(August 4, 2009) - Orthocare Innovations will receive $415,000 in economic development funding from the City of Oklahoma City.
The funding comes from the economic development portion of the 2007 City Bond Election, which allows Oklahoma City to provide performance-based economic incentives for companies that relocate or expand in Oklahoma City.
The City’s incentive package was based on Orthocare Innovations’ plans to add approximately 83 new jobs in Oklahoma City over the next five years and invest a minimum of $1 million. The average first year wage is expected to be over $53,000.
Economic incentives can be used to help purchase land, make improvements to a site, build facilities or acquire equipment.
“The combination of the bioscience park, existing expertise and the local incentives made Oklahoma City the best choice for our expansion,” said Orthocare Innovations CEO Doug McCormack. “We are proud to locate our global manufacturing headquarters here.”
Orthocare Innovations manufactures high-tech prosthetics and orthotic devices that adjust biomechanically to changes in a patient’s physiology.
“Our ability to attract quality businesses like Orthocare Innovations to Oklahoma City is essential to our growth and success,” Assistant City Manager Cathy O’Connor said. “We are constantly competing with cities across the country for jobs, and incentives for economic development gives us a significant advantage. We expect a return on our investment in three to five years.”
The Oklahoma City Economic Development Trust provides oversight for economic incentives. Trust members include Councilman Patrick Ryan, David Lopez, Councilman Larry McAtee, Bond Payne and Rhonda Hooper. Meetings take place on the first and third Tuesday of each month and are open to the public. Meeting agendas are posted at www.okc.gov.