Ponca City Development Authority

The company is a subsidiary of Eltron Research, a 25 year old company that is expanding from research into product development. The Ponca City facility will be their first location outside of Colorado and will serve as the headquarters of Continental Technologies. Eltron will continue to operate its research labs in Boulder. Among the company's pro... ducts is the development and manufacture of equipment used to produce hydrogen peroxide for use in the pharmaceuticals and textiles industries. The agreement reached between the company and the community will allow the company to move into the building temporarily while PCDA completes the structure. Temporary improvements including a floor, electrical and doors will be installed. These limited improvements are expected to take 45-60 days and will provide adequate space for the company to operate, based upon company requests. Upon completion of the temporary improvements, PCDA and the company will plan and construct final improvements to the rest of the building which should be completed by very early 2009, if not sooner. Following final construction, PCDA will lease the building it to the company for a period of seven years. The agreement requires Continental to enter into both the short term and a long term lease. The company will also be required to employ 25 people on site at a wage in excess of $15.50 per hour. The company reports that it expects to employ 30 people. The company will lease the 34,000 industrial building for seven years, following improvements to be completed by PCDA. The improvements include the installation of a floor, dock doors, an office, upgraded electrical service and the installation of fiber optic lines. In return, the company guarantees employment of at least 25 full time people on site within one year at a minimum salary of $15.50 per hour. The company said it expects to employ more than 30 at that time. The agreement also gives the company the option of purchasing land north of the building for future expansion and purchasing the ...Read More