Ponca City Development Authority 102 S. Fifth, Suite 3 Ponca City, OK 74601 580-765-7070

SEISMIC SOURCE TO EXPAND IN PONCA CITY       Ponca City based Seismic Source and the Ponca City Development Authority (PCDA) announced plans today for the company to expand by acquiring land in the Ponca City Airport Industrial Park and constructing a facility which is expected to ultimately employ 30 people.       The company currently operates out of the Business Incubator at Pioneer Technology Center. The seven people currently employed by the company make, test and distribute vibration equipment used in the exploration of oil and natural gas throughout the world. The company's customers include customers in the United States and Asia.       Under the agreement, PCDA will provide land to the company for the construction of a new facility in the Airport Industrial Park. The company, which will pay the construction costs, will receive credits for the number of jobs they create at the site. Those credits will be used to purchase the land over a seven year period. The agreement also includes a provision for the company to accelerate credits with additional employment, a penalty if they do not meet employment numbers, and the option to buy the property from PCDA outright at appraised value.       According to PCDA, the agreement also provides for a unique method of determining whether the company reached their yearly job requirements. "This company employs people in a different manner than the mass production model that most economic development agreements are based upon," said David Myers, PCDA Executive Director. "We needed to construct an agreement that recognizes that many companies are adding people in a different manner than before. Employees want and demand more flexibility, work flows require different resources and the employee/employer relationship is changing in many industries. We know that this is an emerging model, not an anomaly." According to Myers, the agreement is based on total payroll with stipulations guaranteeing a minimum number of jobs through employment and outsourcing in Ponca City, rather than the standard wage rates and employment numbers used in traditional economic development agreements.       The PCDA Board of Trustees approved the agreement unanimously today, after spending four months in negotiations with the company. PCDA Board Chair Darrell Stolhand said, "We're very excited that we were able to come to an agreement and not only keep Seismic Source in Ponca City but help them grow. They're been great to work with and we look forward to helping them be successful now and in the future."       The agreement provides the company with 3.94 acres of land owned by PCDA at the Southeast corner of Sykes Boulevard and Hall Boulevard in the Airport Industrial Park. Construction is expected to start this fall. Contact: David Myers, 580-765-7070 Ponca City Development Authority John Giles 580-762-8233 Seismic Source Posted 9/21/2005 Chamber of Commerce | Relocating | Education © www.goponca.com - Ponca City Development Authority - Ponca City, Oklahoma