A long-awaited $1.5 million loan to Gabriel Ride Control – from the city’s economic development fund – has been finalized, city officials announced Monday.

The city also is preparing to welcome a new firm to Chickasha that expects to create 100 new jobs locally.

Gabriel borrowed the funds for roof repair on the Chickasha facility. This secured loan will carry an annual 4.5% interest rate and will be paid back over seven years.

The money for the loan is coming from the economic development fund that Chickasha voters approved five years ago. “This is great news for Chickasha, said Mayor Hank Ross. “This allows Gabriel to continue to make investment in their facility while creating additional jobs and capital investment in Chickasha. They have rapidly increased their employment over the last couple of years to a current total employment of more than 350 jobs”

City officials also announced that it has taken official action concerning a potential new employer in town. The Council in Monday night’s meeting has authorized the Mayor and City Officials to finalize the details in completing this transaction. The unnamed company will be relocating from outside Oklahoma to Chickasha, initially creating 100 jobs. The package put forward by the City included $1 million dollars of incentives for job creation.

“Chickasha should be proud that after a multistate search that our community has been selected,” Ross said. “Our Economic Development Counsel has been working on this project for more than a year and, with the Council action tonight, it appears this deal should be finalized.”

Much more work is needed to revitalize Chickasha in this challenging economy, said Max McKnight, president of the Chickasha Area Economic Development Council, “but these announcements are the right step forward. We have shown that our jobs program can complete with other communities.”