Here's our latest Spotlight on Economic Development!
WARREN THEATRE OPENING IN AUGUST
BELOW: The marquee of the new Midwest City Warren Theatre is seen brightly lit in the night sky as crews test exterior lighting systems. We anticipate an opening sometime around August 14th.
BELOW: Construction on Andy's Altitude 1291 is progressing towards a fabulous opening this fall! Andy's is located near SE 15th Street and Crosby Boulevard just north of the Rose State College campus.
SOLDIER CREEK INDUSTRIAL PARK INCLUDED IN FEDERAL OPPORTUNITY ZONE
The Federal Tax Cuts and Jobs Act was signed into law in late 2017, which contained a provision to create Opportunity Zones in each state. Federal Opportunity Zones are a new community development program intended to spur investment in impoverished and economically distressed areas. Oklahoma was one of the first 15 states to designate Opportunity Zones. There were a total of 117 Oklahoma census tracts approved for this designation including the one that encompasses the Soldier Creek Industrial Park ("SCIP").
This federal incentive benefits investors who choose to invest in the Opportunity Zone, via a qualifying Opportunity Fund. By doing so they may significantly defer and/or reduce their federal capital gains tax liabilities. If an investor’s capital is left in a qualifying fund for 5 years, the investor will defer their federal capital gains taxes. In the fifth year they investor can reduce their capital gains tax. There is an additional reduction in year 7. If they leave the money in the fund for a decade, then any appreciation in the asset from the time they invest through year 10 is not subject to any additional capital gains tax. This deferral and/or reduction on federal capital gains taxes will improve return on investment and also direct capital to areas that need investment.
Participating in the Opportunity Zone program does not preclude investors and developers from taking advantage of other incentives available in SCIP. It is important to remember that SCIP is located in a U.S. SBA Hub Zone, it is in an area where new market tax credits may be available, and it may be possible to utilize a Tax Increment Finance district to offset some development costs. This is in addition to other potential incentives offered by the City of Midwest City and the Oklahoma Department of Commerce.
Midwest City is located on the eastern edge of the Oklahoma City metro and directly across the street from Tinker Air Force Base, Oklahoma's largest single-site employer. About one in five of our residents work in a technical trade or administrative position and an equal number are involved in construction or manufacturing. These factors have contributed to a business climate that has remained stable in most sectors despite the peaks and valleys sometimes seen in regional and national trends.
Our close proximity to Tinker AFB creates a unique, recession resistant economy attracting shoppers from well beyond our boundaries. In fact, the latest U.S. Census QuickFacts statistics finds Midwest City with one of the Oklahoma City Metro's highest total of retail sales per capita:
Midwest City's Interstate 40 frontage is home to Town Center Plaza, the largest shopping center in eastern Oklahoma County. The Uptown Shopping Center on SE 15th Street and the Town & Country Shopping Center on N Air Depot Boulevard also benefit greatly from Tinker's payroll.
But Midwest City is not just about Tinker Air Force Base. Alliance Midwest Hospital and Century Martial Arts Supply are two of the city's largest employers. We are home to exciting, up and coming small businesses like the Roughtail Brewery, Crossfit Complete Fitness, The Underground Coffee and Wholly Guacamole! Mexican Restaurant.
Education and training is paramount in this community and the Mid-Del Public Schools have a long history of success in academics. Its 14,500 students can look forward to a bright future that may also be debt free! Rose State College and the Mid-Del Technology Center offer certificate and degree programs in a variety of career choices with complimentary tuition for most Mid-Del graduates.
Employment opportunities are abounding in and around Midwest City, which makes it the perfect place for a young family. Tinker AFB is currently recruiting qualified workers for hundreds of technical and trade positions. The City of Midwest City is busy putting the finishing touches on the first phase of a 160-acre industrial park that offers great opportunities for new industry. In addition, jobs postings can always be found in the restaurant, retail and healthcare industries.
Come witness the energy of our economy first-hand and let your spirit soar in Midwest City!
Information for starting or expanding your business in Midwest City is located here.
Basic information about our residents and workforce.
Help for finding just the right place to start or expand your business!
Information concerning local, state and federal incentives.
General guidelines for starting a building project.
Simple checklists that may make launching a business much easier.
An overview of some of the businesses licensing and taxation.
Resources for putting together your first business plan.
Government bodies overseeing economic development.
Ways and means to get the capital necessary to get going.
Resources to help find and train the right employees.
Links for economic development and business development research.