Economic Development

Allisons Midwest City

ANDY'S ALTITUDE 1291 READY FOR TAKEOFF 

The groundbreaking for Andy's Altitude 1291 was held on February 21st. We welcome the Allison family as they move forward in building the venue that will soon become eastern Oklahoma County's favorite place to celebrate!

Andy's will feature a variety of activities including bowling, bumper cars, laser tag, midway-style arcade games, a full-service restaurant and bar, a virtual reality simulator, and more. Your entire family will enjoy Andy's Altitude 1291!

WARREN THEATRE SET FOR MAY OPENING

BELOW:  The new Warren Theatre, 5905 SE 15th ST is well underway with an opening projected for late May 2019. 

GROUND BREAKING-DAY
ABOVE: The new Midwest City Warren Theatre and the draft site plan for 2nd and 3rd phases of the Sooner Rose Shopping & Entertainment Center are shown above. Interested in buying or leasing space in Sooner Rose?  Please contact Sooner Investment at (405) 602-6400.

Here's our latest Spotlight on Economic Development!

Sooner Rose II and III Site Plan

SOLDIER CREEK INDUSTRIAL PARK INCLUDED IN NEW 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.

Click HERE for the latest U.S. Treasury/IRS information on Opportunity Zone regulations.

    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:

Average Annual 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!