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Bartlesville Development Authority President David Wood will give a formal presentation to the City Council on Monday, Nov. 5. The presentation regards the $550,000 in incentives and three acres of land the BDA recommends to transfer to Phillips Precision Machining to plan a new manufacturing plant in the Bartlesville Industrial Park.

The incentive would allow $350,000 in equity to go towards a building that PPM would pay back to the BDA over 10 yeas. Wood says the $350,000 equity was required to get the project financed. $200,000 forgivable loan is included in the incentive.

Wood says they will recommend that the funds for the Phillips Precision Machining Project should come from the economic development 1/4-cent sales tax. Over the next ten years, Wood says, the wages from the PPM employees will return more than $200,000 to the city’s treasury through sales tax collection from their household purchases.

In January, Siemens Corporation announced it would close its Bartlesville plant. PPM would maintain a portion of Siemens manufacturing supplies and would employ 16 to 20 workers who previously worked at Siemens. Wood says PPM will hopefully grow beyond its initial employment.

Wood says PPM will repay the $350,000 loan with ongoing business revenue. He says that the facility will pay between $15,000 to $20,000 a year in property taxes too, which will benefit Bartlesville schools.

If approved by the Bartlesville City Council, the new manufacturing plant would be expected to be completed by September.