Oklahoma City, Oklahoma 73105
For Immediate Release: April 5, 2011
Sen. Mike Mazzei
‘Quick Action Closing Fund’ bill heads to full Senate"
The Senate Finance Committee has given approval to legislation
designed to help Oklahoma better compete for major economic development
projects and the jobs that go with them. House Bill 1953, by Sen.
and Rep. Skye McNiel, has been a top priority this session for Gov.
“Oklahoma has a great package of economic development incentives,
but we’re lacking a very important item,” said Mazzei,
R-Tulsa. “About 30 other states have a special closing fund
to attract high impact projects by providing resources for infrastructure
and capital needs. If we want to remain competitive, we need this
same tool in our toolbox.”
Under HB 1953, the Department of Commerce will administer the fund.
The program will include a “claw back” provision so
that the state will be reimbursed if the project does not generate
projected results. Although no public funds will be appropriated
this session, the bill does contain a five-year sunset provision
that will take effect beginning the fiscal year after the program
is funded. The measure also requires disclosure of all payments
from the fund on the Department of Commerce website.
Mazzei, who chairs the Senate Finance Committee, said in the short
time Arkansas has had a Quick Action Closing Fund, the program has
been credited with creating 3,000 new jobs and $100 million in capital
investment. The Texas Enterprise Fund has generated more than 56,000
new jobs and $14.7 billion in capital investment.
“In the last few years there have been several companies that
have given serious consideration to locating in Oklahoma, but ultimately
picked states that had economic incentives like this proposed closing
fund,” Mazzei said. “House Bill 1953 puts the structure
for a closing fund in place, so that when we do have additional
resources to invest, we can put that money to work generating jobs
and investments in Oklahoma.”
HB 1953 now moves to the full Senate for further consideration.
For more information contact:
Sen. Mazzei: (405) 521-5675