OKLAHOMA CITY (AP) - A state board today took $20 million from the newly created "Opportunity Fund" as part of the financial incentives that brought a Chinese company to Oklahoma to build an automobile assembly plant.
Nanjing Automobile Corporation recently announced plans for an
MG assembly plant in Ardmore with a headquarters in Oklahoma City
and a research and development project in Norman.
The "Opportunity Fund" was created by the Legislature this year at the urging of Governor Henry and is controlled by the Contingency Review Board. The board consists of Henry, House Speaker Todd Hiett and Senate President Pro Tem Mike Morgan.
The $20 million taken out Friday will be used to provide a $5 million loan to Nanjing that will be repaid with interest. $15 million will be used
to extend a runway at Ardmore Municipal Airport.
Nanjing says the MG project will create 575 new jobs in Oklahoma at an average salary of more than $57,000 a year.