Quote Originally Posted by Pete View Post
Just to clarify, the City has something called the Strategic Initiative Plan funded by the General Obligation Bond (GOLT) program.

As a part of this, the OKC Economic Development Trust (headed by Cathy O'Connor) offers incentives for new job creation, for new companies moving to OKC (like Boeing) and more controversially to existing OKC companies like Chesapeake. Ultimately these incentives are approved by the City Council but as far as I can determine, 100% have received authorization.


In 2011 and under Aubrey McClendon, CHK originally applied for $3.5 million from the program, with a starting baseline of 3,984 current jobs. As jobs were added, the funds were to be dispensed each year that the targets were met.

By 2014 the City had paid CHK $1.925 million; then the layoffs started so that was all they received. McClendon had been forced out by April of 2013.


As of this year's Chamber of Commerce list, it shows Chesapeake with 2,500 Oklahoma City-based employees. After today's layoff with an announced 330 OKC-based employees that number would now be 2,170. (At it's apex, CHK employed over 6,000 people in OKC.)

The incentive deal was inked with the idea that Chesapeake would create jobs over and above the 3,984 they had at the start of their application. Now that they are down to about half of that, the $1.925 million paid to them will not be returned to the City.
Considering that CHK is 9b in debt its not surprising lol