OKLAHOMA CITY (AP) - Oklahoma City officials approved $23.5 million in bonds this week to go toward the development of a hangar complex near Tinker Air Force Base.
City Council members approved the general obligation limited tax bonds Tuesday, The Journal Record reported (https://bit.ly/1nLx4Wg ). The planned location is north of Interstate 240 at Air Depot Boulevard. The 156-acre property is owned by BNSF Railway.
Issuing the bond debt is contingent on the land’s acquisition by the U.S. Air Force with the help of Oklahoma County and city officials.
Roy Williams, Greater Oklahoma City Chamber president and CEO, said work on the hangar complex project has been in development for several years.
He said construction on a 14-hangar facility is expected to begin next year and finish in 2018. Once the hangar complex is fully built, about 1,300 people will be employed with an average annual salary of $62,000.
Jobs will be added as demand for service at the hangar complex grows.
City officials said the total estimated economic impact to the area should be more than $292 million over the first five years and nearly $924 million over 10 years. Estimated revenue from local sales and property tax from the new jobs is expected to be $1.4 million over the first five years and $4.4 million over 10 years.
The funding package for the property’s purchase includes $8 million from the Air Force with $12.5 million approved by Oklahoma County.
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Information from: The Journal Record, https://www.journalrecord.com
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