Bristow, OK (2004)

First Wave


An airplane parts manufacturing helps community that lost 1,200 jobs with the closing of a Black & Decker manufacturing facility.


  • NMTC Amount: $14,600,000
  • Total Project Cost: $14,600,000


  • 500 FTE jobs
  • 220,000 sq. ft. of real estate


Project Description

Airplane Engine Parts Manufacturer: When ‘Bristow, population 4,325, lost 1200 jobs with the closing of the Black & Decker manufacturing facility, it was a major setback for this Creek County community, located about half-way between Oklahoma City and Tulsa on Interstate 44. The community needed to find a way to recapture some of those jobs, and Spirit Bank officials along with area citizens thought the New Markets Tax Credit (NMTC) program might-just be a big part of the solution. They were right. Spirit Bank contacted officers of REI New Markets Investment, LLC in Durant. The LLC is a wholly owned subsidiary of Rural Enterprises of Oklahoma, lnc., an economic development firm with a 22 y22-yeartory of working with Oklahoma businesses and communities to. create jobs and strengthen the rural economy. As a result, the New Markets Tax Credit program was included in the proposal that landed the expansion of an aerospace company to Bristow. First Wave, with facilities in Tulsa, Dubai, United Arab Emirates UAE and Sao Paulo, Brazil, sells commercial aircraft parts and repairs airframe structures. The company will occupy a new 220,000 sq. ft. and employ 100 at the start with 500 employees anticipated within five years. “’The expansion of First Wave in Bristow translates into a $14. 6 million investment in our area that would not have happened without the component of the New Markets Tax Credit program,” said Kel Kelly, Spirit Bank CEO. ”We hope this is just the beginning of attracting more new investments and new businesses to Creek County.” State Senator Ted Fisher (D-Sapulpa) commended the partnership of organizations and citizens that helped bring the project to fruition. ”The Oklahoma Department of Commerce, REI New Markets Investment LLC, Spirit Bank and community leaders combined their resources and got, the job done,” Senator Fisher said. ”My congratulations go to these organizations and the citizens of Bristow for such an innovative approach to helping the community recapture some of those lost jobs.” In its first year of operation, REI New Markets Investment, LLC assisted seven businesses with investments totaling $48.3 million, bringing needed capital into underserved Oklahoma communities.


Address: 23800 South 369th Avenue, Bristow, OK 74010

Census Tract: 40037021000

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