The Durant Industrial Authority approved a zero-interest, $520,000 loan to PharmcareOK on Tuesday. The loan paves the way for the pharmaceutical company to create 52 new jobs at an existing facility near Durant Regional Airport.
“They are currently rehabilitating and industrial building at the airport,” said Tommy Kramer, executive director of Team Durant. “Their investment will be close to $1 million. It’s raising the bar on job creation and supporting an existing business.”
PharmcareOK packages pharmaceuticals for commercial customers, such as nursing homes. They will be located in a refurbished structure on Waldron Drive formerly occupied by Texoma Sash & Door.
The new jobs will be created within five years, according to the loan agreement. The loan period is 10 years, with the first payment due in January 2013. In the event PhramcareOK does not meet the job creation criteria, a base 5.5 percent interest rate would then apply to the loan.
Another loan recipient, Texoma Manufacturing, is growing by leaps and bounds, according to Kramer.
“They are reporting 97 new jobs in their second quarter of operation,” he said. “They have added onto their building twice, and they are getting ready to make a third addition.”
The Democrat also asked Kramer about the Durant Cinema 8 movie theater project, which he said was still in the planning and design stage and at least a year away from construction. He said it is “more of a 2013 or 2014 project.”
The Durant Economic Development Council also met Tuesday, receiving a technology update from AT&T Oklahoma President Bryan Gunterman. Also received were reports on the 10-year sales tax, as well as the Durant Industrial Authority annual report outlining the city’s growth in population and per capita income.