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HomeMy WebLinkAbout2005.05.12_OEDA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY TYPE OF MEETING: DATE: TIME: PLACE: Regular May 12, 2005 10:00 a.m. Owasso City Hall Main Conference Room 111 North Main Notice and agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 5:00 p.m. on Monday, May 9, 2005. J ann M. Stevens, Deputy;' Clerk 2. ra 4. WeTU-10".. Call to Order & Roll Call Mr. Yandell Request Approval of Minutes of the April 14, 2005 Regular Meeting. Mr. Yandell Attachment #2 Request Approval of Claims. Mr. Yandell Presentation of Financial Report. Ms. Bishop Attachment #4 OEDA May 12, 2005 Page 2 of 2 5. Report from Economic Development Director. Mr. Hayes Attachment #5 6. Report from Community Development Director Mr. Wiles 7. Report from the Public Works Director Ms. Stagg 8. Report from OEDA Manager. Mr. Ray 9. Consideration and appropriate action relating to a request for Trustee approval of a Loan Agreement and Promissory Note between the Owasso Economic Development Authority and Vanguard Car Rental, USA, Inc., and authorization of Chairman to execute all necessary documents related thereto. Mr. Ray Attachment #9 Staff will recommend Trustee approval of a Loan Agreement and Promissory Note between the Owasso Economic Development Authority and Vanguard Car Rental, USA, Inc., and authorization of Chairman to execute all necessary documents. 10. New Business. 11. Adjournment. OWASSO ECONOMIC DEVELOPMENT AUTHORITY MINUTES OF REGULAR MEETING Thursday, April 14, 2005 The Owasso Economic Development Authority met in regular session on Thursday, April 14, 2005 in the Main Conference Room at Owasso City Hall per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Friday, April 8, 2005. ITEM 1: CALL TO ORDER & ROLL CALL Chairman Scott Yandell called the meeting to order at 10:03AM. PRESENT OTHERS Scott Yandell, Chair Randy Cowling Frank Enzbrenner, Vice -Chair Dee Sokolosky, Secretary Steve Cataduella, Trustee Gary Akin, Trustee Brenda Lawrence, Trustee Tom Kimball, Trustee A quorum was declared present. ABSENT None STAFF Ana Stagg, Public Works Director Sherry Bishop, Finance Director Tim Rooney, Assistant City Manager Rickey Hayes, Economic Development Director Eric Wiles, Community Development ITEM 2: REQUEST APPROVAL OF MINUTES OF THE MARCH 10 2005 REGULAR MEETING. Mr. Enzbrenner moved, seconded by Mr. Kimball, to approve the minutes of the March 10, 2005 Regular meeting, by reference made a part hereto. AYE: Enzbrenner, Kimball, Sokolosky, Yandell, Lawrence, Akin, Cataudella NAY: None ABSTAIN: Motion carried 7-0. Owasso Economic Development Authority ITEM 3: REQUEST APPROVAL OF CLAIMS. No Claims AYE: None NAY: None ABSTAIN: None ITEM 4: PRESENTATION OF FINANCIAL REPORT. April 14, 2005 After a review of the attached report, no questions were asked of Ms. Bishop. ITEM 5: UPDATE FROM ECONOMIC DEVELOPMENT DIRECTOR Mr. Hayes introduced incubator tenants Bill Willson, Tim White, and Ryan Burd of Infinity Investigations. ITEM 6: REPORT FROM COMMUNITY DEVELOPMENT DIRECTOR Mr. Wiles provided an update on the March building permit report, commented on the residential building within the City, and provided information regarding upcoming items before the Annexation Committee and Planning Commission. ITEM 7: REPORT FROM PUBLIC WORKS DIRECTOR Ms. Stagg gave a brief report on various street development projects, and other Public Works related items. No questions were asked of Ms. Stagg. ITEM 8: REPORT FROM OEDA MANAGER No Report. -2- Owasso Economic Development Authority April 14, 2005 ITEM 9: DISCUSSION RELATING TO THE COMMERCIAL STORMWATER RUNOFF FEE Ms. Stagg presented the Stormwater Management Program. Mr. Hayes discussed comments received from local pastors. Discussion regarding the necessity and implementation of the fee. ITEM 10: NEW BUSINESS None ITEM 11: ADJOURNMENT Motion made by Mr. Enzbrenner, seconded by Ms. Lawrence to adjourn. At 11:20am, the meeting was adjourned. AYE: Enzbrenner, Kimball, Lawrence, Sokolosky, Cataudella, Akin, Yandell NAY: None ABSTAIN: None Motion carried 7-0. Date Approved -3- Scott Yandell, Chair Owasso Economic Development Authority Statement of Revenues, Expenses and Changes in Fund Net Assets For the Month Ending April 30, 2005 Operating Revenues: Contributions Reimbursements Interest Total Operating Revenues Operating Expenses: Materials & supplies Services & other charges Capital outlay Total Operating Expenses Operating Income (Loss) Capital contributions Transfer from General Fund Total Non -Operating Revenues (Expenses) Change in Net Assets Total net assets - beginning Total net assets - ending Month -to -date Year-to-date $0.00 $0.00 0.00 0.00 4.53 44.47 4.53 44.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.53 44.47 0.00 0.00 0.00 0.00 4.53 44.47 **Note: For the purposes of this report, "Retained Earnings" includes only current assets and current liabilities 10,730.55 $10,775.02 MEMORANDUM TO: THE HONORABLE CHAIR AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RICKEY HAYES DIRECTOR OF ECONOMIC DEVELOPMENT 154 SUBJECT: DIRECTOR'S REPORT DATE: May 3, 2005 Progress continues on the commercial sites in the 961h Street retail corridor. Smith Farms continues construction at a fast pace. Tyann Development is about to construct a 52,000 square ft. retail strip in phase one of their development plans for the area on the east side of US 169 around the Home Depot. Tyann is also completing the service road from 86th to 96th Street on the east side of the highway. This site will eventually be home to about 300,000 feet of retail and restaurants, with some mixed use units as well. Over the past few weeks, I have been in meetings with several retail and motel groups, as well as working with a possible office relocation to Owasso. I just met with JC Penney representatives in Dallas regarding a retail store in Owasso. Penney's is just one of a number of national retailers seriously considering free standing retail outlets in our city. JC Penney is one of a string of national retailers moving away from a traditional mall presence into the power or life-style center model for their outlets. The ICSC convention is May 23-25, and I am planning to attend for 1 day of the convention. I am in the process of updating and revamping the Economic Development website. The site will officially begin June 1, 2005. The site will have a completely new look and will be more user friendly. All the new marketing material will be included, as well as the other material that is relevant. A GIS component to our IT system and network will greatly enhance our ability to provide information to customers and investors. As always, if I can serve you in any way, please call. Your input and direction are always important to the success of our efforts. MEMORANDUM TO: THE HONORABLE CHAIRMAN AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RODNEY J. RAY CITY MANAGER SUBJECT: REQUEST FOR APPROVAL OF DOCUMENTS RELATING TO ECONOMIC DEVELOPMENT LOAN TO VANGUARD CAR RENTAL, USA DATE: MAY 11, 2005 BACKGROUND: For the past several months City and OEDA officials have worked to develop a plan that would allow Owasso an opportunity to forge a mutually beneficial partnership with Vanguard Car Rental USA and its principal owner, Mr. Bill Lobeck. The opportunity for such a partnership developed after an offer of relocation assistance to the company by the Tulsa Metropolitan Chamber of Commerce failed to be realized. You may recall that the Tulsa Chamber offered Vanguard a four million dollar interest free loan as an incentive for relocating their corporate offices to Tulsa. After the company decided to select Tulsa and after entering into leasing agreements, the original relocation offer failed to materialize leaving the company in a position of having to decide either to honor leasing agreements and other monetary commitments relating to the move or "write-off those expenses and relocate to another city. Fortunately for the Tulsa area the company determined to stay with the Tulsa decision and continue their move to the Cherokee Industrial Park where they will employ approximately 700 people. After Vanguard determined that the initial offer that had been made was no longer on the table a series of discussions were conducted between officials from Vanguard, the Tulsa Chamber and Owasso. The result of those discussions did not produce results, however additional discussions between Vanguard and Owasso did result in Owasso considering taking action to loan Vanguard a portion of the amount of the originally offered incentive. A joint meeting of the OEDA and Owasso City Council was conducted to discuss the issue, a joint committee was established and final recommendations were developed. The recommendation was that the City of Owasso, for economic development purposes, provides relocation assistance to Vanguard Car Rental USA in the form of a no interest loan in the amount of $2,000,000. Vanguard/OEDA Loan Agreement May 11, 2005 Page 2 of 4 On Thursday, January 13, 2005, the OEDA met in a regular session and during that meeting approved OEDA Resolution #2005-02 (attached). That resolution authorized and approved a "loan agreement" and "promissory note" between the OEDA and Vanguard Car Rental USA, Inc. The resolution further authorized the Chairman to execute all necessary documents required to accomplish the loan. The motion approving the resolution contained a condition that such approval would not be final until receipt and review of a Letter of Credit issued by Arvest Bank in the amount of $2 000 000 Subsequent to that action, further review of the loan agreement by all of the involved parties has resulted in some changes to the proposed document. Though I consider those changes to be less than major, it is my position that the OEDA Trustees should review and authorize such. REQUEST: This request is for the approval of a revised "Loan Agreement" and "Promissory Note" and authorization for the Chairman to execute those documents on behalf of the OEDA, such action to be conditional upon the receipt and review of a Letter of Credit issued by Arvest Bank to the OEDA and the City of Owasso. PROPOSED CHANGES TO THE DOCUMENT: Proposed changes to the Loan Agreement and Promissory Note include the following: 1. Section 1.3 on page one has been rewritten to allow the proceeds of the loan to be used, if necessary, to reimburse the borrower for expenses associated with the relocation of the company that were made plj2E to the date of the loan. The company has paid most of the relocation expense and they want the reimbursement for those expenses to be noted as an appropriate use of the funds. 2. Section 2 on page one has been rewritten to add an "intercreditor agreement" between Arvest Bank and the OEDA, such agreement naming Arvest Bank as Trustee for the receipt and disbursement of Quality Jobs proceeds and grants the OEDA a "first and prior security interest" in such proceeds. 3. Section 2.1 of the originally approved document is deleted and removed. 4. Section 3.5 of the originally approved document is deleted and removed. 5. Section 4.1 of the originally approved document is deleted and removed. 6. Section 4.3 of the originally approved document has been rewritten but provides essentially the same language. 7. Section 4.5 and 4.6 of the originally approved document is deleted and removed. 8. Section 5.1 has been changed to allow "on site only" inspection of the financial records of the company. The originally approved document provided for such financial records to "be provided" to the OEDA. Under the new language the OEDA could have auditors, with two days notice on site to review and inspect any of the company's financial records. Vanguard/OEDA Loan Agreement May 11, 2005 Page 3 of 4 9. Section 5.3 has been modified to allow the company to become a publicly held corporation without violating the prohibition against "selling" the company during the term of the Note. 10. Sections 5.4 and 5.5 of the originally approved document have been deleted. 11. Section 5.6(a) of the originally approved document requiring notice of all litigation of $100,000 or more has been deleted. Such was a City of Owasso staff suggestion after being informed of the large number of litigation in which the company is annually involved. 12. Section 5.8 of the originally approved document has been rewritten but provides essentially the same language. 13. Section 7 of the original document has been changed to trigger an event of default after a ten (10) day notice of such by the OEDA. 14. Section 7.4 and 7.5 of the originally approved agreement relating to liens and judgments has been removed, because the original language could render the borrower in default without a serious financial problem just due to the large amount of litigation in which the company is involved. 15. There are other minor word changes throughout the document that are not specifically identified but do not change the intent of the originally approved document. 16. The rate of interest on the unpaid portion of the loan, in the event of default is changed to reflect a 6% rate rather than a 10% rate as originally proposed. Attached, to assist in your review are copies of the originally approved document with highlighted areas of change and the proposed agreement that also highlights the areas of change. Please note that Mr. Cates and I negotiated these changes. Because of Mr. Cates resignation, I have asked Mr. Bob Buss (Charney, Buss, and Williams Law firm) to review the final document. He has done so in conjunction and in consultation with Mr. Cates. RECOMMENDATION: The staff recommends the OEDA approve the proposed Loan Agreement and Promissory Note and authorize the Chairman to execute such upon the receipt and review of a Letter of Credit in the amount of $2,000,000 from Arvest Bank made to the OEDA and the City of Owasso. Note: Please note that all other documents, resolutions, and revenue anticipation notes have been approved by the City Council and OEDA. Thus this document and receipt of the Letter of Credit are the remaining issues. Vanguard/OEDA Loan Agreement May 11, 2005 Page 4 of 4 Further note that Vanguard has now provided financial information to Arvest Bank and it appears that a "closing" on the loan, subject of course to OEDA action approving this document, could take place within the next ten days. ATTACHMENTS: 1. Memorandum to OEDA dated January 5, 2005 (background information) 2. Originally approved Loan Agreement and Promissory Note (approved January 13, 2005) 3. Proposed Loan Agreement and Promissory Note 4. Minutes from OEDA meeting of January 13, 2005 5. Minutes of the January 18, 2005 City Council meeting wherein Funds were approved for transfer to OEDA ATTACHMENT # 1 MEMORANDUM TO: THE CHAIRMAN AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RODNEY J RAY CITY MANAGER SUBJECT: REQUEST FOR APPROVAL OF DOCUMENTS RELATING TO ECONOMIC DEVELOPMENT LOAN TO VANGUARD CAR RENTAL USA DATE: January 5, 2005 BACKGROUND: For the past several months City and OEDA officials have worked to develop a plan that would allow Owasso an opportunity to forge a mutually beneficial partnership with Vanguard Car Rental USA and its principal owner, Mr. Bill Lobeck. The opportunity for such a partnership developed after an offer of relocation assistance to the company by the Tulsa Metropolitan Chamber of Commerce failed to be realized. You may recall that the Tulsa Chamber offered Vanguard a four million dollar interest free loan as an incentive for relocating their corporate offices to Tulsa. After the company decided to select Tulsa and after entering into leasing agreements, the Tulsa Chamber failed to materialize their offer leaving the company in a position of having to decide either to honor the leasing agreements and other monetary commitments relating to the move or "write-off' those expenses and relocate to another city. Fortunately for the Tulsa area the company determined to stay with the Tulsa decision and continue their move to the Cherokee Industrial Park where they will employ approximately 700 people. After Vanguard determined that the initial offer that had been made was not on the table a series of discussions were conducted between officials from Vanguard, the Tulsa Chamber and Owasso. The result of those discussions did not produce results, however additional discussions between Vanguard and Owasso did result in Owasso considering taking action to loan Vanguard a portion of the amount of the originally offered incentive. A joint meeting of the OEDA and Owasso City Council was conducted to discuss the issue, a joint committee was established and final recommendations were developed. After much discussion a consensus was reached that brings the issue to this point. That being the recommendation that the City of Owasso, for economic development purposes, Relocation Loan Agreements for Vanguard Car Rental January 5, 2005 Page 2 of 3 provide relocation assistance to Vanguard Car Rental USA in the form of a no interest loan in the amount of $2,000,000. THE CONCEPT: The concept that was developed as the most efficient and less costly method of accomplishing this loan was for the City to invest reserve funds in a "Revenue Anticipation Note" (RAN) that would be issued by the Owasso Economic Development Authority. The OEDA would then utilize the proceeds from the RAN to make a loan to Vanguard. Based on a review of all of the funding options available this concept offers the cleanest and lowest cost viable option. It does not impact the City's other debt or create problems when the City begins funding capital programs by issuing debt. THE PROCESS: Should the OEDA and the City Council desire to proceed with the proposed loan using the concept and parameters that has been developed by the staff and reviewed by the joint committee the process would be as follows: • OEDA consideration of a Resolution that authorizes a Revenue Anticipation Note to the City of Owasso. • OEDA consideration of a Resolution that authorizes the lending of the $2,000,000 to Vanguard. • City Council consideration of a Resolution authorizing the lending of the $2,000,000 to the OEDA and approving the Loan Agreement and Revenue Anticipation Note. • Closing on the loans. THE DOCUMENTS: The documentation necessary for the transaction as described is as follows: • City of Owasso Resolution No. 2005-01 (Authorizing Resolution regarding OEDA loan) • Loan Agreement between the OEDA and the City of Owasso • Revenue Anticipation Note between the OEDA and the City of Owasso ($2,000,000) • OEDA Resolution No. 2005-01 (Authorizing Resolution regarding the transaction with the City) • OEDA Resolution No. 2005-02 (Authorizing Resolution for the Vanguard loan) Relocation Loan Agreements for Vanguard Car Rental January 5, 2005 Page 3 of 3 Loan Agreement between the OEDA and Vanguard Promissory Note from Vanguard to the OEDA THE SAFEGUARDS: If approved, the Loan Agreement requires that Vanguard, in providing security for the loan, pledge and assign the right to receive proceeds of the State of Oklahoma Quality Jobs payments for repayment over a period not to exceed five (5) years. Additionally, the document commits Vanguard to an equal, quarterly reduction of the principal in an amount required to accomplish the "pay-off' of the loan in five (5) years. The Loan Agreement requires the company to maintain a level of employment that at a minimum will insure adequate funds for the reduction of the principal from the Oklahoma Quality Jobs Act payments. The Loan Agreement also requires the company to pay off the loan in the event the company should sell or the assets are sold and requires that should the company decide to relocate its corporate headquarters prior to the repayment of the loan; the note will become due immediately. Additionally, the entire process and approval of all documents is strictly dependant upon the issuance of an irrevocable Letter of Credit in the amount of $2,000,000.00 with the OEDA as Beneficiary of that Letter of Credit. THE METHOD OF REPAYMENT: The loan will be repaid by the payments directly paid over to the OEDA by the State of Oklahoma on behalf of the company under the Quality Jobs Act. To the extent such funds prove to be inadequate to repay the loan the remainder will come from the corporate revenues of Vanguard. RECOMMENDATION: Staff recommends the OEDA approve the transaction outlined above and authorize the appropriate officers to execute the necessary documentation. ATTACHMENTS: 1. Resolution No. 2005-01 2. Loan Agreement between the OEDA and the City of Owasso 3. Revenue Anticipation Note between the OEDA and the City of Owasso 4. OEDA Resolution No. 2005-01 5. OEDA Resolution No. 2005-02 6. Loan Agreement between the OEDA and Vanguard 7. Promissory Note Vanguard to OEDA ATTACHMENT # 2 APPROVED JANUARY 13, 2005 LOAN AGREEMENT THIS LOAN AGREEMENT is made and entered into as of the day of , 2005, by and between VANGUARD CAR RENTAL U.S.A., INC. a corporation ("Borrower"'), and the OWASSO ECONOMIC DEVELOPMENT AUTHORITY, an Oklahoma Public Trust having the City of Owasso, Oklahoma as its beneficiary ("OEDA"). THE LOAN. 1.1 Limits on Loan. Subject to the terms and conditions of this Agreement, OEDA agrees to loan Borrower Two Million and No/100 Dollars ($2,000,000.00) ("Loan"). 1.2 Note. Borrower shall execute and deliver to OEDA its promissory note evidencing the Loan and payable to the order of OEDA in the principal amount of Two Million and No/100 Dollars ($2,000,000.00) in substantially the form of Schedule "1.2" hereto (the "Note"). 1.3 Application of Proceeds. Borrower shall apply the funds received from OEDA under the Loan for the purpose of, among other OEDA approved uses, financing relocation of its corporate offices from Ft. Lauderdale, Florida to the Cherokee Industrial Park an industrial park located in near proximity to the City of Owasso, Oklahoma in Tulsa County, State of Oklahoma _ . - - J comment: xE-wxrrrEN 2. SECURITY. As security for any indebtedness, obligations or liabilities of every kind and description of the Borrower to OEDA, including without limitation all advances and loans evidenced by the Note and any other advances and loans pursuant to this Agreement or any other agreement, including extensions, renewals or changes in form of any note or other evidence of indebtedness, and including indebtedness, obligations or liabilities now existing or hereafter created, direct or indirect, absolute or contingent, joint and several or joint or several, due or to become due, howsoever created, evidenced or arising and howsoever acquired by OEDA (all hereinafter referred to as "Obligations"), Borrower, by these presents, assigns Borrower's right to receive from the Department of Commerce of the State of Oklahoma payments pursuant to the Oklahoma Quality Jobs Act. In conjunction herewith, the Borrower agrees to maintain a level of employment which at a minimum will insure adequate funds from the Department of Commerce of the State of Oklahoma for the reduction of the principal within five (5) years., comment: RE-wxrFTEN 2.1 Additional. Borrower also agrees to execute and deliver all other instruments, agreements or documents required by the OEDA to perfect its security interests and liens in all applicable jurisdictions - - 4 comment: DELETED All of the foregoing security specified in this Section is hereinafter referred to as "Collateral.' - Comment: DELETED -------------------------------------------------------- 3. CONDITIONS PRECEDENT. The making of the loan provided for herein shall be conditioned upon the following: 3.1 Loan Documents. All Loan Documents shall be executed and/or delivered to OEDA, including without limitation the Note. 3.2 Certificate of Good Standing. At closing, Borrower shall deliver a Certificate of Good Standing from its state of incorporation. 3.3 Irrevocable Letter of Credit. There shall be obtained from Arvest Bank an Irrevocable Letter of Credit in the amount of $2,000,000.00, or so much of the Loan herein provided for that shall remain unpaid, naming the OEDA and the City of Owasso, Oklahoma, as Beneficiaries thereof. Such Irrevocable Letter of Credit shall remain effective during the entire term of the Loan as well as any extensions or renewals thereof. The OEDA shall be responsible for the prompt payment of the fee for such Irrevocable Letter of Credit. 3.4 Legal Opinion. At closing, Borrower shall deliver to OEDA a legal opinion including the opinions set forth on Schedule "3.4" hereto, including only such assumptions and restrictions which are acceptable to OEDA. 3.5 Financial Condition. No material adverse change, in the opinion of the OEDA, shall have occurred in Borrower's or Guarantors' financial condition, since the date of the latest financial information provided to OEDA 3.6 No Default. No Event of Default or any event which might mature into an Event of Default hall have occurred. 3.7 Representations and Warranties. The representations, warranties and covenants set forth in this Agreement shall be true and correct as of the date hereof. 3.8 General. OEDA shall have received in substance and form satisfactory to OEDA all other certificates, affidavits, schedules, security agreements, legal opinions and other documents which are provided for hereunder, or which OEDA may reasonably request. REPRESENTATIONS AND WARRANTIES. To induce the OEDA to make the loan, Borrower represents and warrants to OEDA that: Comment: DELETED 4.1 uthorit . The execution and d4pry by Borrower of this Agreement and the FfqTui"ed rmancey it of its Obligations hereunder and under the instruments and other documents hereby: (a) are and will be within its powers; (b) are not and will not be in contravention the Articles of Incorporation or Bylaws of the corporation, any law or any indenture, agreement or undertaking to which it or any of its property is bound; (d) do not require any consent or approval (including governmental) which has not been given; (e) do not contravene any statute, rule or regulation or any contractual or governmental restriction binding upon it; and (f) will not result in the imposition of liens, charges or encumbrances on any of the properties or assets of Borrower except as may be required pursuant to this Agreem_ - - - comment: DELETED 4.2 Binding Effect. This Agreement and all Loan Documents are legal, valid and binding obligations, enforceable in accordance with their terms. 4.3 Financial Data. Any balance sheets, earnings statements and other financial data which have been or shall hereafter be furnished to OEDA to induce it to make the Loan do, or, as to subsequent financial statements will, fairly represent the financial condition of the Borrower as of the date for which the same are furnished; have been prepared in accordance with generally accepted accounting principles consistently applied; no material adverse change has since occurred in the condition, financial or otherwise, of Borrower; reports and other papers and data furnished to OEDA are or will be, at the time the same are so furnished, accurate and correct in all material respects and complete insofar as completeness may be necessary to give the OEDA a true and accurate knowledge of the subject matter. Borrower has not incurred any material liabilities or made any material investments or guarantees, direct or contingent, either in any case or in the aggregate, since the last statements provided to OEDA. 4.4 Liti ag tion. There is not now pending against the Borrower nor, to the knowledge of the Borrower, is there threatened any litigation, legal or administrative proceedings, investigation or any other action of any nature against it or affecting it. 4.5 Collateral. All of the Collateral granted to the OEDA hereunder is, and will be, owned by the Borrower free and clear of all liens, claims or encumbrances whatsoever, except for the rights herein granted to the OEDA and Borrower has good right to cause such Collateral to be hypothecated to the OEDA as security for Borrower's obligations. 4.6 Taxes. Borrower has filed all tax returns required to be filed and paid all taxes shown thereon to be due, including interest and penalties, if any, or provided adequate reserves for the payment thereof. 4.7 Intentionally Blank. Comment: DELETED 4.8 Intentionally Blank.; 5. AFFIRMATIVE COVENANTS. Borrower covenants and agrees that, until the full and final payment of all the obligations, it will, unless the OEDA waives compliance in writing: 5.1 Financial Statements. Make accessible to representatives of OEDA in form and detail satisfactory to OEDA, and in such numbers of copies as OEDA may request: (a) Quarterly. As soon as available and in any event within thirty (30) days after the end of each fiscal quarter end, commencing with the quarter ending December 31, 2004, its balance sheet and income statement as of the close of such quarter, and for that portion of the fiscal year ending with such quarter. (b) Annual . As soon as available and in any event within sixty (60) days after the close of each fiscal year of Borrower, commencing with the year ending December 31, 2004, its balance sheet and income statement as of the close of such yeani - - comment: RE-wRnTEN 5.2 Inspection. Permit any authorized representative of OEDA to visit and inspect any of the properties of the Borrower, including any books and records, and to discuss its affairs and finances, and as often as OEDA may reasonably request. 5.3 Conduct of Business. Maintain its corporate existence and use its best efforts to maintain in full force and effect all licenses, leases, contracts and other rights necessary or desirable to the profitable conduct of its business. Further, Borrower shall not relocate its principal as well as primary business operations outside of the Cherokee Industrial Park located in Tulsa County, State of Oklahoma. Additionally, Borrower shall neither assign, sell or transfer its business in whole or in part by the assignment, sale, or transfer of any majority ownership position therein nor assign., sell or transfer any assets of the corporation other than those assignments, sales and transfers occurring in the normal course of the daily operations of Borrower.! - Comment: DELETED 5.4 Intentionally Blank. 5.5 Payment of Taxes and Assessments. Duly pay and discharge, or cause to be paid and discharged, all taxes, assessments and other governmental charges imposed upon it and its properties or any part thereof, or upon the income or profits therefrom, as well as all claims for labor, materials or supplies which if unpaid might by law become a lien or charge upon any property of Borrower, except for such items as are being in good faith appropriately contested by Borrower and with respect to which adequate reserves, satisfactory to the OEDA, are set aside and maintained on the books of the Borrower. - I comment: DELETED 5.6 Notices. Promptly give written notice to OEDA of any of the following facts coming to the attention of the Borrower, of (a) Litigation affecting Borrower or any Guarantor where the amount in any case or in the aggregate is One Hundred Thousand and No/100 Dollars ($ 100,000. 00) or more, and is not covered by insurance; (b) Any substantial dispute which may exist between Borrower and any governmental regulatory body or law enforcement authority; (c) Any labor controversy resulting in or threatening to result in a strike; and (d) Any Event of Default under the terms of this Agreement or of any instruments provided for herein!, -_____________________------_______________--_- Comment: DELETED 5.7 Insurance. Maintain insurance with a responsible and reputable insurer in such amounts and covering such risks as is usually carried by companies engaged in similar businesses at similar locations. 5.8 Further Assurances. Borrower will promptly cure any defects in the issuance of the Note and the execution of this Agreement and any other instrument or documents referred to or mentioned herein. Borrower will immediately execute and deliver to the OEDA upon request all such other and further instruments as may be required or desired by the OEDA from time to time in compliance with or in accomplishment of the covenants and agreements of Borrower made in this Agreement and other such instruments and documents referred to or mentioned herein, or to further evidence and more fully describe the properties intended as security for the Note; also, to correct any omission in any exhibits or to perfect any security interests or liens, to make- any recordings, to file any notices or to obtain any consents, all as may be necessary or appropriate in connection therewith. Comment: DELETED 5.9 Intentionally Blank. , Comment: DELETED 6. Intentionally Blank.[ ' 7. EVENTS OF DEFAULT. The occurrences of any of the following events shall constitute an Event of Default hereunder: 7.1 Nonpayment. Nonpayment when due of any installment of interest or -principal in accordance with the terms of any promissory note or other instrument evidencing Borrower's indebtedness to OEDA or nonpayment when due of any other sums payable by Borrower to OEDA. - comment: RE -WRITTEN 7.2 Representations and Warranties. Any representation or warranty made to OEDA by the Borrower or which is contained in any certificate, document, opinion, or financial or other statement furnished at any time under or in connection with any Loan Documents shall prove to have been incorrect, incomplete, or misleading in any material respect on or as of the date made or deemed made. 7.3 Covenants. The Borrower shall fail to perform or observe any term, covenant, or agreement contained herein or in any other Loan Documents. 7.4 Involuntary Lien. The attachment of any involuntary lien in the sum of One Hundred Thousand and No/100 Dollars ($100,000.00) or more, of any kind or character, upon the assets or property of the Borrower, except for taxes due but not in default.', f comment: DELETED 7.5 Judgment. The entry against Borrower of any judgment in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) or more on a claim not covered by insurance which has not been dismissed within ten (10) days from judgment, or the entry against Borrower of judgments totaling in excess of One Hundred Thousand and No/100 Dollars ($100,000.00) in any three (3) months' period. _ - I comment: DELETED 7.6 Act of Insolvency. If Borrower or any Guarantor shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself, or of all or a substantial part of its assets; (ii) admit in writing its inability to pay its debts as they fall due; (iii) make a general assignment for the benefit of its creditors; (iv) be adjudicated a Bankrupt or insolvent; or (v) file a voluntary petition in Bankruptcy or file a petition or answer seeking reorganization or an arrangement with creditors or seeking to take advantage of any insolvency law or admit (by answer, default or otherwise) the material allegations of a petition filed against it in any Bankruptcy, reorganization, arrangement or insolvency proceeding, or take or omit to take any action for the purpose or with the result of effecting any of the foregoing. 7.7 Involuntary Bankruptcy. An order, judgment or decree by any court of competent jurisdiction shall be entered, adjudicating the Borrower or any Guarantor to be Bankrupt or insolvent; without the application, approval or consent of the Borrower or any Guarantor, approving a petition seeking reorganization of the Borrower or any Guarantor or appointing a receiver, trustee or liquidator of the Borrower or any Guarantor or all or a substantial part of any of its or their assets. I , _ -i comment: DELETED 7.8 Condemnation. The condemnation, seizure or appropriation of all, or such as in the opinion of OEDA constitutes substantially all, of the property of Borrower. 7.9 Suspension of Business. The voluntary or involuntary suspension of business by Borrower for a period deemed by OEDA to substantially adversely affect Borrower's ability to repay the obligations. 7.10 Default of Other Oblilzations. Any event of default as defined in any loan or similar agreement to which the Borrower is now or hereafter a party, or any other event pursuant to which any holder or holders of indebtedness of Borrower may declare the same due and payable, or the failure to pay any such indebtedness when due, shall occur and shall continue for more than the period of grace, if any, provided with respect thereto. 7.11 General Default. The breach of, or default under, any covenant, agreement, term, condition, provision, representation or warranty contained in this Agreement or in any agreement or instrument executed in connection herewith 6r,as security for any of the Obligations,._ by Borrower not specifically referred to in this Section_ _ _ _ _ _ _ comment: DELETED 8. REMEDIES. If any one or more Events of Default shall occur and be continuing, OEDA may without notice, presentment or demand, proceed to protect and enforce all or any of the rights with respect thereto contained in this Agreement or any other Loan Documents, or may proceed to enforce payment of all indebtedness due hereunder or enforce any other legal or equitable rights or exercise any other legal or equitable remedies, or cure or remedy any default by Borrower for the purpose of preserving the Propert�_All rights, remedies or powers conferred , - - comment: DELETED upon OEDA shall be cumulative and not exclusive of any other rights, remedies or powers available. No delay or omission to exercise any right, remedy or power, shall impair any such right, remedy or power, or shall be construed to be a waiver of any Event of Default or an acquiescence therein. Any such right, remedy or power may be exercised from time to time, independently or concurrently, and as often as shall be deemed expedient. No waiver of any Event of Default shall extend to any subsequent Event of Default. No single or partial exercise of any right, remedy or power shall preclude other or further exercise thereof. Bon-ower covenants that if an Event of Default shall happen and be continuing it will pay costs of court and other out- of-pocket expenses paid or incurred by OEDA in collecting the amounts due pursuant to this Agreement, the Note, or any other Loan Documents, including attorneys fees, together with interest on amounts so expended from the respective dates of each expenditure at an annual rate equal to the rate accruing under the Note. GENERAL. 9.1 Definitions. As used herein: (a) "Person" shall mean any individual, corporation, limited liability company, partnership, trust or unincorporated organization, or a government or any agency or political subdivision thereof. (b) "this Agreement" shall include all amendments, modifications and supplements and shall refer to this Agreement as the same may be in effect at the time such reference becomes operative. (c) "Loan Documents" shall mean this Agreement, the Note, and the other instruments, documents and agreements executed and/or presented to OEDA as required under this Agreement. 9.2 Notices. All notices, consents, waivers, and other communications under this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand with written confirmation of receipt), (b) sent by telecopier (with written confirmation of receipt), provided that a copy is mailed by registered mail, return receipt requested, or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and telecopier numbers set forth below (or to such other addresses and telecopier numbers as a party may designate by notice to the other parties): The Borrower: Vanguard Car Rental, U.S.A. 200 South Andrews Ave. Ft. Lauderdale, F133301 Attn: Howard Swartz, General Counsel Facsimile No.: The OEDA: Owasso Economic Development Authority 111 North Main St. Owasso, OK 74055 Attn: Rickey Hayes, Economic Development DirectorL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ comment: CHANGED Facsimile No.: (918) 376-1599 or at such other address as any party shall designate for itself in writing to the other parties. Any notice hereunder shall be deemed effective when actually received or when placed in the United States malls, postage prepaid, certified mail, return receipt requested. 9.3 OEDA Making Required Pam. In the event the Borrower shall fall to maintain insurance, or to pay taxes, assessments, costs, fees or expenses which the Borrower is required to pay, under any of the terms hereof or of any instrument or agreement securing any of the Obligations or executed in connection herewith or therewith including, without limitation, costs and expenses incurred as provided for in this paragraph, or fail to keep the Collateral free from other security interests, liens or encumbrances, except as permitted herein, OEDA may at its election make expenditures for any or all such purposes and the amount so expended, together with interest thereon at the rate accruing under the Note, shall become immediately due and payable by Borrower to OEDA; but OEDA shall be under no duty or obligation whatever with respect to any of the foregoing expenditures. All costs and reasonable attorney's fees and legal expenses shall likewise constitute additional indebtedness of Borrower which Borrower promises to pay on demand and which shall be entitled to the benefits of and be secured by the Collateral.' i -j comment: DELETED 9.4 Intentionally Blank _ - j comment: DELETED 9.5 Setoff, Etc. Upon the occurrence of an Event of Default, any indebtedness owing from OEDA to Borrower including, without limitation, any general or special deposit account, may be set off or otherwise applied by OEDA under a general lien covering such indebtedness on any indebtedness or liability of the Borrower under the Note or this Agreement to OEDA at any time and from time to time, either before or after maturity, and without demand or notice to anyone. It is understood that the OEDA may sell participation in loans made hereunder, and Borrower agrees that any such participant shall have the same right of setoff or other application under the general lien as herein granted to OEDA. 9.6 Intentionally Blank _ _ _ _ - - - i comment: DELETED 9.7 Nonwaiver of Rights. No delay or omission to exercise any right, power or remedy accruing to OEDA upon any agreement or instrument executed pursuant hereto or in connection herewith shall impair any such right, power or remedy of OEDA nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore occurring. Any waiver, permit, consent or approval of any kind or character on the part of OEDA of any breach or default or condition to the making of any loans under this Agreement, or any waiver on the part of OEDA of any provision or condition of this Agreement or any agreement or instrument executed pursuant hereto or in connection herewith, must be in writing signed by OEDA and shall be effective only to the extent such writing specifically sets forth. All remedies, either under this Agreement or by law or otherwise, afforded to OEDA shall be cumulative and not alternative. 9.8 Applicable Law. This Agreement has been delivered and accepted in, and shall be a contract made under and shall be entered into and governed by the laws of the State of Oklahoma. The Note shall be deemed to be an obligation made under and shall be construed in accordance with and governed by the laws of the State of Oklahoma. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under the applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 9.9 Binding Effect. This Agreement shall be binding upon the Borrower and the OEDA and their respective successors and assigns, and shall inure to the benefit of the OEDA and the successors and assigns of the OEDA. 9.10 Headings. The Section and paragraph headings of this Agreement are for convenience and shall not affect, limit or expand any term or provision hereof. 9.11 Severability. If any part of this Agreement and Loan documents is held invalid or illegal, the remainder of this Agreement shall not be affected thereby. "Borrower" Vanguard Car Rental U.S.A., Inc. By_ Name Title OEDA Owasso Economic Development Authority By Name: Scott Yandell Title: Chairman 10 Schedule "1.2" PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned, Vanguard Car Rental U.S.A., Inc., its successors and assigns (collectively, the "Borrower"), promises to pay to the order of the Owasso Economic Development Authority of Owasso, Oklahoma, its successors and assigns (collectively, the "Authority") at its principal office at I I I N. Main, Owasso, Tulsa County, Oklahoma 74055, or at such other place as may be designated in writing by the Authority, the principal sum of TWO MILLION AND NO/100 DOLLARS ($2,000,000.00) or so much thereof as shall have been advanced hereon shall be due and payable on or before the _ day of , 2010. The Borrower shall repay the principal by making quarterly installment payments to the Authority in an amount not less than One Hundred Thousand and No/100 Dollars ($100,000.00) per quarter for a period of five (5) years or ® _ _ - Comment: DELETED the principal shall have been paid, whichever the sooner. The initial installment shall be paid on or before the day of , 2005. No Interest on the unpaid portion of the principal balance computed from the date of each advance shall be due; however, if and in the event the Borrower shall default in making any payments as called for hereunder or otherwise failing to perform covenants herein contained or as set forth in that certain Loan Agreement between the Borrower and the Authority then, from such date of default or nonperformance until principal is paid in full, interest shall be calculated at the rate of ten percent (10%) per annum thereupon shall be due a_nd _ _ - Comment: CHANGED payable on or before the _ day of 2005 and the 1 day of of each successive year thereafter until paid in full. The Borrower may prepay this Note, in whole or in part, at any time prior to the due date hereof, without penalty. If any payment shall be due on a Saturday or Sunday or upon any banking holiday of the holder hereof, such payment shall be due and payable on the next succeeding banking day and interest shall accrue to such day. All parties (makers, sureties, guarantors and all others now or hereafter liable for payment of all or any portion of the indebtedness evidenced by this Note) severally waive demand, presentment, notice of dishonor, protest, notice of protest, and diligence in collecting this Promissory Note and diligence in bringing and prosecuting suit against any party bound hereby, and agree that no extension, renewal or partial payment, or release or substitution of collateral before or after maturity, with or without notice, shall release or discharge the obligation of any party. Upon the failure to pay when due the principal and or interest, the holder hereof shall be entitled, at its option, to extend the term or declare the unpaid principal balance of this Note to be immediately due and payable. A failure by such holder to exercise such option will not constitute a waiver of the right to exercise the same in the event of any subsequent default. After maturity (whether by extension, acceleration or otherwise), interest shall accrue hereon at a rate of interest of ken percent (10%) per annum. If this Note is placed with an attorney for collection upon any__ _ - Comment: CHANGED default, or to defend or enforce any rights of the holder(;) hereunder or any instrument securing payment of this Note, or if this Note is collected through bankruptcy or other judicial proceeding, the Borrower agrees to pay the reasonable attorney fees of the holder(s) of this Note and all reasonable costs and expenses incurred in connection therewith. Dated this _ day of 2005 Vanguard Car Rental U.S.A., Inc. By CD ATTACHMENT # 3 PROPOSED LOAN AGREEMENT & PROMISSORY NOTE LOAN AGREEMENT THIS LOAN AGREEMENT is made and entered into as of the day of 2005, by and between VANGUARD CAR RENTAL USA INC., a Delaware corporatio ("Borrower"'), and the OWASSO ECONOMIC DEVELOPMENT _ _ _ _ _ _ _ - - - comment: ADDED AUTHORITY, an Oklahoma Public Trust having the City of Owasso, Oklahoma as its beneficiary ("OEDA"). 1. THE LOAN. 1.1 Limits on Loan. Subject to the terms and conditions of this Agreement, OEDA agrees to loan Borrower Two Million and No/100 Dollars ($2,000,000.00) ("Loan"). 1.2 Note. Borrower shall execute and deliver to OEDA its promissory note evidencing the Loan and payable to the order of OEDA in the principal amount of Two Million and No/100 Dollars ($2,000,000.00) in substantially the form of Schedule "1.2" hereto (the "Note"). 1.3 Use of Proceeds. The proceeds of the Loan shall be used by Borrower to finance the relocation of Borrower's corporate offices to the Cherokee Industrial Park, an industrial park located in near proximity to the City of Owasso, Oklahoma in Tulsa County, State of Oklahoma, or to reimburse Borrower for funds previously spent in connection with its relocation. - , - comment: RE -WRITTEN 2. SECURITY. As security for the Loan, Borrower shall grant a first and prior security interest (which security interest shall not exceed $4,000,000.00) in the proceeds of the Oklahoma Quality Jobs Program payable under the Quality Jobs Contract, dated March 25, 2004, between the Department of Commerce, State of Oklahoma and Borrower to Arvest as Trustee under an Intercreditor Agreement, dated , 2005, among Metropolitan Tulsa Chamber of Commerce, a non -for profit corporation, OEDA and Arvest. The Intercreditor Agreement shall, among other things, grant to OEDA a first and prior security interest which security - _ - comment: RE -WRITTEN interest shall not exceed an amount sufficient to repay in full any outstanding balance of the Loan) in the proceeds of the Oklahoma Quality Jobs Program. 3. CONDITIONS PRECEDENT. The making of the loan provided for herein shall be conditioned upon the following: 3.1 Loan Documents. All Loan Documents shall have been executed and/or delivered to OEDA, including without limitation the Note. 3.2 Certificate of Good Standine. At closing, Borrower shall have delivered a Certificate of Good Standing from its state of incorporation. 3.3 Irrevocable Letter of Credit. There shall be obtained from Arvest Bank and Irrevocable Letter of Credit in the amount of $2,000,000.00, or so much of the Loan herein provided for that shall remain unpaid, naming the OEDA and the City of Owasso, Oklahoma, as Beneficiaries thereof. Such Irrevocable Letter of Credit shall remain effective during the entire term of the Loan as well as any extensions or renewals thereof. The OEDA shall be responsible for the prompt payment of the fee for such Irrevocable Letter of Credit. 3.4 Legal Opinion. At closing, Borrower shall deliver to OEDA a legal opinion including the opinions set forth on Schedule "3.4" hereto. 3.5 No Default. No Event of Default shall have occurred and be continuing. 3.6 Representations and Warranties. The representations, warranties and covenants set forth in this Agreement shall be true and correct in all material respects as of the date hereof. 3.7 General. OEDA shall have received in substance and form reasonably satisfactory to OEDA all other certificates, schedules, legal opinions and other documents which are provided for hereunder, or which OEDA may reasonably request. 4. REPRESENTATIONS AND WARRANTIES. To induce the OEDA to make the loan, Borrower represents and warrants to OEDA that: 4.1 Financial Data. Any balance sheets and income statements which have been, or shall hereafter be, furnished to OEDA for inspection fairly presents,_ or will fairly present, the , , - Comment: RE -WRITTEN financial condition of the Borrower as of the date for which the same are furnished; have been, or will be, prepared in accordance with generally accepted accounting principles consistently applied; no material adverse change has since occurred in the financial condition of Borrower; all such balance sheets and income statements furnished to OEDA for inspection are, or will be, at the time the same are so furnished, accurate and correct in all material respects and complete insofar as completeness may be necessary to give the OEDA a true and accurate knowledge of the financial condition . of Borrower. _ _ _ _ _ _ _ _ _ _ _ _ _ _ , , - Comment: ADDED 4.2 Binding. This Agreement and all Loan Documents are legal, valid and binding obligations, enforceable in accordance with their terms. 5. AFFIRMATIVE COVENANTS. Borrower covenants and agrees that, until the full and final repayment of the Loan, it will, unless the OEDA waives compliance in writing: 5.1 Financial Statements. Upon receipt of a two Business Day written notice from OEDA, Borrower shall make the following financial statements available for inspection only by authorized representatives of OEDA at Borrower's corporate headquarters until and unless Borrower becomes a publicly held company: , - Comment: RE -WRITTEN (a) Quarterly Financial Statements. Commencing with the fiscal quarter ending December 31, 2004, Borrower shall make available for inspection only its balance , , - Comment: ADDED sheet and income statement as of the close of such quarter and for each subsequent fiscal quarter during the term of the Loan as soon as the financial statements are available. (b) Annual Financial Statements. Commencing with the fiscal year ending December 31, 2004, Borrower shall make available for inspection only its balance sheet _ - comment: ADDED and income statement as of the close of such year and for subsequent fiscal years during the term of the Loan as soon as the financial statements are available. 5.2 Conduct of Business. Maintain its corporate existence and use its best efforts to maintain in full force and affect all licenses, leases, contracts and other rights necessary or desirable to the profitable conduct of its business. Further, during the term of the Loan, Borrower shall not relocate its principal office as well as primary business operations outside of the Cherokee Industrial Park located in Tulsa County, State of Oklahoma. 5.3 Notices. Promptly give written notice to OEDA of any substantial dispute which may exist between Borrower and anygoverninental regulatory body or law enforcement authority. 5.4 Further Assurances. Borrower will promptly cure any defects in the issuance of the Note and the execution of this Agreement and any other instrument or documents referred to or mentioned herein. Borrower will immediately execute and deliver to the OEDA upon request all such other and further instruments as may be required or desired by the OEDA from time to time in compliance with or in accomplishment of the covenants and agreements of Borrower made in this Agreement and other such instruments and documents referred to or mentioned herein, or to correct any omission in any schedules, or to file any notices or to obtain any consents, all as may be necessary or appropriate in connection therewith. 6. EVENTS OF DEFAULT. It shall be an event of default under this Agreement if any one of the following shall occur and be continuing: 6.1 Nonpayment. Failure to pay, when due, any quarterly installment of the principal in accordance with the terms of the Note, and such failure shall continue unremedied for a period of ten (10) business day4after a notice to cure shall have been given to the Borrower by OEDA. - - - f comment: ADDED 6.2 Covenants. The failure of Borrower to perform, observe or comply with any of the covenants contained in Section 5 of this Agreement, and such failure shall continue unremedied for a period of ten (10) business days after a written notice to cure shall have been given to Borrower by OEDA. 6.3 Act of Insolvency. If Borrower shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself, or of all or a substantial part of its assets; (ii) admit in writing its inability to pay its debts as they fall due; (iii) make a general assignment for the benefit of its creditors; (iv) be adjudicated as Bankrupt or insolvent; or (v) file a voluntary petition in Bankruptcy or file a petition or answer seeking reorganization or an arrangement with creditors or seeking to take advantage of any insolvency law or admit (by answer, default or otherwise) the material allegations of a petition filed against it in any Bankruptcy, reorganization, arrangement or insolvency proceeding, or take or omit to take any action for the purpose or with the result of effecting any of the foregoing. 6.4 Involuntary Bankruptcy. An order, judgment or decree by any court of competent jurisdiction shall be entered, adjudicating the Borrower to be Bankrupt or insolvent; without the application, approval or consent of the Borrower, approving a petition seeking reorganization of the Borrower or appointing a receiver, trustee or liquidator of the Borrower or all or a substantial part of any of its assets. 6.5 Condemnation. The condemnation, seizure or appropriation of all or such as in the opinion of OEDA constitutes substantially all, of the property of Borrower. 6.6 Suspension of Business. The voluntary or involuntary suspension of business by Borrower for a period deemed by OEDA to substantially adversely affect Borrower's ability to repay the Loan. 6.7 Default of Other Obligations. Any event of default as defined in any loan or similar agreement to which the Borrower is now or hereafter a party, or any other event pursuant to which any holder or holders of indebtedness of Borrower may declare the same due and payable, or the failure to pay any such indebtedness when due, shall occur and shall continue for more than the period of grace, if any, provided with respect thereto. 6.8 General Default. The breach of, or default under, any covenant, agreement, term, condition, provision, representation or warranty contained in this Agreement or in any agreement or instrument executed in connection herewith. 7. REMEDIES. If any one or more Events of Default shall occur and be continuing, OEDA may without notice, presentment or demand, proceed to protect and enforce all or any of the rights with respect thereto contained in this Agreement or any other Loan Document, or may proceed to enforce payment of all indebtedness due hereunder or enforce any other legal or equitable rights or exercise any other legal or equitable remedies, or cure or remedy any default by Borrower. All rights, remedies or powers conferred upon OEDA shall be cumulative and not exclusive of any other rights, remedies or powers available. No delay or omission to exercise any right, remedy or power, shall impair any such right, remedy or power, or shall be construed to be a waiver of any Event of Default or an acquiescence therein. Any such right, remedy or power may be exercised from time to time, independently or concurrently, and as often as shall be deemed expedient by OEDA. No waiver of any Event of Default shall extend to any subsequent Event of Default. No single or partial exercise of any right, remedy or power shall preclude other or further exercise thereof. Borrower covenants that if an Event of Default shall occur, it will pay court costs and other reasonable out-of-pocket expenses paid or incurred by OEDA in collecting the amounts due pursuant to this Agreement, the Note, or any other Loan Document, including attorney's fees, together with interest on amounts so expended from the respective dates of each expenditure at an annual rate equal to the rate accruing under the note. 8. GENERAL. 8.1 Definitions. As used herein: (a) "Person" shall mean any individual, corporation, limited liability company, partnership, trust or unincorporated organization, or a government or any agency or political subdivision thereof. (b) "this Agreement" shall include all amendments, modifications and supplements and shall refer to this Agreement as the same may be in effect at the time such reference becomes operative. (c) "Loan Documents" shall mean this Agreement, the Note, and the other instruments, documents and agreements executed and/or presented to OEDA as required under this Agreement. 8.2 Notices. All notices, consents, waivers, and other communications under this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand with written confirmation of receipt, (b) sent by telecopier (with written confirmation of receipt), provided that a copy is mailed by registered mail, return receipt requested, or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and telecopier numbers set forth below (or to such other addresses and telecopier numbers as a party may designate by notice to the other parties): The Borrower: Vanguard Car Rental USA Inc. 6929 Lakewood Avenue, Suite 100 Tulsa, OK 74117 Attn: Howard Schwartz, General Counsel Facsimile No.: (9180 401-6040 The OEDA: Owasso Economic Development Authority 111 North Main St. Owasso, OK 74055 Attn: Rodney J. Ray, City Manager, City of Owasso _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ comment: CHMGEo Facsimile No.: (918) 376-1599 or at such other address as any party shall designate for itself in writing to the other parties. Any notice hereunder shall be deemed effective when actually received or when placed in the United States mail, postage prepaid, certified mail, return receipt requested. 8.3 Nonwaiver of Rights. No delay or omission to exercise any right, power or remedy accruing to OEDA upon any agreement or instrument executed pursuant hereto or in connection herewith shall impair any such right, power or remedy of OEDA nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore occurring. Any waiver, permit, consent or approval of any kind or character on the part of OEDA of any breach or default or condition to the making of the Loan, or any waiver on the part of OEDA of any provision or condition of this Agreement or any agreement or instrument executed pursuant hereto or in connection herewith, must be in writing signed by OEDA and shall be effective only to the extent such writing specifically sets forth. All remedies, either under this Agreement or by law or otherwise, afforded to OEDA shall be cumulative and not alternative. 8.4 Setoff, Etc. Upon the occurrence of an Event of Default, any indebtedness owing from OEDA to Borrower including, without limitation, any general or special deposit account, may be set off or otherwise applied by OEDA under a general lien covering such indebtedness on any indebtedness or liability of the Borrower under the Note or this Agreement to OEDA at any time and from time to time, either before or after maturity, and without demand or notice to anyone. It is understood that the OEDA may sell participation in loans made hereunder, and Borrower agrees that any such participant shall have the same right of setoff. 8.4 Applicable Law. This Agreement has been delivered and accepted in, and shall be a contract made under and shall be entered into and governed by the laws of the State of Oklahoma. The Note shall be deemed to be an obligation made under and shall be construed in accordance with and governed by the laws of the State of Oklahoma. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under the applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 8.5 Binding Effect. This Agreement shall be binding upon the Borrower and the OEDA and their respective successors and assigns, and shall inure to the benefit of the OEDA and the successors and assigns of the OEDA. 8.6 Headinjzs. The Section and paragraph headings of this Agreement are for convenience and shall not affect, limit or expand any term or provision hereof. 8.7 Severability. If any part of this Agreement and Loan documents is held invalid or illegal, the remainder of this Agreement shall not be affected thereby. 8.8 Integration. This Agreement represents the entire agreement of the Borrower and OEDA with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Borrower or OEDA in connection with the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. "Borrower" Vanguard Car Rental USA Inc. By_ Name Title OEDA' Owasso Economic Development Authority By Name: Scott Yandell Title: Chairman Schedule "1.2" PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned, Vanguard Car Rental USA Inc., its successors and assigns (collectively, the `Borrower"), promises to pay to the order of the Owasso Economic Development Authority of Owasso, Oklahoma, its successors and assigns (collectively, the "Authority") at its principal office at 111 N. Main, Owasso, Tulsa County, Oklahoma 74055, or at such other place as may be designated in writing by the Authority, the principal sum of TWO MILLION AND N0/100 DOLLARS ($2,000,000.00) or so much thereof as shall have been advanced hereon which shall be due and payable on or before the day of , 2010. The Borrower shall repay the principal by making quarterly installment payments to the Authority in an amount not less than One Hundred Thousand Dollars ($100,000.00) per quarter for a period of five (5) years or until, the principal shall have been paid, , , - Comment: ADD' whichever is sooner. Except as provided under Section 6.1 of that certain Loan Agreement of even date herewith, between Borrower and Authority, all amounts due and payable under this Promissory Note shall be made by Arvest Bank to Authority from the collateral account established by Borrower at the Tulsa, Oklahoma offices of Arvest Bank. The initial installment shall be paid on or before the day of , 2005. No Interest on the unpaid portion of the principal balance computed from the date of each advance shall be due; however, if and in the event the Borrower shall default in making any payments as called for hereunder or otherwise fail to perform covenants herein contained or as set forth in that certain Loan Agreement between the Borrower and the Authority, the non-performance of which could reasonably be expected to have a material adverse effect on the ability of Borrower to repay this Note, then, from such date of default or non-performance until principal is paid_in_full, interest_ _ , - comment: RE-wRMEN c shall be alculated at the rate of six percent (6-%-) per annum thereupon shall be due and payole _ - comment: CHANCED from such date of default and the first (1") day of each month of each successive year thereafter until paid in full. The Borrower may prepay this Promissory Note, in whole or in part, at any time prior to the due date hereof, without penalty. If any payment shall be due on a Saturday or Sunday or upon any banking holiday of the holder hereof, such payment shall be due and payable on the next succeeding banking day and interest shall accrue to such day. All parties to this Promissory Note and other parties hereafter liable for payment of all or any portion of the indebtedness evidenced by this Promissory Note,_ severally_ waive_ demand,_, _ - comment: RE-wRnTEN presentment, notice of dishonor, protest, notice of protest, and diligence in collecting this Promissory Note and diligence in bringing and prosecuting suit against any party bound hereby, and agree that no extension, renewal or partial payment, or release or substitution of collateral before or after maturity, with or without notice, shall release or discharge the obligation of any party. Upon the failure to pay when due the principal and or interest, the holder hereof shall be entitled, at its option, to extend the term or declare the unpaid principal balance of this Promissory Note to be immediately due and payable. A failure by such holder to exercise such option will not constitute a waiver of the right to exercise the same in the event of any subsequent default. After maturity (whether by extension, acceleration or otherwise), interest shall accrue hereon at a rate of interest of six percent (6%) per annum. If this Promissory Note is placed with an attorney for collection upon any default, or to defend or enforce any rights of the holder(s) hereunder or any instrument securing payment of this Promissory Note, or if this Promissory Note is collected through bankruptcy or other judicial proceeding, the Borrower agrees to pay the reasonable attorney fees of the holder(s) of this Note and all reasonable costs and expenses incurred in connection therewith. Dated this _ day of , 2005 Vanguard Car Rental USA Inc. M 10 ATTACHMENT # 4 OWASSO ECONOMIC DEVELOPMENT AUTHORITY MINUTES OF REGULAR MEETING Thursday, January 13, 2005 The Owasso Economic Development Authority met in regular session on Thursday, January 13, 2005 in the Main Conference Room at Owasso City Hall per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Friday, January 7, 2005. ITEM 1: CALL TO ORDER & ROLL CALL Chairman Scott Yandell called the meeting to order at 10:05AM. PRESENT Scott Yandell, Chair Brenda Lawrence, Trustee Dee Sokolosky, Secretary Steve Cataduella, Trustee Gary Akin, Trustee Frank Enzbrenner, Vice -Chair ABSENT Tom Kimball, Trustee STAFF Rodney Ray, City Manager Sherry Bishop, Finance Director Rickey Hayes, Economic Development Director Juliann Stevens, Administrative Assistant Corey Tisdale, Managerial Intern A quorum was declared present. OTHERS Brent Colgan Randy Cowling, Owasso Reporter (arrived at 11:10 AM) Ana Stagg, Public Works Director Joe Nurre, Public Works Eric Wiles, Community Development Ron Cates, City Attorney ITEM 2: REQUEST APPROVAL OF MINUTES OF THE DECEMBER 9, 2004 REGULAR MEETING. Mr. Cataudella moved, seconded by Ms. Lawrence, to approve the minutes of the December 9, 2004 regular meeting, by reference made a part hereto. AYE: Cataudella, Lawrence, Akin, Enzbrenner, Yandell, Sokolosky NAY: None ABSTAIN: Motion carried 6-0. Owasso Economic Development Authority ITEM 3: REQUEST APPROVAL OF CLAIMS. No Claims AYE: None NAY: None ABSTAIN: None ITEM 4: PRESENTATION OF FINANCIAL REPORT. January 13, 2005 Ms. Bishop was present. After a review of the report, no questions were asked of Ms. Bishop. ITEM 5: UPDATE FROM ECONOMIC DEVELOPMENT DIRECTOR Mr. Hayes reported on economic development activities in the city. Mr. Hayes provided information on potential tenants of the Waterford Place and Smith Farm Marketplace, as well as, invited all members to attend a ground breaking ceremony, scheduled for February, for The Owasso Hospital. ITEM 6: REPORT FROM COMMUNITY DEVELOPMENT DIRECTOR Mr. Wiles introduced Chip McCully, City Planner and provided an update on the December building permit report, commented on the residential building within the City, and provided information regarding upcoming items before the Annexation Committee and Planning Commission. ITEM 7: REPORT FROM PUBLIC WORKS DIRECTOR Ana Stagg, Public Works Director gave a brief report on various street development projects, and other Public Works related items. ITEM 8: REPORT FROM OEDA MANAGER No Report. -2- Owasso Economic Development Authority January 13, 2005 ITEM 9. CONSIDERATION AND APPROPRIATE ACTION REALTING TO A REQUST FOR TRUSTEE APPROVAL OF RESOLUTION No. 2005-01, A RESOLUTION AUTHORIZING A LOAN AGREEMENT AND REVENUE ANTICIPATION NOTE BETWEEN THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY AND THE CITY OF OWASSO, AND AUTHORIZATION OF THE CHAIRMAN TO EXECUTE ALL NECESSARY DOCUMENTS RELATED THERETO. Discussions were held relating to the contents of the Loan Agreement and Revenue Anticipation Note. Mr. Sokolosky requested a typing error be corrected to properly reflect the secretary of the OEDA for signature. A motion was made by Mr. Cataudella to approve Resolution No. 2005-01, contingent upon the City Council's approval of a transfer of funds in the amount of $71,250 from the General Fund to the OEDA Fund for the purpose of funding the cost of the Letter of Credit and the interest cost of the Revenue Anticipation Note, seconded by Ms. Lawrence. AYE: Cataudella, Lawrence, Akin, Enzbrenner, Yandell, Sokolosky NAY: None ABSTAIN: Motion carried 6-0. ITEM 10: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF RESOLUTION NO. 2005-02, A RESOLUTION AUTHORIZING A LOAN AGREEMENT AND PROMISSORY NOTE BETWEEN THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY AND VANGUARD CAR RENTAL, USA, INC., AND AUTHORIZATION OF CHAIRMAN TO EXECUTE ALL NECESSARY DOCUMENTS RELATED THERETO. Discussions were held regarding the contents of the Loan Agreement and the Promissory Note. A motion was made by Ms. Lawrence to approve Resolution No. 2005-02, contingent upon receipt of a Letter of Credit issued by Arvest Bank and a thorough review of its contents by the Chairman of the OEDA, the City's Legal Counsel, seconded by Mr. Cataudella. AYE: Cataudella, Lawrence, Akin, Enzbrenner, Yandell, Sokolosky NAY: None ABSTAIN: Motion carried 6-0. -3- Owasso Economic Development Authority January 13, 2005 ITEM 11: DISCUSSION RELATING TO THE COMMERCIAL STORMWATER RUNOFF FEE. Mr. Ray provided members with a sample Annual Stormwater Fee comparison chart showing examples of the cost of the annual fee using a four year implementation plan. Discussions were held regarding the implementation of the fee. Further discussions to be held at future OEDA meetings. ITEM 12: NEW BUSINESS None ITEM 13: ADJOURNMENT Motion made by Mr. Cataudella, seconded by Mr. Enzbrenner to adjourn. At 11:45am, the meeting was adjourned. Scott Yandell, Chair Date Approved ATTACHMENT # 5 OW ASSO CITY COUNCIL MINUTES OF REGULAR MEETING Tuesday, January 18, 2005 The Owasso City Council met in regular session on Tuesday, January 18, 2005 in the Council Chambers at Old Central per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Friday, January 14, 2005. ITEM 1. CALL TO ORDER The meeting was called to order at 6:31 p.m. ITEM 2. INVOCATION The invocation was offered by Reverend Kevin Laufer, Youth Pastor at Central Baptist Church. ITEM 3. FLAG SALUTE Troop #99 presented the American and Oklahoma flags and led the flag salute. ITEM 4. ROLL CALL PRESENT ABSENT Susan Kimball, Mayor Craig Thoendel, Vice Mayor Steve Cataudella, Councilor Gary Cochran, Councilor Brent Colgan, Councilor A quorum was declared present. STAFF Rodney J. Ray, City Manager Ronald Cates, City Attorney ITEM 5. READING OF MAYOR'S PROCLAMATION Mayor Kimball and members of the Council presented to Owasso High School Baseball Coach Larry Turner, a proclamation recognizing the achievements of Coach Turner and his assistants and proclaiming Friday, January 21,2005, Larry Turner Day in the City of Owasso. Owasso City Council January 18, 2005 ITEM 6. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL ACCEPTANCE OF A DONATION FROM THE OWASSO ROTARY CLUB OF A THERMAL IMAGING CAMERA, VALUED AT $11,300.00, FOR USE BY THE OWASSO FIRE DEPARTMENT. Mr. Fisher introduced Trish Houser, President of the Rotary Club, who presented to the Owasso Fire Department a Thermal Imaging Camera, a camera that distinguishes temperature differences rather than visible light. Mr. Fisher then presented the item for approval. Mr. Thoendel moved, seconded by Mr. Colgan, for Council acceptance of this donation from the Owasso Rotary Club. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 7. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF THE CONSENT AGENDA A. Approval of Minutes of the January 4, 2005 Regular Meeting and the January 11, 2005 Special Meeting. B. Approval of Claims Mr. Cochran moved, seconded by Mr. Cataudella, to approve the Consent Agenda with claims totaling $289,807.76, self-insurance medical claims & fees totaling $71,883.89, and payroll claims for two pay periods totaling $516,517.98. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 8. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL TO AWARD A CONTRACT FOR THE CONSTRUCTION OF SOCCER FIELD LIGHTING AT THE OWASSO SPORTS PARK. Mr. Warren presented the item. Mr. Colgan moved, seconded by Mr. Cataudella, that Council award the construction of a six -pole lighting system for soccer field `J' at the Owasso Sports Park to Shawnee Lighting System of Shawnee, Oklahoma in the amount of $132,998.00. 2 Owasso City Council January 18, 2005 YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 9. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF THE HI -POINT FINAL PLAT, PROPOSING FIVE COMMERCIAL LOTS ON 3.38 ACRES LOCATED 360' SOUTH OF HIGHWAY 20 ON THE EAST SIDE OF THE OWASSO EXPRESSWAY. Mr. Wiles presented the item. Mr. Cataudella moved, seconded by Mr. Thoendel, for Council approval of the Hi -Point Final Plat subject to appropriate actions taken to satisfy the following TAC conditions: 1. Include in the deed of dedication that on -site detention will be required of each lot. 2. A turn -around will be required at the end of the service road. 3. West perimeter easement must be 17.5'. 4. Include utilities language in the plat's covenants. 5. Note the actual book and page for each easement shown on the plat. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 10. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF THE TYANN PLAZA FINAL PLAT, PROPOSING A COMMERCIAL LOT ON 11.57 ACRES LOCATED SOUTH OF EAST 96TH STREET NORTH ON THE EAST SIDE OF THE OWASSO EXPRESSWAY. Mr. McCulley presented the item. Mr. Colgan moved, seconded by Mr. Cataudella, for Council approval of the Tyann Plaza Final Plat subject to appropriate action taken to satisfy the following TAC condition: 1. All separate instruments shown on plat must be noted by book and page YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. 3 Owasso City Council January 18, 2005 ITEM 11. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF AN AMENDMENT TO THE FY 2004-05 GENERAL FUND BUDGET; AND, REQUEST FOR COUNCIL APPROVAL OF A SUPPLEMENTAL APPROPRIATION TO THE GENERAL FUND, POLICE SERVICES BUDGET. Mr. Chambless presented the item. Mr. Cochran moved, seconded by Mr. Cataudella, for Council approval of an amendment to the FY 2004-05 General Fund Budget wherein anticipated revenues are increased by $1,436.00 as a result of receiving the 2004 Local Law Enforcement Block Grant, and approval of a supplemental appropriation to the General Fund's Police Services FY 2004-05 Budget in the amount of $1,436.00. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 12. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF CONTRACTS FOR THE PURCHASE OF REAL PROPERTY FOR THE PURPOSE OF RIGHT OF WAY ACQUISITION FOR THE EAST 96TH STREET NORTH AND NORTH GARNETT ROAD IMPROVEMENT PROJECT AND THE GARNETT ROAD WIDENING PROJECT, AUTHORIZATION FOR THE MAYOR TO EXECUTE ALL NECESSARY DOCUMENTS RELATING TO THE PURCHASE, AND AUTHORIZATION FOR PAYMENT. Mr. Ray presented the item. Mr. Colgan moved, seconded by Mr. Thoendel, for Council approval of a contract between the City of Owasso and 96`h & Garnett, L.L.C. for the purchase of .54 acres in the amount of $277,345.24; a contract between the City of Owasso and Legacy Sales & Leasing for the purchase of .23 acres in the amount of $98,760.00; a contract between the City of Owasso and Owasso 20, L.L.C. for the purchase of .45 acres in the amount of $197,938.64; a contract between the City of Owasso and Owasso 7, L.L.C. for the purchase of .89 acres in the amount of $484,923.82; a Like Kind Exchange Agreement between the City of Owasso and D.M. Sokolosky and Phyllis Sokolosky as Trustees of the D.M. Sokolosky Living Trust created by Declaration of Trust dated December 20, 1990; and authorization for the Mayor to execute necessary documents for the purchase of the right of way and the Like Kind Exchange, and authorization of payment. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. 4 Owasso City Council January 18, 2005 ITEM 13. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF RESOLUTION NO. 2005-01, A RESOLUTION AUTHORIZING A LOAN AGREEMENT AND REVENUE ANTICIPATION NOTE BETWEEN THE CITY OF OWASSO AND THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY, AND AUTHORIZATION OF THE MAYOR TO EXECUTE ALL NECESSARY DOCUMENTS RELATED THERETO Mr. Ray presented the item. Mr. Cochran moved, seconded by Mr. Cataudella, for Council approval of Resolution No. 2005-01 and authorization of the Mayor to execute all necessary documents. YEA: Cataudella, Cochran, Colgan, Kimball NAY: Thoendel Motion carried 4-1. ITEM 14. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR COUNCIL APPROVAL OF A SUPPLEMENTAL APPROPRIATION TO THE GENERAL FUND' S INTERFUND TRANSFERS INCREASING TRANSFERS FROM THE GENERAL FUND TO THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY FUND IN THE AMOUNT OF $71,250.00; AUTHORIZING PAYMENT OF SUCH TRANSFER TO THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY FUND Mr. Ray presented the item. Mr. Colgan moved, seconded by Mr. Cochran, for Council approval of a transfer in the amount of $71,250.00 from the General Fund to the Owasso Economic Development Authority Fund for the purpose of fully funding the expenses associated with the Vanguard Car Rental Loan Agreement and Revenue Anticipation Note. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0. ITEM 15. REPORT FROM CITY MANAGER None ITEM 16. REPORT FROM CITY ATTORNEY None 5 Owasso City Council January 18, 2005 ITEM 17. REPORT FROM CITY COUNCILORS Mayor Kimball thanked Troop 499 for the excellent presentation of the Colors. She also welcomed members of the Rotary Club who were in attendance. ITEM 18. NEW BUSINESS None ITEM 19. ADJOURNMENT Mr. Cataudella moved, seconded by Mr. Thoendel, to adjourn. YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel NAY: None Motion carried 5-0 and the meeting was adjourned at 7:20 p.m. Susan Kin1ball, Mayor GC L 7 Lt--, Pat Fry, Minute Clerk 0 PROJECTS STATUS REPORT City OF Owasso Public Works Department May 12, 2005 BOND ISSUE PROJECTS • E. 86th Street North/N. 971h E. Avenue (Mingo Road) Intersection - Temporary signalization and a west -east bypass lane constructed - Right-of-way acquisition in progress - Anticipate total construction to be authorized following re -opening of 76th Street North OTHER CAPITAL PROJECTS • E. 76th Street North (Main Street to Sheridan Road - Road to re -open on Friday, May 13, 2005 at 8:30 am • E. 96th Street North and HWY 169 Interchange - Contract awarded to BECCO Contractors - Road is complete • N. 129th E. Avenue (South of Home Depot to E. 76th Street North) - Final design completed in November 2004 - Right-of-way acquisition to begin in 2005 • E. 96th Street North (N. 117t" E. Avenue to Garnett Road) - Contract awarded to Becco Contracting for $2,776,294.20 - Construction began on March 2, 2005 - Substantial completion expected by September 2005 • N. Garnett Road (E. 86th Street North to E. 96th Street North) - Contract awarded to Becco Contracting for $4, 691,722.80 - Construction began on March 14, 2005 - Substantial completion expected by September 2005 • Water System Improvements (Booster Pump Station/Transmission Main/Elevated Water Tank) - Elevated tank bid awarded April 6, 2004. Tank raised on May 7, 2005. Expected completion by September 2005. - Transmission main (Phase I - E. 106th Street North from N. Mingo Road to mid -section to elevated tank to N. Garnett Road) contract awarded to McGuire Bros. Construction for $1,698,332.00. Construction began in March 2005. - Transmission main (Phase II — Master meter to Elevated Storage Tank) final design initiated in June 2004. - Booster pump station to be included in Phase II Transmission Main design. - System projected to be operational by September 2005. Other Items Presented to Members of OEDA at This Meeting. RESIDENTIAL BUILDING PERMITS (NEW CONSTRUCTION COUNTS) Month 1991 1992 1993 1994 1985 1986 1897 1898 1889 2000 200 2002 2003 2004 2005 ye.irtq Date. Dollars 00 Totals for Each Year 00 CITY OF OWASSO RESIDENTIAL LOT INVENTORY STATUS April 30, 2005 SUBDIVISION # OF LOTS # DEVELOPED # AVAILABLE Bailey Ranch Est (2/95) 118 117 1 Bailey Ranch Est II (6/99) 133 133 0 Barrington Point III (8/96) 32 30 2 Bradfords at Silver Creek (2/98) 83 77 6 Brentwood Village (6/99) 64 62 2 Broadmore Heights (10/92) 32 28 4 Brookfield Crossing (11/02) 134 133 1 Central Park II (7/97) 96 94 2 Chelsea Park (9/04) 106 62 44 Coffee Creek (04/01) 101 79 22 Country Estates II (6/97) 193 191 2 Country Estates III (3/99) 61 58 3 Country Estates IV (4/00) 158 158 0 Country Estates V (01/02) 187 175 12 Country Estates VI (11/03) 37 30 7 Double Oaks II (8/92) 22 21 1 Double Oaks III (8/93) 63 62 1 Fairways at Bailey Ranch (8/95) 80 79 1 Fairways II (1/97) 84 84 0 Fairways III Extended (6/99) 104 49 55 Fairways IV (5/98) 69 69 0 Fairways IV Extended (6/99) 22 22 0 Fairways V (8/99) 71 36 35 Fairways VI (12/00) 42 33 9 Garrett Creek (9/2003) 84 80 4 Honey Creek (4/02) 202 197 5 Honey Creek II (12/04) 119 69 50 Metro Heights (11/01) 52 48 4 Metro Heights II (6/02) 42 34 8 New Brunswick (07/03) 42 42 0 Nottingham Estates II (3/97) 15 14 1 Nottingham Estates III (9/99) 23 17 6 Nottingham Estates IV (8/01) 20 8 12 Nottingham Estates V (3/01) 44 33 11 Preston Lakes (12/00) 272 235 37 Preston Lakes II (12/01) 120 115 5 Preston Lakes III (10/04) 147 13 134 Preston Lakes Amended (12/01) 30 30 0 Remington Park (12/03) 57 55 2 Remington Park II (11/04) 84 25 59 Sawgrass Park (01/02) 178 154 24 Sawgrass Park II (04/05) 96 1 95 The Summit at Southern Links (6/97) 31 26 5 The Village at Silver Creek (09/02) 62 31 31 Watercolors (12/02) 40 15 25 The Willows at Silver Creek (1/00) 84 84 0 TOTALS 3936 3208 728 The Willows at Silver Creek (1/00) Watercolors (12/02) The Village at Silver Creek (09/02) The Summit at Southern Links (6/97) Sawgrass Park II (04/05) Sawgrass Park (01/02) Remington Park II (11/04) Remington Park (12/03) Preston Lakes Amended (12101) Preston Lakes III (10/04) Preston Lakes II (12/01) Preston Lakes (12/00) Nottingham Estates V (3/01) Nottingham Estates IV (8/01) Nottingham Estates III (9/99) Nottingham Estates II (3197) New Brunswick (07/03) Metro Heights II (6102) Metro Heights (11/01) Honey Creek II (12/04) Honey Creek (4/02) Garrett Creek (9/2003) Fairways VI (12100) Fairways V (8/99) Fairways IV Extended (6/99: Fairways IV (5/98: Fairways III Extended (6/99: Fairways II (1/97: Fairways at Bailey Ranch (8/95', Double Oaks III (8/93 Double Oaks II (8/92, Country Estates VI (11/03 Country Estates V (01/02 Country Estates IV (4/00 Country Estates III (3/99 Country Estates II (6/97 Coffee Creek (04/01 Chelsea Park (9/04 Central Park II (7/97 Brookfield Crossing (11102 Broadmore Heights (10/92 Brentwood Village (6/9E Bradfords at Silver Creek (2/9E Barrington Point III (8/9E Bailey Ranch Est 11 (6/9£ Bailey Ranch Est (2/9E CITY OF OWASSO Residential Lot Inventory Status 0 50 100 150 200 250 300 13Total Lots ■Lots Developed RESIDENTIAL BUILDING PERMITS (NEW CONSTRUCTION COUNTS) 2002 2003 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 fenceline 2002 fenceline 2003 Month 1988 1989 1990 16 45 29 21 20 23 64 13 54,!, Jan 4 1 7 8 6 6 9 12 35 33 21 " 26 4!I ;..":! 4',u �?:. Ih �HN; :ji3 Feb 5 4 7 10 11 1Q 8 18 „!,11 51 14 38' March 2 7 14 5 12 12 15 28 30 34 34 48 51 38 24 48 61 SIFr' ! 11:! April 8 6 9 3 12 17 18 18 39 26 , l.i.. . .., :.: 38 11 29 May 8 6 9 10 9 8 13 8 24 27 26 45 39 40 42 26 �!4Im June 4 12 5 10 13 18 23 5 37 2 27 33 37 44 11 32 Jul 10 4 9 10 10 13 13 28 28 30 29 22 3 `, „ �„,�.:.: ,.,,, .W ... 6 9 14 10 10 9 20 20 26 '',xr,!tw a���.ual��ta�ilnxr:a�1 Aug 10 14 14 12 12 20 21 24 31 29 29 29 30 9 52 Sept 11 10 24 36 234 ' 3i� all i Oct,5 1 g 9 17 8 .r.. 27 13 �6 : 14 it r'rl'! 111 24 5 26 17 35 Nov si a 10 1 � " I , CC 8 19 13 15 20 ! 15 II •I��< !!I�•i..i, 'j:�x!N�tx xxtP !L, 13 14 �2 26 0 .._ ' 6 �4. I .�79I }�{,:,� ,d, 293 333 401 362 1!�4 73, 377 Y�� �� aid Totals 90 99 142 133 162 208 34 23 40 46 52 66 103 140 144 131 131 165 0 236 46 168 YTD 19 17 2011 2012 2004 2005 2006 2007 --- Month fenceline 2004 fenceline 2005 fenceline 2006 fenceline 2007 fenceline 2008 fenceline 2009 fenceline 2010 fenceline 2011 fenceline 2012 Jan Feb 13 3 13 13 ,.... 52 :.r. ¢,a..,, ..::rNtx:,y::.:::. x�"Ar,. 4::`I'Gi ........ !..... r:nn.::.,. :..:x.''.'rx ixf ik' �i� m3 r Ih.. u 1i''tua°' :::x!r_:!,;:.x,:::.::,_::,:x.;:.:: a . .� �I y,� y'� ..:: �!::a!:!sr � �.j '� trli., , .�!.!",:f:!I!" . Yi 9r . , .� � "�.. ,. ...... .: �...::x. ,......,. ..+, ......, ,r,xr..x::.y q!x xx �:.ra: ..:. •.:.,.. h:n,:,, !...:. r..r:'.� .',�.. .. �. .: r. .:..,. .I;I , r,� ! .E. . n.k:,,! ! 9:, „ .,�,, ;5 N , x mtvr .x..:!k lit i4� ; ;rt:l •tl?y.!!!'4 j,x: rt ..e:'-rmx tir 5;x€!' .,H:.:s!1 �! !�!,.�,..g ,,.r, ! y �. �.n� ,. A.:, r.,:xx.�!.v'..,.+,:, ..:!yr;x:.: x:,::,:,Si:: xln'u. r. :'rr.l.. :I(�.. :;.i,,.w,..xi :: !�. ., .9s:.x.,:s�r .!,•. •!x.!"'. !, . ,,x(:,.a.,.!, t9`;".Ix,. :":F'�, n: max„', ,::rr.r. 1 h!,., •<r., ;I'hr �,.!Fy.! :yui„�r� .n:!!5�: .. ,.,°., v?: Y+!�k. a �. u 1,xca.tx..!.. ..,: z..xi45,.!..x4�G;ir�. xa"!>:.r.,n!.:2i:!IA,,,.'<!e!,k„ ,.,r,.!,r i3O..u.,!,h,...., March 1� April 18 22 75 27 4 I! r 19 .t..,, .... 65 63 .. „• y::x.:.r,:...,:...,..' !.,::,..r..x'"I.,i�.y. y,ip:.;:::rat!-s!;:wii ;!::! ..�., . :�,r n ;!�:;:t� :• �+I'?,.r.,, ! . '�: r !" q ! wx„ � „;, m'!I I, ^:I!r!,;!n: • ! , I i•.slxrn, .pI;i! } . ! . ,yr .,. .x�r,. ;�' •Ik�r ykp� lllll: .� �5u. , �;..,� r.. ':'P,!I Y�''Ia0. r'Cu'I:w:�-h ::JN•• !i1A . tl,.! ,5... '!Y, " 'x�x;'�� 1���ir:x..,%'.nf�e`�`.I.Rr4�,!.�..,�:,!.:,� �.�u .,,.., 11111 ..l: �I �nr'+.�! '� Hit;.. I"i en �:!xa:h.2h.::. w . ti+ !• ,x . I.. ' F <r r, rl d, i I` �t N x May p 31 y,k,!BCt!1xxC:;i!Sh.N'!ii(Egt nx'iiG',r.l'I xrMfx,:x;;::::mx,•r, ,n(..!:iPa !R;US• ::'el., r! ...4. .:!. .J. .k I :i f j !. 4.!�'k �.,.:,•nnx:k!.!,,..:a^,<*; ::,; ,,;xx:!!!shr'.,xn'r'� L L ,!n, .n x'iXi:,y :,Y:6[ h.r 4'r I.N: n'ti1^x :It,h rr,!.y ::.,: x d.nrr r..e! , 4, t rM : 'it!. , h 1 ...�!.. N +i d - _ .. .... �,. s.�...,..h �. � iv.:..,. ,r. 4 !� � •:r::!l:i„Iuud��1.a,y..,..,_,„lu �kH,y .. �r,PG�..! �a1�r,x!.�ih aai.,.u.Ja; E,.AI:'aLl.n, June 1'...J,. 53 July23 34 N 1 Sent 11 64 Nov 13 31 Dec 10 35 Totals 198 528 72 211 YTD 70 202 72 211 Total: Fenceline Building Permit Report April, 2005 Subdivision Cost Tallgrass Trails $ 154,600 Oakridge at Cooper $ 156,250 Looking Glass Estates $ 65,000 Looking Glass Estates $ 58,000 Ranch Acres V $ 58,900 Chestnut Farms $ 120,000 Chestnut Farms II $ 105,600 Oakridge at Cooper $ 105,600 Oakridge at Cooper $ 105,600 Timbergate $ 163,000 Timbergate $ 90,000 Timbergate $ 280,000 Timbergate $ 185,000 Timbergate $ 290,000 Ranch Acres V $ 78,000 Timbergate $ 78,000 unplatted $ 133,350 Oakridge at Cooper $ 280,000 Tallgrass Trails $ 195,000 19 new homes $ 2,701,900 OCCUPANCY PERMITS NAME ADDRESS STATUS APPLICATION DATE OPENING DATE COMPLETE JANUARY 2005 Elite Salon & Day Spa 9500 N 129 E Ave,#114 New 1/10/2005 1/11/2005 Yes Ram Caf6 405 E 2nd Owner Change 1/12/2005 1/3/2005 Yes GMAC Real Estates 12910 E 86 St No New 1/14/2005 1/21/2005 Yes Denny Construction 8414 B No 123 E Ave Relocate 1/15/2005 1/1/2005 Yes Kelly's V Twin 11330 N Garnett, #A New 1/19/2005 2/1/2005 Yes FEBRUARY Wings to Go 9530 N 129 E Ave,#100 New 2/8/2005 2/9/2005 Yes Jane Maxey GMAC 12910 E 86 St No New 2/8/2005 1/8/2005 Yes Fit for Her 9500 N 129 E Ave,#300 New 2/18/2005 2/21/2005 Yes Biddle Family Chiropratic 11624 E 86 St No New 2/14/2005 2/16/2005 Yes Chris Ward, D.D.S. 12814 E 101 PI N,#101 Relocate 2/18/2005 2/14/2005 Yes H. VanWyhe-Chiropratic 8805 N 145 E Ave,#103 New 2/25/2005 3/1/2005 Yes R. Larson Business Office 8805 N 145 E Ave,#202 New 2/25/2005 3/7/2005 Yes MARCH Game X Change 9500 N 129 E Ave, #118 New 3/3/2005 3/10/2005 Yes Morgan -Phillips Office 8805 N 145 E Ave, #202 New 3/8/2005 3/9/2005 Yes Color View Portraits 12654 E 86 PI No New 3/15/2005 4/8/2005 No Primarily Kids 12500 E 86 St N, #102 Relocate 3/18/2005 3/24/2005 Yes Sonic Restaurant 13314 E 116 St N New 3/30/2005 4/4/2005 Yes Global Wealth Management 9500 N 129 St N, #106 New 4/4/2005 4/1/2005 Yes APRIL Center Stage Dance Studio 8361 N Ow Exp, #1 & J New 4/8/2005 6/1/2005 No Serenity Spa 9100 N Garnett, #L New 4/26/2005 5/1/2005 Yes Pack and Mail Plus 9500 N 129 E Ave,#120 New 4/28/2005 5/3/2005 No Colorview Portraits 12654 E 86 PI No New 5/3/2005 5/17/2005 No COMMERCIAL Building Permits (New Construction Counts) Year to Date Includes Churches, Schools, and Government Facilities r- � O�� z 1991 � $50.000,000 $42.800.000 �28.008.800 o 0 $14.000.000 o Z! $0 4) PERMITS APPLIED FOR IN APRIL 2005 ADDRESS BUILDER ADD/ZONE VALUE A.S.F. PERMIT # DATE 9002 N 121 E Ave#600 Dress Barn SmFarm/CS 318,654 7587 05-0401-C 4/4/2005 9002 N 121 E Ave#100 Hobby Lobby SmFarm/CS 2,000,000 60000 05-0402-C 4/4/2005 9811 E 108 PI No Lawrence Properties MH/RS-3 90,090 2145 05-0403-X 4/5/2005 11210 N 118 E Ave Chumley & Assoc. RP/RS-3 77,784 1852 05-0404-X 4/6/2005 11218 N 118 E Ave Chumley & Assoc. RP/RS-3 77,280 1840 05-0405-X 4/6/2005 12996 E 114 Ct No Roberts Homes GC/RS-3 79,548 1894 05-0406-X 4/6/2005 9701 E 90 Ct No American Heartland FW/RS-3 108,360 2580 05-0407-X 4/6/2005 9117 N 138 E Ave John K Davis, Jr NE/RS-2 163,800 3900 05-0408-X 4/6/2005 13905 E 89 St No G Vickers (homeowner) WSC/RS-3 700 80 05-0409-X 4/6/2005 11704 E 99 St No Landmark Homes BRE/RS-3 106,386 2533 05-0410-X 4/11/2005 9911 N 120 E Ave Landmark Homes BRE/RS-3 125,370 2985 05-0411-X 4/11/2005 10023 E 92 St No Simmons Homes FW/RS-3 146,664 3492 05-0412-X 4/11/2005 9104 N 102 E Ave Simmons Homes FW/RS-3 127,596 3038 05-0413-X 4/11/2005 10403 E 95 Cir No Simmons Homes FW/RS-3 121,800 2900 05-0414-X 4/11/2005 9007 N 156 E PI Simmons Homes PL/RS-3 127,596 3038 05-0415-X 4/11/2005 9010 N 135 E Ave Sundown Pools NE/RS-2 20,000 595 05-0416-P 4/12/2005 12500 E 86 St N,#104 Owasso Land Trust OwRtl/CS 12,000 1500 05-0417-C 4/13/2005 9018 N 121 E Ave#200 Kirkland's SmFarm/CS 125,000 6579 05-0418-C 4/13/2005 9039 N 121 E Ave Applebee's Restaurant SmFarm/CS 750,000 5668 05-0419-C 4/13/2005 9906 N 102 E Ave Sherwood Builders HC/RS-3 99,330 2365 05-0420-X .4/13/2005. 10202 E 101 Ct No Sherwood Builders HC/RS-3 114,996 2738 05-0421-X 4/13/2005 10201 E 100 PI No Sherwood Builders HC/RS-3 99,666 2373 05-0422-X 4/13/2005 10017 N 100 E Ave Sherwood Builders HC/RS-3 99,666 2373 05-0423-X 4/13/2005 9905 N 103 E Ave Westerfield Corp HC/RS-3 104,160 2480 05-0424-X 4/13/2005 9110 N 156 E Ct Capital Homes PL/RS-3 103,740 2470 05-0425-X 4/14/2005 10204 E 101 Ct No Denny Construction HC/RS-3 104,790 2495 05-0426-X 4/14/2005 9010 N 156 E PI Simmons Homes PL/RS-3 121,800 2900 05-0427-X 4/18/2005 10106 N 114 E Ave Simmons Homes SGP/RS-3 128,184 3052 05-0428-X 4/19/2005 9009 N 156 E PI Capital Homes PL/RS-3 80,010 1905 05-0429-X 4/19/2005 11301 N 131 E Ave Roberts Homes GC/RS-3 102,690 2445 05-0430-X 4/19/2005 11411 N 132 E Ave Roberts Homes GC/RS-3 115,248 2744 05-0431-X 4/19/2005 11503 N 132 E Ave Roberts Homes GC/RS-3 97,776 2328 05-0432-X 4/19/2005 11505 N 132 E Ave Roberts Homes GC/RS-3 96,390 2295 05-0433-X 4/19/2005 12997 E 114 Ct No Roberts Homes GC/RS-3 97,860 2330 05-0434-X 4/19/2005 10310 N 138 E Ave Simmons Homes CC/CS 400,000 10500 05-0435-C 4/19/2005 11511 N 132 E Ave Roberts Homes GC/RS-3 75,600 1800 05-0436-X 4/19/2005 14317 E 88 Ter No Roberts Homes VSC/RS-3 118,020 2810 05-0437-X 4/20/2005 14321 E 88 Ter No Roberts Homes VSC/RS-3 110,460 2630 05-0438-X 4/20/2005 8714 N 144 E Ave Roberts Homes VSC/RS-3 120,750 2875 05-0439-X 4/20/2005 8706 N 144 E Ave Roberts Homes VSC/RS-3 113,148 2694 05-0440-X 4/20/2005 8819 N 143 E Ave Roberts Homes VSC/RS-3 106,680 2540 05-0441-X 4/20/2005 8713 N 143 E Ave Roberts Homes VSC/RS-3 111,132 2646 05-0442-X 4/20/2005 7815 N 117 E Ave Javier (homeowner) EC/RS-3 4,800 176 05-0443-X 4/20/2005 9714 N 108 E Ave Custom Carports ERV/RS-3 3,000 324 05-0444-X 4/10/2005 15006 E 88 St No Dolphin Pools PL/RS-3 8,300 594 05-0445-P 4/21/2005 10205 E 100 PI No Strategic Builders HC/RS-3 105,042 2501 05-0446-X 4/21/2005 11109 E 121 PI No Strategic Builders CE/RS-3 75,676 1778 05-0447-X 4/21/2005 11106 E 121 PI No Strategic Builders CE/RS-3 103,656 2468 05-0448-X 4/21/2005 10404 N 115 E Ave Premier Homes SGP/RS-3 90,762 2161 05-0449-X 4/21/2005 9005 N 156 E PI Simmons Homes PL/RS-3 119,700 2850 05-0450-X 4/22/2005 9904 N 103 E Ave Sherwood Builders HC/RS-3 90,090 2145 05-0451-X 4/22/2005 10202 E 101 St No Sherwood Builders HC/RS-3 94,710 2255 05-0452-X 4/22/2005 10208 E 101 Ct No Sherwood Builders HC/RS-3 99,666 2373 05-0453-X 4/22/2005 9906 N 103 E Ave Sherwood Builders HC/RS-3 102,756 2518 05-0454-X 4/22/2005 11114 N 118 E Ave Chumley & Assoc. RP/RS-3 77,826 1853 05-0455-X 4/22/2005 11206 N 118 E Ave Chumley & Assoc. RP/RS-3 76,230 1815 05-0456-X 4/22/2005 11050 N 118 E Ave Chumley & Assoc. RP/RS-3 75,558 1799 05-0457-X 4/22/2005 11214 N 118 E Ave Chumley & Assoc. RP/RS-3 75,558 1799 05-0458-X 4/22/2005 14321 E 113 St No Capital Homes ChPk/RS-3 79,884 1902 05-0459-X 4/26/2005 14314E 111 St No Capital Homes ChPk/RS-3 70,350 1675 05-0460-X 4/26/2005 9039 N 121 E Ave Lone Star Restaurant SmFarm/CS 1,100,000 6575 05-0461-C 4/26/2005 9500 N 129 E Ave#120 Claude Neon Signs WtfrdPlz/CS 12,000 115 05-0462-S 4/26/2005 10201 N 120 E Ave Simmons Homes SGP/RS-3 133,644 3182 05-0463-X 4/26/2005 11209 N 119 E Ave Chumley & Assoc. RP/RS-3 77,700 1850 05-0464-X 4/27/2005 11813 E 113 St No Chumley & Assoc. RP/RS-3 75,558 1799 05-0465-X 4/27/2005 11600 N Garnett Westport Church GC/AG 5,000 176 05-0466-S 4/28/2005 12500 E 86 St N#106 Owasso Land Trust OwRt1Ct/CS 12,000 1500 05-0467-C 4/28/2005 8341 Owasso Exp Global Signs ECCom/CS 6,000 98 05-0468-S 4/29/2005 11521 N 132 E Ave Strategic Builders GC/RS-3 103,656 2468 05-0469-X 4/29/2005 12201 N 111 E Ave Strategic Builders CE/RS-3 86,856 2068 05-0470-X 4/29/2005 9701 E 111 St No Strategic Builders MH/RS-3 100,128 2381 05-0471-X 4/29/2005 9703 E 110 PI No Strategic Builders MH/RS-3 112,476 2648 05-0472-X 4/29/2005 9705E 111 St No Strategic Builders MH/RS-3 107,856 2568 05-0473-X 4/29/2005 9704 E 111 St No Strategic Builders MH/RS-3 106,638 2539 05-0474-X 4/29/2005 9012 N 156 E PI Simmons Homes PL/RS-3 146,664 3492 05-0475-X 4/29/2005 14308 E 112 St No Simmons Homes ChPk/RS-3 69,174 1647 05-0476-X 4/29/2005 14304 E 112 St No Simmons Homes ChPk/RS-3 72,828 1734 05-0477-X 4/29/2005 14316 E 113 St No Capital Homes ChPk/RS-3 75,096 1788 05-0478-X 4/29/2005 14312E 111 St No Capital Homes ChPk/RS-3 69,930 1665 05-0479-X 4/29/2005 63 Single Family 6,350,038.00 151,206 Sq Ft 3 Residential -Addition 8,500.00 580 Sq Ft 4 Commercial -New 4,250,000.00 82,743 Sq Ft 4 Commercial -Remodel 467,654.00 17,166 Sq Ft 2 Pools 28,300.00 1,189 Sq Ft 3 Signs 23,000.00 389 Sq Ft 79 Building Permits $11,127,492.00 253,273 Sq Ft BUILDING INSPECTIONS DEPARTMENT REPORT FOR APRIL Building Permits Issued 61 10,894.91 Economic Development 53 7,311.00 Mechanical Permits Issued 60 4,330.00 Electrical Permits Issued 63 4,410.00 Plumbing Permits Issued 65 4,375.00 Recreation Development 49 7,350.00 Sign Permits Issued 7 160.00 Reinspection Fees 0 0.00 Sewer Taps 53 21,200.00 Water Taps 30 15,000.00 Water Meter Deposits 30 1,500.00 TOTAL PERMITS 471 $76,530.91 1►1111, • ► M Building 167 Mechanical 102 Electrical 153 Plumbing 210 Reinspection 44 Other 0 TOTAL INSPECTIONS 676