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Home My WebLink About2007.06.14_OEDA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY TYPE OF MEETING: Regular OEDA FILE DATE: June 14, 2007 TIME: 10:00 a.m. PLACE: Owasso City Hall, Lower Level Conference Room 111 N. Main Owasso, Oklahoma Notice and agenda filed in the office of the City 61 ek nd posted on the City Hall bulletin board at 5: 00 p.m. on Monday, June 11, 2007. Rickey Hayes, EA is Development Director AGENDA 1. Call to Order Mr. Sokolosky, Chairman 2. Consideration and appropriate action relating to a request for Trustee approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable. A. Approval of Minutes of the May 10, 2007 Regular Meeting. Attachment # 2 -A B. Approval of Claims. Attachment # 2 -B 3. Presentation of Financial Report. Ms. Bishop Attachment 43 4. Discussion regarding the Proposed FY 2007 -2008 Budget. Mr. Hayes OEDA June 14, 2007 Page 2 5. Briefing and update on the Hunt Development Agreement for property located at 12250 E. 96Th Street North. Mr. Ray 6. Update from Economic Development Director. Mr. Hayes Attachment #6 7. Report from Community Development Director Mr. Wiles 8. Report from the Public Works Director Ms. Stagg 9. New Business. 10. Adjournment. OWASSO ECONOMIC DEVELOPMENT AUTHORITY MINUTES OF REGULAR MEETING Thursday, May 10, 2007 The Owasso Economic Development Authority met in regular session on Thursday, May 10, 2007 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 Tuesday, April 10, 2007. ITEM 1: CALL TO ORDER & ROLL CALL Chairman Dee Sokolosky called the meeting to order at 10:OOAM. PRESENT Dee Sokolosky, Chairman Ray Thomas, Vice Chairman Gary Akin, Secretary (arrived at 10:02am) Frank Enzbrenner, Trustee David Chamey, Trustee Steve Cataudella, Trustee Tom Kimball, Trustee (arrives at 10:06am) A quorum was declared present. ABSENT None STAFF Rodney Ray, City Manager Ana Stagg, Public Works Eric Wiles, Community Development OTHERS Randy Cowling Sherry Bishop, Finance Director Rickey Hayes, Economic Development Shawn Reiss, Recording Clerk ITEM 2: CONSIDERATION AND APPROPRIATE ACTION REALTING TO A REQUEST FOR TRUSTEE APPROVAL OF THE CONSENT AGENDA. A. Approval of minutes of the April 12, 2007 Regular Meeting B. Approval of claims —no claims Mr. Cataudella moved, seconded by Mr. Enzbrenner, to approve the consent agenda. AYE: Enzbrenner, Cataudella, Thomas, Charney, , Sokolosky NAY: None ABSTAIN: None Motion carried 5 -0. ITEM 3: PRESENTATION OF FINANCIAL REPORT. A financial report was included in the agenda packet, no questions were asked of Ms. Bishop. ITEM 4: UPDATE FROM ECONOMIC DEVELOPMENT DIRECTOR Mr. Hayes reviewed the attached report. Owasso Economic Development Authority April 12, 2007 ITEM 5: REPORT FROM COMMUNITY DEVELOPMENT DIRECTOR Mr. Wiles provided an update on the April building permit report and provided information regarding items appearing before the Planning Commission in May 2007. ITEM 6: REPORT FROM PUBLIC WORKS DIRECTOR Ms. Stagg gave a project status report on various capital improvement projects and other Public Works related items. ITEM 7: REPORT FROM OEDA MANAGER No report. ITEM 8: CONSIDERATION AND POSSIBLE ACTION RELATING TO A REQUEST FOR TRUSTEE ADOPTION OF RESOLUTION NO. 2007 -01, A RESOLUTION RELEASING AND DISCLAIMING ALL RIGHTS UNDER SECTION 22.7 OF THE COMMERCIAL LEASE AGREEMENT BETWEEN THE OEDA AND ONEOK, INC; AND, AUTHORIZES THE OEDA MANAGER TO EXECUTE ALL NECESSARY DOCUMENTATION RELATING TO THE TERMINATION OF THE COMMERCIAL LEASE AGREEMENT AND TO FACILITATE BOTH THE RELOCATION OF THE ONG FACILITY TO THE CHEROKEE INDUSTRIAL PARK AND THE PURCHASE AND DEVELOPMENT OF THE SUBJECT PROPERTY, LOCATED AT 12250 E. 96" STREET NORTH, BY HUNT PROPERTIES. Discussion was held regarding the current agreement between the OEDA and ONEOK, INC and the termination of such agreement. Mr. Charney motioned to adopt Resolution No. 2007 -01, seconded by Mr. Cataudella. AYE: Charney, Cataudella, Enzbrenner, Sokolosky, Kimball, Akin NAY: Thomas ABSTAIN: None Motion carried 6 -1. ITEM 9: NEW BUSINESS None ITEM 10: ADJOURNMENT Motion made by Mr. Enzbrenner, seconded by Mr. Kimball to adjourn. At 11:44am, the meeting was adjourned. AYE: Charney, Cataudella, Enzbrenner, Sokolosky, Kimball, Akin, Thomas NAY: None ABSTAIN: None Motion carried 5 -0. Dee Sokolosky, Chairman -2- MEMORANDUM TO: THE HONORABLE CHAIR & TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RICKEY HAYES, ECONOMIC DEVELOPMENT DIRECTOR SUBJECT: OEDA CLAIMS FOR MAY 2007 DATE: June 8, 2007 There were no claims for May 2007 Owasso Economic Development Authority Statement of Revenues, Expenses and Changes in Fund Net Assets For the Month Ending May 31, 2007 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 4,000.00 0.00 0.00 0.00 0.00 0.00 4,000.00 0.00 0.00 (4,000.00) 14.71 192.32 300.00 0.00 300,000.00 400,000.00 0.00 (305,447.95) (416,254.00) 14.71 (5,255.63) (15,954.00) 14.71 (5,255.63) (19,954.00) 0.00 0.00 0.00 (5,255.63) 14.71 (19,954.00) 44,149.46 44,149.46 $38,893.83 $24,195.46 MEMORANDUM TO: THE HONORABLE CHAIR AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RICKEY HAYES DIRECTOR OF ECONOMIC DEVELOPMENT SUBJECT: DIRECTOR'S REPORT DATE: June 8, 2007 Candlewood Inn Suites and Hampton Inn are under construction on hotel projects in the East 96th Street North and US 169 corridor. The Staubach Company is partnering in the Candlewood deal and is looking into potential expansion for some mixed use development in the area around the hotel. A Marriot Towne Center will begin dirt work in a couple of weeks on the Tyann site just west of Home Depot. The city will benefit from over 300 new rooms and the spin off restaurant and retail that will accompany the hotel construction. At least one other hotel deal is in the contact stage in the same area. Several new restaurants opened recently in the City of Owasso. Steak and Shake is open in the Tyann center and Popeye's Chicken will be open in a couple of weeks at 86th and US 169. Cracker Barrell is under construction in the Tyann center at this time. Staff is working with multiple groups of developers for significant retail and mixed use projects on several sites in the City. Staff has been in pre- development meetings with developers and engineers, and several national retailers are showing interest in available sites in the 96th Street corridor and in the 116th Street area as well. Development is continuing in the Tyann Center with several retailers under contract for pad sites in the area just west of Home Depot. Aldi and Southern Agriculture will begin construction soon at that location. Staff represented the City of Owasso at the ICSC convention and attended meetings with retail representatives on several sites in Owasso. Staff has completed initial cost analysis data for several potential corporate office sites. This information is being compiled to provide data to site selection consultants in preliminary information packets. Data is being provided to the leading site consulting firms in the corporate relocation market. Creating quality jobs is staff's primary focus. In the months to come staff will concentrate on keeping the City of Owasso at the forefront of information being provided to corporate site consultants looking for potential sites in the Tulsa metro area. A new website has been developed to provide local businesses with workforce development support. The site is www.jobsinowasso.com . The site is very user friendly and provides both employers and potential employees an opportunity to exchange information. The website should be online by the end of June. 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. Owasso Economic Development Authority Proposed Budget FY 2007 -2008 BEGINNING FUND BALANCE (7 -1 -2007) PROPOSED REVENUE 95- 000 -46100 Interest 300 95- 000 -46500 Promissory Note Revenue 1,200,000 TOTAL REVENUE 1,200,300 PROPOSED EXPENSES Personal Services - Materials & Supplies - Other Services 2,000 Capital Outlay - Debt Service 1,201,447 Transfer to City of Owasso, General Fund 26,898 TOTAL EXPENSES 1,230,345 h'i I om $ 37,217 (30,045) PROJECTED ENDING FUND BALANCE (6 -30 -2008) $ 7,172 Owasso Economic Development Authority Fiscal Year 2007 -2008 Annual Budget OEDA 5 -year Expense Trend (OEDA 95 -710) $1,400,000 Actual 2003 -2004 Actual 2004 -2005 Actual 2005 -2006 Projected Actual 2006 -2007 Proposed 2007 -2008 Personal Services $1,200,000 - - - - Materials & Supplies - - - - - Other Services & Charges 7,750 - $1,000,000 - 2,000 Capital Outlay - - - - - Debt Service - 15,000 420,748 407,158 $800,000 Transfers - - - - 26,898 Total 7,750 15,000 423,248 407,158 1,230,345 $600,000 $400,000 $200,000 $0 0 °o v yr " � 112 � FY 04 FY 05 FY 06 FY 07 FY 08 Expense Category Actual 2003 -2004 Actual 2004 -2005 Actual 2005 -2006 Projected Actual 2006 -2007 Proposed 2007 -2008 Personal Services - - - - - Materials & Supplies - - - - - Other Services & Charges 7,750 - 2,500 - 2,000 Capital Outlay - - - - - Debt Service - 15,000 420,748 407,158 1,201,447 Transfers - - - - 26,898 Total 7,750 15,000 423,248 407,158 1,230,345 Is] 4 Zl Owasso Economic Development Authority Fiscal Year 2007 -2008 Annual Budget OEDA Projected Actual Actual Actual Proposed Line Item Description 2004 -2005 2005 -2006 2006 -2007 2007 -2008 Personal Services *Total Personal Services* Materials & Supplies 95 -710 52001 Office Supplies *Total Materials & Supplies* Other Services & Charges 95 -710 53001 Prof. & Tech. Services 2,500 - 2,000 53650 Travel & Training - *Total Other Services & Charges - 2,500 - 2,000 Capital Outlay 95 -710 54400 Machinery - - - - *Total Capital Outlay* - - - - Debt Service 95 -800 55200 RAN Debt Service -- - - Principal 400,000 400,000 1,200,000 Interest 8,748 7,158 1,447 55600 Other Costs (Letter of Crec 15,000 12,000 - - *Total Debt Service* 15,000 420,748 407,158 19201,447 Transfers 95 -900 56001 Transfer to City of Owasso General Fund - - - 26,898 *Total Transfers* - - - 26,898 Total OEDA 15,000 423,248 407,158 1,230,345