HomeMy WebLinkAbout2005.09.08_OEDA AgendaPUBLIC NOTICE OF THE MEETING OF THE
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
TYPE OF MEETING:
DATE:
TIME:
PLACE:
Regular
September 8, 2005
10:00 a.m.
Owasso City Hall
Main Conference Room
111 North Main
OEDA FILE
Notice and agenda filed in the office of the City Clerk and posted on the City Hall bulletin board
at 9:00 a.m. on Friday, September 2, 2005.
Rickey Hayes[Ec6noe5
Development Director
AGENDA
1. Call to Order & Roll Call
Mr. Enzbrenner, Chairman
2. Request Approval of Minutes of the August 11, 2005 Regular meeting and the August 25,
2005 Special meeting.
Mr. Enzbrenner
Attachment #2
3. Request Approval of Claims.
Mr. Enzbrenner
Attachment #3
4. Presentation of Financial Report.
Ms. Bishop
Attachment #4
OEDA
September 8, 2005
Page 2
5. Update 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. Discussion relating to ideas and scope of Owasso Economic Development Activity for
Fiscal Year 2005-2006.
Mr. Ray
10. Consideration and appropriate action relating to a request for Trustee approval of
Resolution No. 2005-04.
Ms. Bishop
Attachment # 10
Staff will recommend Trustee approval of Resolution No. 2005-04, a resolution authorizing
the City Treasurer to make payments of principal and interest from the OEDA to the City
of Owasso, upon receipt of the loan payments from Vanguard Car Rental, USA.
OEDA
September 8, 2005
11. New Business.
12. Adjournment.
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
MINUTES OF REGULAR MEETING
Thursday, August 11, 2005
The Owasso Economic Development Authority met in regular session on Thursday, August 11,
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 9:00 a.m. on Monday, August 8, 2005.
ITEM 1: CALL TO ORDER & ROLL CALL
Chairman Frank Enzbrenner called the meeting to order at 10:02AM.
PRESENT OTHERS
Frank Enzbrenner, Chair Randy Cowling
Gary Akin, Trustee
Tom Kimball, Trustee
David Charney, Trustee
Ray Thomas, Trustee
A quorum was declared present.
ABSENT
Dee Sokolosky, Secretary
Steve Cataudella, Treasurer
STAFF
Ana Stagg, Public Works Director Rodney Ray, City Manager
Sherry Bishop, Finance Director Eric Wiles, Community Development
Rickey Hayes, Economic Development Director
ITEM 2: REQUEST APPROVAL OF MINUTES OF THE JULY 13 2005 SPECIAL
MEETING.
Mr. Akin moved, seconded by Mr. Thomas, to approve the minutes of the July 13,
2005 Special meeting.
AYE: Kimball, Akin, Enzbrenner, Thomas, Charney
NAY: None
ABSTAIN: None
Motion carried 5-0.
ITEM 3: REQUEST APPROVAL OF CLAIMS.
No Claims
AYE: None
NAY: None
ABSTAIN: None
Owasso Economic Development Authority
August 11, 2005
ITEM 4: PRESENTATION OF FINANCIAL REPORT.
After a review of the attached report, no questions were asked of Ms. Bishop.
ITEM 5: UPDATE FROM ECONOMIC DEVELOPMENT DIRECTOR
After a review of the attached report, no questions were asked of Mr. Hayes.
ITEM 6: DEMONSTRATION OF THE GEOGRAPHIC INFORMATINO SYSTEMS (GIS).
Mr. Larry White, Support Services Director gave a brief demonstration and provided
an update of the system currently used by staff members.
ITEM 7: REPORT FROM COMMUNITY DEVELOPMENT DIRECTOR
Mr. Wiles provided an update on the July 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 8: REPORT FROM PUBLIC WORKS DIRECTOR
Ms. Stagg gave a brief report on various street development projects, and other Public
Works related items.
ITEM 9: REPORT FROM OEDA MANAGER
Mr. Ray provided a report on the baseball tournament held in Owasso.
ITEM 10: DISCUSSION RELATING TO IDEAS AND SCOPE OF OWASSO ECONOMIC
DEVELOPMENT ACTIVITY FOR FISCAL YEAR 2005-2006
After review of the attached report from Mr. Ray, members discussed ideas relating
to the scope of OEDA activity for Fiscal Year 2005-2006. Due to time constraints,
Mr. Kimball moved to table further discussions until the September 2005 OEDA
Meeting, seconded by Mr. Thomas. Mr. Enzbrenner tabled further discussions
relating to the ideas and scope of OEDA activity for fiscal year 2005-2006 until the
September 8, 2005 meeting.
ITEM 11: DISCUSSION OF ISSUES RELATING TO EMINENT DOMAIN FOR ECONOMIC
DEVELOPMENT PURPOSES
Mr. Ray introduced Julie Lombardi, City Attorney for the City of Owasso who brief
members on a recent court ruling regarding a municipalities use of eminent domain
for economic development purposes.
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Owasso Economic Development Authority
ITEM 12: NEW BUSINESS
None
ITEM 13: ADJOURNMENT
Motion made by Mr. Chamey, seconded by Mr. Thomas to adjourn.
At 11:45am, the meeting was adjourned.
AYE: Kimball, Thomas, Enzbrenner, Akin, Chamey
NAY: None
ABSTAIN: None
Motion carried 5-0.
-3-
August 11, 2005
Frank Enzbrenner, Chairman
Date Approved
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
MINUTES OF SPECIAL MEETING
Thursday, August 25, 2005
The Owasso Economic Development Authority met in special session on Thursday, August 25,
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 12:00 p.m. on Monday, August 22, 2005.
ITEM 1: CALL TO ORDER & ROLL CALL
Chairman Frank Enzbrenner called the meeting to order at 8:30 AM.
PRESENT
Frank Enzbrenner, Chairman Steve Cataudella, Trustee
Dee Sokolosky, Vice Chairman Ray Thomas, Trustee
Gary Akin, Secretary Tom Kimball, Trustee
A quorum was declared present.
ABSENT
David Chamey, Trustee
STAFF
Rickey Hayes, Economic Development Director Julie Trout Lombardi, City Attorney
Juliann Stevens, Recording Secretary
ITEM 2: CONSIDERATION AND APPROPRIATE ACTION RELATIGN TO A REQUEST
FOR TRUSTEE ADOPTION OF RESOLUTION No. 2005-03.
Mr. Hayes presented the resolution and authority members discussed the proposed
state question. Mr. Kimball moved, seconded by Mr. Cataudella, to approve
Resolution No. 2005-03.
AYE: Kimball, Akin, Enzbrenner, Thomas, Cataudella
NAY: Sokolosky
ABSTAIN: None
Motion carried 5-1.
ITEM 3: ADJOURNMENT
Motion made by Mr. Kimball, seconded by Mr. Akin to adjourn.
At 8:45am, the meeting was adjourned.
AYE: Kimball, Thomas, Enzbrenner, Akin, Chamey
NAY: None
ABSTAIN: None
Motion carried 5-0.
Frank Enzbrenner, Chairman
Date Approved
MEMORANDUM
TO: THE HONORABLE CHAIR & TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: RICKEY HAYES, ECONOMIC DEVELOPMENT DIRECTOR
SUBJECT: OEDA CLAIMS FOR AUGUST 2005
DATE: September 6, 2005
There were no claims for August 2005.
Owasso Economic Development Authority
Statement of Revenues, Expenses and Changes in Fund Net Assets
For the Month Ending August 31, 2005
Operating Revenues
Operating Expenses:
Materials & supplies
Services & other charges
Capital outlay
Total Operating Expenses
Operating Income (Loss)
Non -Operating Revenues (Expenses):
Investment income
Promissory note revenue
RAN debt service & other costs
Total non -operating revenues (expenses)
Net income (loss) before contributions and
transfers
Transfer from general fund
Change in net assets
Total net assets - beginning
Total net assets - ending
MTD
YTD
Budget
$0.00
$0.00
$0.00
0.00
0.00
0.00
0.00
0.00
5,000.00
0.00
0.00
0.00
0.00
5,000.00
0.00
0.00
(5,000.00)
0.00
31.27
65.76
70.00
0.00
0.00
400,000.00
0.00
0.00
(421,250.00)
31.27
(21,180.00)
65.76
31.27
65.76
(26,180.00)
0.00
0.00
0.00
31.27
(26,180.00)
65.76
67,034.76
67,034.76
$40,854.76
$67,100.52
MEMORANDUM
TO: THE HONORABLE CHAIR AND TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: RICKEY HAYES
DIRECTOR OF ECONOMIC DEVELOPMENT
12'14-
SUBJECT: DIRECTOR'S REPORT
DATE: September 6, 2005
Progress continues on the commercial sites in the 961h Street retail corridor. Smith Farms
continues construction at a fast pace Betty Smith Boulevard is paved. Nearly all curb and gutter
work on the interior of the center is completed, and paving on the main parking areas is
completed. Target and Belk are beginning inventory of their facilities. Construction continues
on a 52,000 square ft. retail strip in phase one of Tyann Development's plans for the area on the
east side of US 169 around the Home Depot, and plans have just been released to enlarge the
initial building because of leasing demand. Tyann is also completing the service road from 86th
to 961h Street on the east side of the highway and substantial completion is expected by the end of
September. This site will eventually be home to about 300,000 feet of retail and restaurants, with
some mixed use units as well. Both the St. John's Medical Complex and Bailey Medical Center
are doing steel erection on their sites. Kentucky Fried Chicken is in final completion stages on
76th Street, Chick-Fil-A and Arbys are about to begin construction on new restaurants. The new
Renaissance Center on 861h Street is finished and is leasing retail space just east of Albertsons.
Several national retailers are in and out of town for site visits and inspections. Brinker
Restaurants were in town this past weekend for a site inspection. Commercial sites have
investors inquiring from the 96th Street corridor north to 116th. There are several restaurants, at
least 4 hotel / motel groups, and several more "big box" retail users in the mix.
All of our marketing material is being updated and new pieces aimed at corporate office users are
being developed. I hope to have them in your hands for your review and input very soon.
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: HONORABLE CHAIR AND TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: SHERRY BISHOP
FINANCE DIRECTOR
SUBJECT: AUTHORIZE RAN DEBT SERVICE PAYMENTS
DATE: September 6, 2005
BACKGROUND:
On January 13, 2005, the OEDA Trustees approved Resolution No. 2005-01 authorizing the issuance
of a Revenue Anticipation Note (RAN) for $2,000,000 to fund a loan to Vanguard Car Rental USA.
Final loan documents were approved by the OEDA on May 12, 2005. The City of Owasso invested
$2,000,000 in the RAN issued by the OEDA. Additionally, the City of Owasso transferred $71,250
to the OEDA to fully fund the expected five-year expenses for interest on the RAN and for the letter
of credit on the Vanguard loan.
The final agreements with all parties were signed on June 28th and funds were transferred June 301n
Vanguard is to make quarterly payments of $100,000 to the OEDA. The OEDA is to make quarterly
payments of $100,000 plus accrued interest (0.05%) to the City of Owasso.
The Promissory Note between the OEDA and Vanguard includes an initial payment due date on or
before October 1, 2005. The OEDA RAN invested in by the City of Owasso lists an initial payment
due on or before October 25, 2005. The Intercreditor Agreement between Arvest Bank and the
OEDA provides an initial payment due on September 1, 2005.
On September 1st, Arvest Bank transferred $100,000 to the OEDA. The first payment of principal
and interest on the RAN could be paid now or could be held until October 25th. Because the City of
Owasso provided all funding for the loan including the interest to be paid, staff believes it is
appropriate for the OEDA to make payments to the City as soon as funds are available.
All payments made by the OEDA must be authorized by the Trustees and are normally included on a
claims list for approval at a regular meeting of the OEDA. Quarterly principal and interest payments
due to the City of Owasso on the RAN also require Trustee approval. Because that indebtedness has
been authorized by the OEDA, staff believes it is appropriate for the Trustees to authorize all
payments on the RAN as funds are available (from Vanguard) to make those payments. A resolution
authorizing staff to pay principal and interest on the RAN will be presented at the September 8th
meeting. The resolution is attached.
RECOMMENDATION:
Staff recommends OEDA Trustee approval of Resolution No. 2005-04, a resolution authorizing
payment of principal and interest on the OEDA RAN, dated June 28, 2005 as funds are received
from quarterly loan payments from Vanguard.
ATTACHMENTS:
Resolution No. 2005-04
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NUMBER 2005-04
A RESOLUTION OF THE OWASSO ECONOMIC
DEVELOPMENT AUTHORITY AUTHORIZING
PAYMENTS OF PRINCIPAL AND INTEREST TO THE
CITY OF OWASSO
WHEREAS, a Revenue Anticipation Note in the amount of $2,000,000 was entered into
by the City of Owasso and the Owasso Economic Development Authority on June 28, 2005; and,
WHEREAS, the Revenue Anticipation Note was entered into to provide financing for a
capital venture/economic development project in close proximity to the City of Owasso,
consisting of a loan, from the Oklahoma Economic Development Authority to Vanguard Car
Rental, U.S.A., for corporate headquarter relocation assistance; and,
WHEREAS, Vanguard Car Rental, U.S.A. will make payments to The Owasso
Economic Development Authority in repayment of the loan agreement entered into by the
parties;
NOW, THEREFORE, The Owasso Economic Development Authority hereby
authorizes the Owasso Economic Development Authority Treasurer to make payments of
principal and interest to the City of Owasso upon receipt of the loan payments from
Vanguard Car Rental, U.S.A.:
PASSED AND APPROVED this day of September 2005.
OWASSO ECONOMIC DEVELOPMENT
AUTHORITY
Frank Enzbrenner, Chairman
ATTEST:
Dominic Sokolosky, Secretary
APPROVED AS TO FORM:
Julie Trout Lombardi, Authority Attorney