client, and can include cash inducements. A financial analysis assesses the impact of the project, and the City Council has approval authority. A letter of agreement with the City of Ada is required. Please contact us at 580 235-0070 to complete the Ada Quality Jobs Program application if you are interested in obtaining an incentive assessment.
- New Market Tax Credit Program - This federal program is run through the Treasury Department's Community Development Financial Institutions Fund. Several Oklahoma investment groups have allocations. This program offers investors an attractive tax benefit through a 39% federal tax credit for investments over seven years.
- Oklahoma Tax Credit Program - Available through qualified capital companies in Oklahoma and can work in conjuction with the New Market Tax Credit Program. This program offers at 30% tax credit for investment in a business located in a rural area.
- Oklahoma Opportunity Zone - offers specific benefits for companies locating in Census Tract 5002 in Ada, Oklahoma. Businesses may qualify for a 5% net benefit rate and average wage requirements for the Oklahoma Quality Jobs Program may be waived.
- Training Programs - Customized training programs are provided to qualifying companies at no cost.