Sen. Kristen Thompson Files Bill Creating New Entity to Revamp State’s Economic Development and Business Retention Model

OKLAHOMA CITY – Senator Kristen Thompson, R–Edmond, has filed legislation that will create the Oklahoma Office of Economic Development, Growth and Expansion (OkEDGE) that aims to revolutionize and transform economic development and business retention in Oklahoma. 

OkEDGE will function and exist as a new state agency. Sen. Thompson’s vision is to create a modernized approach to business growth and development. The new agency will absorb current employees from the Oklahoma Department of Commerce, while installing a new leadership model.  

The new agency will be governed by a nine-member board of directors. The Governor, Senate Pro Tem and House Speaker will each have appointees to the board. The board will hire a CEO to oversee the operation of the agency.  

To facilitate this monumental initiative, Thompson’s bill proposes a one-time investment of $698 million. Projections indicate an 8% return on investment, translating to an annual allocation of $55.84 million specifically designated for economic development, business retention and expansion efforts in Oklahoma.

Sen. Thompson said the idea for OkEDGE was born from conversations with public and private economic developers, her experience as an entrepreneur, and her leadership role on the Senate Select Committee on Economic Development and Business Retention.

“As a businessperson and as a policy maker, it is clear to me that our current model is antiquated and change is needed,” Thompson said. “Recently, we have lost out on several large projects, and have seen major employers leaving the state. Other states are beating us, and it’s hurting Oklahoma communities both large and small. Through months of conversations with public and private partners in the economic development and business retention space, it has become apparent to me it is unclear who truly oversees recruiting new businesses, closing deals or ensures current employers’ needs are being met. The vision for OkEDGE is to completely change the way Oklahoma does business.”   

OkEDGE will serve as the lead negotiation arm for Oklahoma, actively seeking to attract new businesses while ensuring the satisfaction and retention of current employers. Sen. Thompson envisions a comprehensive agency that dedicates its resources and personnel entirely to securing deals, fostering expansion, and building a business-friendly environment in the state.

The legislation also introduces a non-voting advisory committee and regular engagements with the newly formed Legislative Economic Evaluation Committee to ensure transparency and collaboration in the decision-making process.

To read Senate Bill 1447, click here. 

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For more information, contact:  Sen. Thompson: (405) 521-5592 or Kristen.Thompson@oksenate.gov