Most of Oklahoma City’s public housing is more than 40 years old and has seen federal funding steadily decline even as the city’s need for affordable homes continues to grow.
One of the largest companies in the world can still reap millions in tax benefits for years to come thanks to an exception written into state law for its sprawling operations in rural Oklahoma.
A state oversight board once had the power to approve Tourism contracts, but legislation in 2018 stripped its powers.
“There’s risk in every venture you have,” says Canoo CEO Tony Aquila.
The state has agreed to buy up to 1,000 of the company’s boxy electric vehicles with rectangular steering wheels in a deal that could be worth millions.
Canoo has yet to turn a profit, but the deal is the largest the state has awarded since the Quick Action incentive was created over a decade ago.
The state also agreed to purchase 1,000 of Canoo’s electric vehicles, the company said during an earnings call Monday. The entire incentive package is valued at $300 million.
Former agency leaders say they wanted their day in court and call the settlement a ‘cover-up.’