OKLAHOMA CITY (AP) — Republican Gov. Kevin Stitt plans to award electric vehicle maker Canoo a state-record $15 million to support the company’s planned investment of more than $560 million in new facilities in Oklahoma, reports said the Tulsa World.
The newspaper reviewed Oklahoma Department of Commerce contracts that show state money from the governor’s Quick Action Closing Fund will support Canoo’s pledge of 1,500 jobs at a factory in Pryor, Oklahoma, and 700 jobs at two Oklahoma facilities City and Tulsa to create.
Canoo also announced during an earnings call Monday that Oklahoma has reached an agreement to purchase 1,000 vehicles from the company, the newspaper reported.
The closure fund, created in 2011, is intended to be available to the governor as a source of funding to attract successful businesses. The $15 million commitment is five times the previous record of $3 million distributed twice, once in 2013 to General Electric for a research center and again in 2015 to Commercial Metals Co. for a mill in durant
Final fund agreements for the Pryor facility ($10 million) and the Tulsa and Oklahoma centers ($5 million) contain various payment terms focused on the company’s construction and employment progress and capital expenditures.
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