Oklahoma officials neglected to require "due diligence" and "economic
feasibility", for state funded economic development incentives.
As any reasonable person would expected, this resulted in failed or failing ventures. No jobs, no economic
boost, only providing a tax shelter for the wealthy.
"Economic feasibility" evaluations
are the investors' tool to better evaluate a ventures potential for
success, if the market could support the business,
are there too many competitors, etc?
"Due diligence" includes "economic feasibility" while going further
evaluating management capabilities, financial history, criminal background, etc.
Oklahoma officials simply ignored these fundamental and responsible steps, in effect pre-approving all ventures.
Note: failed or failing ventures - The known ventures that have became public through
non-official channels. State officials refuse to release information on where these tax dollars.
It is estimated there are 50 plus.
| Venture |
Amount given |
Promised jobs actually created |
Successful accomplishments |
Current status |
| Great Plains |
$27 million |
Small portion |
ZERO |
|
| Quartz Mountain Aerospace |
$66 million |
Less than one-third |
ZERO |
Money gone! Laying off the few.
Closing imminent. |
| Rocketplane |
$18 million |
Small portion mostly out of state |
ZERO |
Money gone! Laying off the few.
Closing imminent. |
|