- Officials amend redevelopment agreement with Westwin Elements, Inc.
Officials amend redevelopment agreement with Westwin Elements, Inc.
August 16, 2023
Caitlin Gatlin | Communications & Marketing Manager
The City of Lawton, the Lawton Economic Development Authority (LEDA), and the Comanche County Industrial Development Authority (CCIDA) has amended a previous redevelopment agreement with Westwin Elements, Inc.
Under the new terms, Westwin will lease 40 acres in the West Side Industrial Park from CCIDA through LEDA to build the pilot facility that will establish capabilities to refine cobalt ore, nickel ore, and other critical elements.
Construction is to start no later than October 2023 and the goal is to complete construction by late spring 2024.
For the pilot facility, Westwin will employ 85 full time employees total; 40 employees in 2024 and an additional 45 by 2026, with an average annual salary of no less than $100,000 plus benefits.
The City of Lawton, LEDA, and CCIDA will provide upfront assistance in form of a loan to build the pilot facility in the amount of $3 million, that will be forgiven when Westwin satisfies the aforementioned benchmarks. The pilot facility is being built to satisfy a feasibility study and Westwin’s stakeholders.
Once the feasibility study on the pilot facility is deemed successful, Westwin can transition to building the commercial facility originally agreed upon with LEDA, CCIDA, and the City of Lawton.
The commercial facility will prompt further benchmarks from the original agreement, to include a minimum of $732.5 million of capital investment, along with 735 full time employees with an average salary of no less than $100,000 plus benefits. Westwin will also issue 30 shares of unrestricted common stock to LEDC, with a current value of $400,000 at the time of commercial construction.
The plan is for commercial construction to begin no later than 2027 and will occupy the remaining 440 acres, owned by CCIDA, in the West Side Industrial Park.