WP Global, LLC (WPG)

PROJECT PURPOSE

This project is part of a planned development known as the Global Transportation and Industrial Park of Oklahoma (GTIP), at the Ardmore Industrial Airpark, that is a Public?Private Partnership between the Ardmore Development Authority (ADA), WP Global (WPG), a joint venture between WATCO, an international transportation and logistics company, and Cowboy Holdco, an investment company. It is a project of regional significance; completed economic impact studies have shown that development of the Ardmore Industrial Airpark into a multi-modal (air, truck, & rail) global transportation hub will create thousands of direct and indirect jobs across Oklahoma. The overall objective of the project is to build new freight rail and transload infrastructure at the Airpark in order that it may take advantage of rapid economic growth along the I?35 corridor between the North Texas ?megaregion? and Oklahoma City. WPG shows high demand for manufacturing, warehousing, and transload capabilities at the Airpark. The proposed new rail infrastructure will encourage new investments to be made in logistics, warehousing, temperature-controlled facilities, manufacturing, and distribution facilities to serve the mega-regional economy.

EVIDENCE

None

POPULATION DESCRIPTION

This investment will primarily affect rural areas of a thirteen-county definable region of benefit that comprises The Chickasaw Nation sovereign territory, about 300,000 people, directly, and the entire State of Oklahoma, indirectly. This project is a major opportunity for creation of social equity and economic growth in an historically disadvantaged and diverse region of the United States via improvements to existing, underutilized transportation infrastructure. Ten percent of the population in the region of benefit live in an Opportunity Zone, have a poverty rate of 14.3%, which is well below the national average of 10.5%. According to Stats America, Carter County (where the project is located) alone has a PCPI of $43,578, which is more than $13,000 less than the national average. In January of 2021, Carter County ranked #1 in COVID cases per capita in Oklahoma and #7 in the United States. The counties in the surrounding region of benefit collectively fare far worse than Carter. COVID-19 had a disproportionate impact on American Indians; the infection rate for COVID-19 in Oklahoma was over 65% for American Indians compared to whites, and the death rate was 33% higher.

PERFORMANCE MEASURING

WPG?S partners have a stellar track record of managing and reporting uses of federal awards with the DOT, FRA, FAA, EDA, EPA, and other federal agencies. It has accounting and systems already in place to collect data using a generally accepted methodology that will remain consistent throughout the required reporting period. WPG will be able to show how the replacement funds are used via its existing budget processes in accordance with the SLFRF approved Expenditure Categories, not to be used directly for pension deposits or debt service.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma