HomeMy WebLinkAbout2013.12.12_OEDA AgendaPUBLIC NOTICE OF THE MEETING OF THE
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
TYPE OF MEETING: Regular
DATE: December 12, 2013
TIME: 10:00 a.m.
PLACE: Owasso City Hall, Lower Level Conference Room
111 N. Main
Owasso, Oklahoma
Notice and agenda filed in the office of the City Clerk and posted on the City Hall bulletin board
at 5:00 PM on Tuesday, December 10, 2013.
Chelsea M.E. Levo, Economic Development Director
AGENDA
1. Call to Order
Dr. Spriggs, Chairman
2. Consideration and appropriate action relating to a request for Trustee approval of the
Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be
routine and will be enacted by one motion. Any Trustee may, however, remove an item
from the Consent Agenda by request. A motion to adopt the Consent Agenda is non -
debatable.
A. Approval of minutes of the November 14, 2013 regular meeting
Attachment
B. Approval of claims
Attachment
C. Acceptance of the monthly financial reports
Attachment
3. Consideration and appropriate action relating to items removed from the Consent Agenda
4. Discussion regarding a project for Precision Aerospace, Inc. and certain of its affiliates
requesting of the Authority to issue its industrial development revenue bonds to finance
costs of such project.
Mr. Lehr
Attachment
Allan Brooks, The Public Finance Law Group, PLLC will explain industrial development
revenue bonds and the draft resolution.
OEDA
December 12, 2013
Page 2
5. Report from OEDA Manager
Mr. Lehr
Attachment
• Monthly Building Report
• Public Works Project Status Report
• Business Development Report
• Monthly Sales Tax Report
6. Report from OEDA Trustees
7. New Business (New Business is any item of business which could not have been foreseen
at the time of posting of the agenda.)
8. Adjournment
MEETING OF THE
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
MINUTES OF MEETING
Thursday, November 14, 2013
The Owasso Economic Development Authority met in regular session on Thursday, November 14,
2013 in the Lower Level Conference Room at City Hall per the Notice of Public Meeting and
Agenda posted on the City Hall bulletin board at 5:00 PM on Tuesday, November 13, 2013.
ITEM 1: CALL TO ORDER & ROLL CALL
Dr. Spriggs called the meeting to order at 10:00 AM.
PRESENT
Bryan Spriggs, Chairman
Dirk Thomas, Vice chairman
Gary Akin, Secretary
Jeri Moberly, Trustee
Dee Sokolosky, Trustee
Frank Enzbrenner, Trustee
A quorum was declared present.
ABSENT
David Charney, Trustee
ITEM 2: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE
APPROVAL OF THE OEDA CONSENT AGENDA
A. Approval of minutes of the October 10, 2013 Regular Meeting
B. Approval of claims
C. Acceptance of the monthly financial report
Dr. Thomas moved to approve the consent agenda, seconded by Ms. Moberly.
AYE: Spriggs, Sokolosky, Enzbrenner, Moberly, Akin, Thomas
NAY: None
Motion carried 6 -0.
ITEM 3: CONSIDERATION AND APPROPRIATE ACTION RELATING TO ITEMS REMOVED FROM THE
CONSENT AGENDA
No action required
ITEM 4: REPORT FROM ECONOMIC DEVELOPMENT DIRECTOR
Chelsea Levo introduced Bronce Stephenson who presented the Monthly Building
Report for October. Roger Stevens presented the Public Works project status update.
Ms. Levo presented a business development report. Sherry Bishop provided a sales
tax report.
ITEM 5: REPORT FROM OEDA MANAGER
No report
November 14, 2013
ITEM 6: REPORT FROM OEDA TRUSTEES
No Report
ITEM 7: NEW BUSINESS
None
ITEM 8: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR AN
EXECUTIVE SESSION, FOR PURPOSES OF CONFERRING ON MATTERS PERTAINING TO
ECONOMIC DEVELOPMENT AND THE ENTICEMENT OF A BUSINESS TO LOCATE WITHIN
THE AREA, WHEREIN PUBLIC DISCLOSURE OF THE MATTERS TO BE DISCUSSED WOULD
VIOLATE THE CONFIDENTIALITY OF THE BUSINESS PURSUANT TO 25 O.S. §307(C) (10).
Mr. Enzbrenner moved to enter into executive session, seconded by Dr. Thomas.
AYE: Moberly, Sokolosky, Thomas, Spriggs, Akin, Enzbrenner
NAY: None
Motion carried 7 -0
At 10:20, the OEDA entered into executive session.
Mr. Enzbrenner moved to exit into executive session, seconded by Ms. Moberly.
AYE: Moberly, Sokolosky, Thomas, Spriggs, Akin, Enzbrenner
NAY: None
Motion carried 6 -0
At 10:45 AM, the Trustees returned to open session.
ITEM 9: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR A
RECOMMENDATION TO THE CITY COUNCIL TO AUTHORIZE A TRANSFER OF MONIES
FROM THE HOTEL TAX FUND TO THE OEDA IN THE AMOUNT OF $500,000 FOR THE USE OF
AN ECONOMIC DEVELOPMENT CASH INCENTIVE TO A COMPANY PROPOSING TO
LOCATE IN THE OWASSO AREA.
Dr. Thomas moved, seconded by Ms. Moberly to recommend the transfer of $500,000
from the Hotel Tax Fund to the OEDA after appropriate contingencies are worked out
by City Attorney, Julie Lombardi.
AYE: Moberly, Sokolosky, Thomas, Spriggs, Akin, Enzbrenner
NAY: None
Motion carried 6 -0
ITEM 10: ADJOURNMENT
Mr. Thomas moved to adjourn the meeting, seconded by Mr. Enzbrenner.
AYE: Moberly, Sokolosky, Thomas, Spriggs, Akin, Enzbrenner
NAY: None
Motion carried 6 -0.
-2-
November 14, 2013
At 10:47 AM, the meeting adjourned.
Chelsea Levo, Economic Development Director
-3-
IM
The City Witt out Limits.
TO: THE HONORABLE CHAIRMAN AND TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: CHELSEA M.E. HARKINS
ECONOMIC DEVELOPMENT DIRECTOR
SUBJECT: CLAIMS, OEDA
DATE: December 12, 2013
No Claims for November 2013.
Owasso Economic Development Authority
Statement of Revenues, Expenses and Changes in Fund Net Assets
For the Month Ending November 30, 2013
MTD
YTD
Budget
Operating Revenues
$0.00
$0.00
$0.00
Operating Expenses:
Materials & supplies
0.00
0.00
0.00
Services & other charges
0.00
0.00
5,000.00
Capital outlay
0.00
0.00
0.00
Total Operating Expenses
0.00
0.00
5,000.00
Operating Income (Loss)
0.00
0.00
(5,000.00)
Non - Operating Revenues (Expenses):
Investment income
0.67
3.41
0.00
Promissory note revenue
0.00
0.00
0.00
RAN debt service & other costs
0.00
0.00
0.00
Total non - operating revenues (expenses)
0.67
3.41
0.00
Net income (loss) before contributions and
transfers
0.67
3.41
(5,000.00)
Transfer to general fund
0.00
0.00
0.00
Change in net assets
0.67
141
(5,000.00)
Total net assets - beginning
9,054.51
9,054.51
Total net assets - ending
$9,057.92
$4,054.51
IM
The Cittyr Witt out Limitts.
TO: The Honorable Chair and Trustees
Owasso Economic Development Authority
FROM: Chelsea M.E. Levo
Economic Development Director
SUBJECT: Precision Aerospace, Inc.
Industrial Development Revenue Bonds
DATE: December 10, 2013
BACKGROUND:
Precision Machine was established by Tommy Caudill in 1964 under the name Precision Machine
& Manufacturing Company. With a $500 investment raised through the sale of his home, Mr.
Caudill rented warehouse space in Tulsa, Oklahoma. He purchased a used machine and
moonlighted to produce Precision's first parts.
In 1969, Mr. Caudill moved his business from Tulsa to his hometown of Grove to help bring industry
to the local rural economy. In 1994, Precision Components Company was established when
Textron Lycoming awarded the company a sole- source contract to supply cylinder assemblies
for its reciprocating aircraft engines. In 2007, the company reorganized and adopted the name
Precision Aerospace, Inc. ( "Precision ") in order to more accurately reflect its business focus and
customer base.
Precision is still a family owned and operated business employing second and third generation
family members. Today, Precision employs approximately 188 team members at its locations in
Grove and Owasso, Oklahoma, with 51 being located at the Owasso facility.
Precision is purchasing two (2) pieces of equipment for its Owasso facility. The equipment is
identified as a Mazak Variaxis 630T, which is essentially a lathe metal machining tool. Although
additional employees are possible, the new equipment will allow Precision to diversify its product
base and increase revenues with the same head count, while creating a higher skill set in the
company's existing employee base. Precision hopes to work within the confines of its current
building. The company is engaging a lean consultant that will assist in utilization of current space
while planning for growth. Precisions sales have remained relatively flat since 1994 because the
company has not until recently strategically tried to grow the business. The contemplated
equipment purchases represent the first step in the company's strategic plan to provide long
term growth of the Owasso facility.
FINANCING REQUEST:
Precision is working with GE Capital to obtain financing for the referenced equipment through
the issuance of industrial development revenue bonds in a principal amount not to exceed
$2,000,000 (the "Bonds "). The Bonds will be purchased by GE for their own account and not with
a view towards resale. The Bonds will be secured by Precision assets and a promise to pay that
will be passed through the Owasso Economic Development Authority (the "Authority "), as a
conduit issuer. This is a limited and special obligation of the Authority secured by only those
assets pledged by Precision. There will be no general pledge or lien on Authority or City of
Owasso assets or revenues. Section 144(a) of the Internal Revenue Code of 1986, as amended
(the "Code ") provides for the issuance of qualified small issue private activity bonds. Prior to 1986
Code, these bonds were generally referred to as industrial development bonds. Section 144(a)
provides for debt to be issued to finance "manufacturing facilities ", with interest on the debt
being excludable from gross income for federal income tax purposes. The purpose of Section
144(a) is to encourage economic growth through the expansion of manufacturing facilities.
Because of the favorable tax treatment, GE is willing to purchase the Bonds at an interest rate
lower than conventional financing. The Bonds will have a seven year term and will be fully
amortizing. The tax - exempt rate will be approximately 215 basis points less than conventional
taxable debt. Based upon today's interest rate environment, the interest rate would be
approximately 3.80 % per annum.
The Authority is being asked to pass an "inducement resolution ". The resolution indicates that the
Authority plans to issue the Bonds at a future date. Precision cannot preorder the equipment
and preserve its ability to issue the debt on a tax - exempt without first passing the inducement
resolution. A draft of the inducement resolution is attached.
RESOLUTION NO.
RESOLUTION OF THE OWASSO ECONOMIC
DEVELOPMENT AUTHORITY (THE "AUTHORITY ")
APPROVING A PROJECT FOR PRECISION AEROSPACE,
INC. AND CERTAIN OF ITS AFFILIATES AND
DETERMINING THE OFFICIAL INTENT OF THE
AUTHORITY TO ISSUE ITS INDUSTRIAL
DEVELOPMENT REVENUE BONDS IN A PRINCIPAL
AMOUNT NOT TO EXCEED $2,000,000 TO FINANCE THE
COSTS OF SUCH PROJECT; AND CONTAINING OTHER
PROVISIONS THERETO.
WHEREAS, The Owasso Economic Development Authority (the "Authority ") is a public
trust created for the use and benefit of the City of Owasso, Oklahoma under the provisions of Title
60, Oklahoma Statutes, Section 176 et seq., as amended, and the Oklahoma Trust Act; and
WHEREAS, Precision Machine & Manufacturing Company, L.L.C., an Oklahoma limited
liability company, Precision Leasing Company, LLC, an Oklahoma limited liability company,
Precision Aerospace, Inc., an Oklahoma corporation, and Precision Components Company, L.L.C.,
an Oklahoma limited liability company and certain of their affiliates (individually, a "Precision
Company" and, collectively, "Precision Companies "), have requested that the Authority (i) approve
a project for Precision Companies to be located in the City of Owasso, Oklahoma and consisting of
manufacturing fixtures, equipment, and machinery (the "Project ") to be utilized for precision
machining of parts to be used in the aircraft, aerospace and petroleum industries, (ii) issue its
industrial development revenue bonds in a principal amount not to exceed $2,000,000 (the
"Bonds ") to provide funds to (a) pay the costs of the Project, (b) pay the costs of issuance
associated with the Project, and (c) lend to one or more Precision Companies for the purpose of
financing the costs of the Project; and
WHEREAS, the Authority desires to finance the costs of purchasing, constructing and
equipping the Project by the issuance of the Bonds, said Bonds to be payable solely out of
payments, revenues and receipts derived by the Authority from one or more Precision Companies
pursuant to a loan agreement evidencing the Authority's loan of the proceeds of said Bonds to one
or more Precision Companies; and
WHEREAS, the Authority and Precision Companies desire that the purchase, construction
and equipping of the Project commence as soon as practicable;
NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO
ECONOMIC DEVELOPMENT AUTHORITY, AS FOLLOWS:
Section 1. Findings and Determinations. The Authority has found and determined, and
does hereby find and determine, that in order to increase the economy, welfare and prosperity of he
citizens of the City of Owasso, Oklahoma, and to induce the expansion of Precision Companies'
activities in Owasso, it is appropriate for the Authority to issue the Bonds to provide funds for the
Project and for paying the costs and expenses associated with the issuance of the Bonds.
Section 2. Approval of Project and Declaration of Official Intent. The Trustees of the
Authority hereby approve the Project and determine and declare the official intent of the Authority
to finance the costs of the Project out of the proceeds of the Bonds of the Authority in a principal
amount not to exceed $2,000,000. This Resolution shall constitute the Authority's official binding
commitment, subject to the terms hereof, to issue the Bonds in amounts prescribed by Precision
Companies up to $2,000,000 and to loan the proceeds thereof to one or more Precision Companies
to purchase, construct and equip the Project, including reimbursing one or more Precision
Companies for, and /or retiring indebtedness of one or more Precision Companies incurred in
connection with, the payment of the costs of the Project, and to pay all expenses and costs of the
Authority in connection with the issuance of the Bonds.
Section 3. Terms and Provisions. Subject to the conditions of this Resolution, the
Authority will (i) enter into a trust indenture with a bank or trust company, as corporate trustee,
pursuant to which the Authority will issue the Bonds to pay the costs of financing the Project,
including repayment to Precision Companies of advances made by them in connection with the
Project, with such maturities, interest rates, redemption terms, security provisions and other terms
and provisions as may be determined by subsequent resolution of the Authority; (ii) enter into a
loan agreement with one or more Precision Companies which will provide for a loan of the
proceeds from the sale of the Bonds to such Precision Companies to enable such Precision
Companies to purchase, construct and equip the Project, such loan to be evidenced by a promissory
note pursuant to which such Precision Companies will make payments sufficient to pay the
principal of and interest on the Bonds as the same become due and payable; and (iii) to effect the
foregoing, adopt such resolutions and authorize the execution and delivery of such security
agreements and other instruments and the taking of such action as may be necessary or advisable
for the authorization and issuance of the Bonds by the Authority and take or cause to be taken such
other action as may be required to implement the aforesaid.
Section 4. Conditions to Issuance. The issuance of the Bonds and the execution and
delivery of any documents related to financing the Project are subject to (i) approval by the Trustees
of the Authority; (ii) approval by the City Council of the City of Owasso, Oklahoma, as Beneficiary
of the Authority, (iii) approval by the managers, members or board of directors, as the case may be,
of the applicable Precision Companies; (iv) receipt by the Authority of an allocation from the
Oklahoma Bond Advisor, as described in Section 9 hereof, (v) obtaining by Precision Companies
of any necessary governmental licenses, permits and approvals; and (vi) agreement by the
Authority, one or more Precision Companies and GE Capital upon (a) mutually acceptable terms
for the Bonds and for the sale and delivery thereof and (b) mutually acceptable terms and conditions
of any documents related to the issuance of the Bonds and the Project.
4849 - 2803 - 7381.2 2
Section 5. Reimbursement of Expenditures. Precision Companies have made certain
expenditures in connection with the purchase, construction and equipping of the Project, and
expects to make additional similar expenditures after the date of this resolution and before the
issuance of the Bonds, and the Authority desires and intends to reimburse Precision Companies,
solely from the proceeds of the Bonds, for such expenditures made not earlier than 60 days before
the date of this Resolution. Precision Companies are only entitled to reimbursement of such
expenditures if and to the extent Bonds are issued by the Authority.
Section 6. Authorization to Proceed. Precision Companies are hereby authorized to
proceed with the purchase, construction and equipping of the Project, including the necessary
planning and engineering for the Project and entering of contracts and purchase orders in
connection therewith, and to advance such funds as may be necessary to accomplish such purposes,
and, to the extent permitted by law, the Authority shall reimburse Precision Companies for all
expenditures paid or incurred therefor out of the proceeds of the Bonds.
Section 7. Sale of the Bonds. The Authority shall sell the Bonds, but only on a firm
underwriting or purchase basis, to GE Capital, and the Authority shall approve, at such price as
Precision Companies and the Authority shall approve, such Bonds to be issued upon receipt of an
unqualified approving opinion by recognized Bond Counsel, in form and substance agreeable to the
Authority, Precision Companies and GE Capital. The sale of the Bonds shall be the responsibility
of Precision Companies.
Section 8. Public Hearing and Approval. The Chairman of the Authority is hereby
authorized to conduct a public hearing with respect to the issuance of the Bonds to finance the
Project and to cause notice of such hearing to be published in accordance with the requirements of
Section 147(f) of the Internal Revenue Code of 1986, as amended. The obligation of the Authority
to proceed with the final issuance of the Bonds shall be subject to receipt of public approval for
such issuance as required under said Section 147(f).
Section 9. Application for Private Activity Bond Allocation. The Chairman of the
Authority is hereby authorized to file an Application for Private Activity Bond Allocation with the
State of Oklahoma Bond Advisor in accordance with Title 62, Oklahoma Statutes, Section 695.21
et seq. (the "Private Activity Bond Allocation Act ").
Section 10. Indemnity. By accepting the terms of this Resolution and proceeding with the
Project, Precision Companies will be considered to have agreed (i) to indemnify and hold the
Authority harmless against liability with respect to any destruction of or damages to property or any
injury to or death of any person or persons occurring in connection with the Project (other than
liability for any loss or damages that may result from wanton misconduct or from intentional
wrongful acts of the Authority), and (ii) to pay the regular fees and charges of the Authority for its
services in connection with financing the Project as well as all of its expenses in connection
therewith.
Section 11. Limited Liability. Any provision hereof to the contrary notwithstanding,
nothing herein contained shall be construed to impose a charge against the general credit of the
Authority or to impose any pecuniary liability upon the Authority except with respect to the proper
4849 - 2803 - 7381.2 3
application of the proceeds to be derived by the Authority from the sale of the Bonds and of the
revenues and receipts to be derived by the Authority from any financing, leasing or sale of the
Project. Nothing herein shall be deemed to restrict the Authority or the State of Oklahoma or any
agency or any political subdivision thereof in determining the order or priority of the issuance of
bonds by the Authority or to require the Authority to give the Bonds priority as to issuance or as to
the time of issuance over any other bonds previously or subsequently approved by the Authority for
issue.
Section 12. Further Authority. Counsel to the Authority and Bond Counsel, together
with the officers and employees of the Authority, are hereby authorized to work with Precision
Companies and GE Capital, their respective counsel and others, to prepare for submission to and
final action by the Authority all documents necessary to effect the authorization, issuance and sale
of the Bonds and other actions contemplated hereunder in connection with the financing of the
Project.
Section 13. Benefit of Resolution. This Resolution shall inure to the benefit of the
Authority and Precision Companies and their respective successors and assigns.
Section 14. Effective Date. This Resolution shall take effect and be in full force
immediately after its adoption by the Trustees of The Owasso Economic Development Authority.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
4849 - 2803 - 7381.2 4
ADOPTED BY THE TRUSTEES OF THE OWASSO ECONOMIC
DEVELOPMENT AUTHORITY THIS 9TH DAY OF JANUARY, 2014.
THE OWASSO ECONOMIC DEVELOPMENT
AUTHORITY
(Seal)
ATTEST:
Secretary
4849 - 2803 - 7381.2
Chairman
CERTIFICATE
OF
AUTHORITY ACTION
I, the undersigned, hereby certify that I am the duly and acting Secretary of The Owasso
Economic Development Authority.
I further certify that the Trustees of The Owasso Economic Development Authority held a
Regular Meeting at 10:00 o'clock A.M. on January 9, 2014, after due notice was given in full
compliance with the Oklahoma Open Meeting Act.
I further certify that attached hereto is a full and complete copy of a Resolution that was
passed and approved by said Trustees at said meeting as the same appears in the official records of
my office and that said Resolution is currently in effect and has not been repealed or amended as of
this date.
I further certify that below is listed those Trustees present and absent at said meeting; those
making and seconding the motion that said Resolution be passed and approved, and those voting
for and against such motion:
PRESENT:
ABSENT:
MOTION MADE BY:
MOTION SECONDED BY:
AYE:
NAY:
WITNESS MY HAND THIS 9TH DAY OF JANUARY, 2014.
THE OWASSO ECONOMIC DEVELOPMENT
AUTHORITY
Secretary of Authority
4849 - 2803 - 7381.2 6
Month
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1January
30
31
22
13
25
15
17
18
19
15
2 February
50
52
41
14
14
23
29
17
15
26
3 March
75
65
50
25
35
30
46
14
27
27
4 April
47
63
52
30
31
36
31
19
26
26
5 May
31
43
36
60
23
27
30
20
23
19
6 June
53
42
29
27
21
34
23
19
24
19
7 July
34
27
12
23
24
28
17
20
15
27
8 August
36
45
28
27
18
28
19
12
15
18
9 'September
64
35
12
17
40
20
11
12
12
28
10 October
42
30
25
31
15
36
13
10
21
15
11 November
31
32
13
26
10
13
1
8
11
7
12 December
35
53
16
8
6
13
9
10
16
Totals
528
518
336
3'01
267
303
246
179
224
227
YtD 462 433 307 267 251 277 236 161 197 227
TOTAL NEW CONSTRUCTION DOLLARS FOR EACH YEAR
r r�� rrr
I &1t1I1p1J[iItrIr1
CITY OF OWASSO
RESIDENTIAL LOT INVENTORY STATUS
November 30, 2013
SUBDIVISION
# OF LOTS
# DEVELOPED
# AVAILABLE
Burberry Place (6109)
89
86
3
Camelot Estates (4107)
139
84
55
Carrington Pointe 1 (1111)
171
115
56
Champions East (05108)
66
6
60
Champions West (5108)
45
9
36
Country Estates ill (3199)
61
58
3
Country Estates Vi (11103)
37
36
1
Crescent Ridge (02108)
101
93
8
Fairways V (8199)
71
62
9
Fairways VI (12100)
42
41
1
Falls at Garrett Creek (12105)
85
84
1
Falls at Garrett Creek Amended (12105)
24
23
1
Honey Creek (4102)
202
198
4
Keys Landing (3108)
131
104
27
Lake Valley IV (5110)
114
112
2
Lake Valley V (9130)
78
21
57
Lakes at Bailey Ranch (10107)
235
225
10
Maple Glen (12108)
98
95
3
Maple Glen 11 (1 /11)
93
86
7
Maple Glen III (5113)
43
25
18
Nottingham Estates IV (8101)
20
17
3
Nottingham Estates V (3101)
44
43
1
Nottingham Hill (6109)
58
12
46
Preston Lakes (12100)
272
243
29
Preston Lakes III (10104)
147
144
3
Remington Park 11 (11/04)
84
82
2
Sawgrass Park II (04/05)
96
94
2
The Summit at Southern Links (6197)
31
26
5
Watercolours (12102)
40
31
9
TOTALS
2717
2255
462
Watercolours (12/02;
The Summit at Southern Links (6197;
Sawgrass Park Il (04105;
Remington Park II (11104;
Preston Lakes III (10104;
Preston Lakes (12100)
Nottingham Hill (6109)
!Nottingham Estates V (3101)
Nottingham Estates IV (8101)
Maple Glen Ill (5113)
Maple Glen II (1111)
Maple Glen (12108)
Lakes at Bailey Ranch (10107)
Lake Valley V (9130)
Lake Valley IV (5110)
Keys Landing (3108)
Honey Creek (4102)
Falls at Garrett Creek Amended (12105)
Falls at Garrett Creek (12 /05)
Fairways VI (12100)
Fairways V (8199)
Crescent Ridge (02/08)
Country Estates VI (11103)
Country Estates 111 (3/99)
Champions West (5108)
Champions East (05108)
Carrington Pointe 1 (1111)
Camelot Estates (4107)
Burberry Place (6109)
CITY OF OWASSO
0 50 100 150 200 250 300
0 Lots Developed oTotaf lots
COMMERCIAL NEW CONSTRUCTION MONTH END REPORT NOVEMBER 2013
Month
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1 January
0
1
2
9
4
4
1
1
3
1
1
2 February
1
5
5
0
3
2
0
1
1
1
1
3 March
1
2
1
14
2
0
1
3
0
0
0
4 April
1
3
4
1
0
4
1
1
1
0
1
5 May
1
1
3
2
1
1
2
1
2
1
0
6 June
2
4
3
4
1
1
2
0
0
2
1
7 July
0
0
0
0
0
1
0
0
0
0
1
8 August
3
3
1
7
3
1
0
0
2
2
0
9 September
2
1
2
1
28
3
0
0
0
0
0
10 October
0
0
1
3
4
1
0
0
1
0
4
11 November
1
3
0
1
1
1
2
2
1
0
1
12 December
0
0
1
1
1
1
0
1
0
0
Totals
12
23
23
43
48
20,
9
10
11
7
10
YTD
12
23
22
42
47
19
9
9
11
7
10
NOVEMBER YEAR-TO-DATE COUNT
50,000,000
40,000,000
30,000,000
20,000,000
10, 000, 000
0 2009
12,830,7010
NOVEMBER YEAR-TO-DATE IDOLLARS
2010 2011 2012
45,370,347 6,018 7,296,000 9,2�12,850
2012 _ 2013
17,296,000 9,212,850
OCCUPANCY PERMITS
NAME ADDRESS APPLICATION OPENING COMPLETE
DATE DATE
NOVEMBER 2013
OCTOBER 2013
Justice & Brothers
9018 N 121 E Ave #500
8/19/2013
10/2/2013
Yes
Mum's 'N Bum's
104 W Broadway, Suite 4
10/1/2013
10/10/2013
Yes
Needful Things
12701 E 86 PI N
10/1/2013
10/15/2013
Yes
Sam's Club
12905 E 96 St N
9/7/2012
10/24/2013
Yes
Sixkillers Gaming House
7703 N Owasso Exp #109
10/31/2013
10/31/2013
Yes
SEPTEMBER 2013
Senior Suites
10098 N 123 E Ave
6/14/2012
2/1/2013
Yes
AUGUST 2013
12802 E 86 St N
2/1/2013
2/18/2013
Yes
Arrival Salon
12330 E 86 St N
7/10/2013
8/12/2013
Yes
Ledford Properties
425 E 22 St N
3/2/2013
8/1/2013
Yes
IGH Properties
14601 E 88 PI N
7/5/2013
8/29/2013
Yes
Tulsa Technology Center
10800 N 140 E Ave
11/22/2010
8/1/2013
Yes
Sears
9002 N 121 E Ave #600
6/6/2013
8/23/2013
Yes
Halloween City
8751 N 117 E Ave
8/9/2013
8/28/2013
Yes
JULY 2013
Dec -12
1/4/2013
Yes
Christian Bro's Auto
Dance Studio
403 W 2nd St #107
5/21/2013
7/17/2013
Yes
LaTorta Chilanga
11501 N Garnett Rd
7/5/2013
7/30/2013
Yes
JUNE 2013
Freddy's Steak Burgers
Vaping Kicks Ash
11215 N Garnett Rd #D
6/26/2013
7/8/2013
Yes
Dollar Tree
12309 E 96 St N
4/16/2013
6/1212013
Yes
The Children's Place
9002 N 121 E Ave #400
2/4/2013
6/12/2013
Yes
MAY 2013
APRIL 2013
Los Cabos
9455 N Owasso Exp
2/6/2013
5/6/2013
Yes
Tyann Development
9455 N Owasso Exp #K
4/8/2013
Yes
Serenity Nails
9500 N 129 E Ave #114
2/4/2013
Yes
Simple Adornments
11230 N Garnett Rd #A
4/15/2013
4/27/2013
Yes
MARCH 2013
FEBRUARY 2013
Aspen Dental
9025 N 121 E Ave #300
10/1/2012
2/1/2013
Yes
Denali Vapor
12802 E 86 St N
2/1/2013
2/18/2013
Yes
Marcos Pizza
14499 E 86 St N #200
11/4/2012
2/16/2013
Yes
Blackheart 13
8751 N 117 E Ave #K
1/14/2013
2/11/2013
Yes
Select Physical Therapy
12912 E 86 St N
11/6/2012
2/13/2013
Yes
JANUARY 2013
Planet Subs
9045 N 121 E Ave #500
12 -Dec
1/4/2013
Yes
The Flying Pig
202 E 1 St
Dec -12
1/4/2013
Yes
Total Care Car Maintenance 4048 E 2nd St
Dec -12
1/4/2013
Yes
Christian Bro's Auto
9530 N Garnett Rd
Aug -09
1/1/2013
Yes
Select Physical Therapy
12910 E 86 St N
Dec -13
1/10/2013
Yes
DECEMBER 2012
Freddy's Steak Burgers
9053 N 121 E Ave
8/6/2012
12/13/2012
Yes
PERMITS APPLIED FOR IN November 2013
ADDRESS
BUILDER
ADD /ZONE
VALUE
A.S.F.
PERMIT#
DATE
13301 S 96 St N
Integrity Signs
WF /CS
$ 13,500
76
13- 1101 -S
12/4/2013
11117 N 145 E PI
Capital Homes
LVV /RS3
$ 125,510
2,282
13- 1102 -X
11/6/2013
7617 N 142 E Ave
Executive Homes
CW /RS3
$ 182,490
3,049
13- 1103 -X
11/11/2013
11004 N 120 E Ave
Simmons Homes
MGIII /RS3
$ 103,345
1,879
13- 1104 -X
11/18/2013
14618 E 111 PI N
Simmons Homes
LVV /RS3
$ 105,710
1,922
13- 1105 -X
11/18/2013
12555 E 86 ST N
SAHO Properties
SAHO /CS
$ 2,100,000
18,432
13- 1106 -C
11/18/2013
12804 E 86 St N
Sign World
ECC /CS
$ 15,000
28,500
13- 1107 -S
11/21/2013
422 E 22 St
The Sign Maker
Unplatted /CG
$ 400
18
13- 1108 -S
11/21/2013
7609 E 83 PI N
Executive Homes
CARPI /RS3
$ 146,740
2,668
13- 1109 -X
11/21/2013
12701 E 86 St N
Mike Price
RPLAZA /CS
$ 1,000
1,500
13- 1110 -C
11/22/2023
13505 E 93 St N
Smithco Constructs
NH /RS3
$ 25,000
250
13- 1111 -X
11/21/2013
11120 N 146 E Ave
Simmons Homes
LVV /RS3
$ 118,525
2,155
13- 1112 -X
11/26/2013
11124 N 146 E Ave
Simmons Homes
LVV /RS3
$ 123,825
2,251
13- 1113 -X
11/26/2013
7 Single Family
$ 906,135
16,206 SgFt
1 Residential Remodel
$ 25,000
250 SgFt
1 New Commercial
$ 2,100,000
18,432 SgFt
1 Commercial Remodel
$ 1,000
1,500 SgFt
3 Signs
$ 28,900
18,594 SgFt
13 Total Building Permits
$ 3,061,035
54,982 SgFt
CZ�y of Owa-sw 112 N. Ma.evv Sf: OwaLSW, OK 74055
PROJECT STATUS REPORT
City of Owasso Public Works Department
December 3, 2013
• E. 106b Street North and Garnett Road Intersection Improvement Proiect
- Funding for the construction of this project is a result of a "matching grant "; 80%
ODOT funding and 20% City funding.
- ODOT awarded construction contract to Paragon Contractors in the amount of
$1,952,952.
- A Public Meeting was held on June 27, 2013, with representatives from PSA
Dewberry, ODOT and Paragon to review the intersection improvements and
provide a preview of the construction schedule. Construction began on July 8,
2013.
- Relocation of City of Owasso and Rural Water District water lines was completed
in October 2013.
- Stormwater infrastructure is 95% complete with completion anticipated in
December.
- In conjunction with the stormwater improvements, the contractor is in process of
installing temporary lanes at the intersection. Weather permitting, the temporary
lanes will be paved on E 106th Street North within the next 7 -10 days.
- As a result of the utility conflicts, anticipated completion is now early April 2014.
• E. 76th Street North Widening (from U.S. Hwy169 to N. 129th East Avenue)
- In October 2010, the City received notice that INCOG selected the project to
receive federal funding in the amount of $2,090,000 for engineering, right -of -way
and utility relocation costs. A 20% required match will be funded through the
City of Owasso's Capital Improvement Fund.
- In October 2011, the City received notice that INCOG selected the project to
receive federal funding in the amount of $3,470,000 for construction and
administration costs. A 20% required match will be funded through the City of
Owasso's Capital Improvement Fund.
- In February 2012, ODOT officials informed City staff of funds available in the
Federal Surface Transportation Fund for the planning phase of E. 76th Street North
Widening Project.
- In March, INCOG presented this project to its members for consideration to
receive funding in 2012 for the engineering design. Project was approved by the
Technical Advisory, Transportation Policy Committee, and INCOG Board of
Directors
- Engineering agreement for Poe & Associates, Inc. of Tulsa, Oklahoma and
funding agreement was approved at the May 7, 2013, Council Meeting.
- Engineering design is underway. Staff reviewed a preliminary layout of street and
bike lanes. Staff provided comments and Poe & Associates. In addition, the
consultant is working on the bridge design along with environmental study which
is being conducted by ODOT.
- In January 2014, City staff and Poe & Associates will conduct a public meeting.
The purpose of this meeting will be to present to the citizens a conceptual layout
of the street improvements and receive feedback from the residents.
- The engineering design is scheduled to be complete by late spring 2014.
• Ranch Creek Sanitary Sewer Improvements
- May 2012, City Council awarded an engineering agreement in the amount of
$175,000 to Kellogg Engineering INC.
- As part of an OWRB requirement, a Public Hearing over the environmental
document was held June 13, 2013 at the Owasso Library with approximately 10
citizens in attendance. Kellogg Engineering presented the engineering drafts of
the proposed interceptor alignment for review by meeting attendees.
- In September 2013, Kellogg Engineering completed the engineering design.
- Since September, utility easement negotiations have been underway. Currently,
3 of the 5 parcels have been obtained.
- In October 2013, ODEQ approved engineering design and plans.
- Bid advertisement occurred in October with bid opening on November 12, 2013.
Twelve bids were received with Rosetta Construction, LLC, as the lowest
responsive, responsible bidder with a bid amount of $2,864,543.
- Staff anticipates construction to begin in January 2014 with final completion
scheduled to occur by December.
• Garnett Widening (from E. 96th Street North to E. 106th Street North)
- In November 2012, Council approved an engineering agreement with Dewberry
in the amount of $345,600.
- A Public Meeting for the Garnett Widening project was held June 27, 2013 with
City staff and representatives from PSA Dewberry to receive citizen comments
regarding the design. In October 2013, INCOG presented this project to its
members for consideration to receive federal funding in FY 2017 for the
construction phase. Project was approved by the Technical Advisory and
Transportation Policy Committees.
- On November 12 2013, the INCOG Board of Directors approved federal funds to
be allocated to this specific project in the year 2017 or sooner, if funding is
available. The City of Owasso will receive $3.2 million in federal funds.
- The Conceptual Design is complete with final design scheduled for completion in
spring 2014.
• Original Town Sewer Line Improvements
- Sanitary sewer project is funded in the Wastewater Collection Operating Budget.
As a result of inverse slope, several sections of the gravity sewer line are in need
of replacement. The estimated cost for such improvements is $200,000.
- The Permit to Construct has been received from ODEQ. Bid advertisement is
expected the week of December 9th with bid opening on January 9th.
- Construction is scheduled to commence in February 2014 with completion in
August 2014.
• Hale Acres offsite Sanitary Sewer Line Improvements
- Sanitary sewer project is funded in the Wastewater Collection Operating Budget.
As a result of inadequate slope, the offsite Hale Acres gravity sewer line is need
of replacement. The estimated cost for such improvements is $270,000.
- The Permit to Construct has been received from ODEQ. Bid advertisement is
expected the week of December 9th with bid opening on January 9th.
- Construction is scheduled to commence in February 2014 with completion in
August 2014.
• CDBG Sidewalk Project
- Work began August 14th with scheduled completion by November 2013.
- All concrete work within the contract has been completed. Additional funds
remain in the amount of $28,000 and Public Works is working with the contractor
to complete additional sidewalk work within the CDBG area with the remaining
funds.
- Contractor is expected to begin work on replacing and installing additional
sidewalk from December 2nd through December 20th, weather permitting.
• FY 2013 -2014 Street Rehabilitation Proaram
- In August 2013, City Council approved the project priority list.
- Funding in the amount of $1 million is included in the FY 2013 -2014 Capital
Improvements Fund for this project.
- Bids are being solicited with the bid opening scheduled on January 3, 2014.
- Construction is scheduled to commence in February 2014 with completion in
June 2014.
IM
The Cittyr Witt out Limitts.
TO: THE HONORABLE CHAIR AND TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: CHELSEA M.E. HARKINS
DIRECTOR OF ECONOMIC DEVELOPMENT
SUBJECT: DIRECTOR'S REPORT
DATE: December 12, 2013
RETAIL & SERVICE DEVELOPMENT UPDATE
• Raising Cain's Chicken Fingers is under construction on the Sam's Development site.
• Discount Tires is under construction on their site at 1 l 6th and HWY 169.
HEALTH CARE UPDATE
• Senior Suites, a full service nursing facility continues construction on land to the south of
the St. John Owasso medical campus. They open this month.
CORPORATE UPDATE
• Information regarding recruitment of Project Socrates will be revealed next week.
OTHER
• The Owasso Christmas Parade is this Saturday, December 14th at Smith Farm Market Blvd.
at 9:00 AM.