Ponca City
Development Authority
102 S. Fifth, Suite 3
Ponca City, OK 74601
580-765-7070
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| FTS INSPECTION AND PCDA
REACH AGREEMENT TO KEEP THE
COMPANY IN PONCA CITY
Contact: David Myers, PCDA
580-765-7070
June 8, 2006: The Ponca City Development Authority, (PCDA) and FTS Inspection and Engineering, Inc. reached an agreement this morning to keep the company in Ponca City. The agreement between the company and PCDA will include rent subsidies and office improvements valued at approximately $35,000.
The ten year old firm, specializing in providing inspection services to refineries and other similar businesses, will be based in the Bank of the West Building on Central Avenue. PCDA will build out the offices to the company's specifications and provide a rental subsidy of $1.00 per square foot, per year. In return, the company will agree to employ at least ten people in Ponca City, although the company and PCDA believe the employment level here will be much higher.
FTS had been located on the ConocoPhillips campus in Ponca City, providing inspection and engineering services to the ConocoPhillips refinery as well as other businesses outside of Ponca City. The company's management and most of its personnel, had been located in Bartlesville. Changes for the company became inevitable when their contract with the Ponca City refinery was reportedly not renewed. A California company, Pacific Technical Services, was awarded that contract and is now moving employees into Ponca City.
FTS began looking for a building in Ponca City in which to keep some of their local personnel and field staff. After an extensive search, no appropriate facility was found and the company and PCDA began discussing other options to keep local employees in Ponca City.
According to PCDA Executive Director David Myers, the employees of FTS represent a very desirable worker base that is important to retain in Ponca City. "FTS employs highly educated, knowledge workers who contribute to our local economy and our community in many ways. I truly wish that there had been a building available here that could have met their needs. I'm very pleased, however, that we will be able to at least keep a strong contingent of employees here in Ponca City."
The company and PCDA reached agreement on an "Agreement in Aid for Economic Development," and a sublease for space in the Bank of the West building. PCDA has an existing master lease on the second floor of that building which allowed the organization to quickly reach an agreement to bring the company there.
Both agreements were unanimously approved by the PCDA Board of Trustees this morning.
Posted June 30, 2006
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