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HomeMy WebLinkAbout1992.11.18_OEDA MinutesOWASSO ECONOMIC DEVELOPMENT AUTHORITY MINUTES OF SPECIAL MEETING Wednesday, November 18, 1992, 9:00 a.m. Owasso Community Center 301 S Cedar, Owasso, Oklahoma MEMBERS PRESENT MEMBERS ABSENT STAFF PRESENT Tom Kimball Frank Enzbrenner Alan Anderson Bill Retherford Michael Watson Brenda Lawrence Patricia Marlar Steve Compton Marcia Boutwell Sherry Bishop Rodney Ray Ron Cates Also present were Max Buchanan and Steve Lurvey from the Max Buchanan Company. 1. CALL TO ORDER Chairperson Tom Kimball called the meeting to order at 9:20 a.m. and declared a quorum present. 2. DISCUSSION AND APPROPRIATE ACTION RELATING TO A RESOLUTION APPROVING THE MAX BUCHANAN COMPANY PROJECT AND AUTHORIZING EXECUTION AND DELIVERY OF PROJECT - RELATED DOCUMENTS All loan and lease /purchase documents relating to the relocation of the Max Buchanan Company have been prepared by the City Attorney to meet verbally agreed upon conditions. They have been reviewed by attorneys for the banks and by the staff and are in order. In general the agreement consists of a $388,000 loan from the banks to the Authority with a variable interest rate based upon the Prime Rate. The Authority will then lease to the Max Buchanan Company for an amount that will cover the principal and interest, plus 1/2 of one percent for administration. The term of both the loan and lease /purchase is 15 years. Pat Marlar moved to authorize the appropriate authority members and officers to execute and deliver all project - related documents. Motion seconded by Frank Enzbrenner. A vote on the motion was recorded as follows: Pat Marlar - Yes Frank Enzbrenner - Yes Bill Retherford - Yes Michael Watson - Yes Alan Anderson - Yes Brenda Lawrence - Yes Tom Kimball - Yes The motion carried 7 -0. Owasso Economic Development Authority Minutes of November 18, 1992 Page 2 3. DISCUSSION AND APPROPRIATE ACTION RELATING TO THE REVIEW OF BIDS AND AWARDING OF A CONTRACT FOR THE CONSTRUCTION OF A BUILDING, PARKING LOT, AND TEMPORARY ROAD FOR THE MAX BUCHANAN COMPANY IN CONJUNCTION WITH CHANGE ORDER #1 DECREASING THE CONTRACT AMOUNT On September 16, 1992 the Authority authorized the solicitation of bids for the construction of a building, parking lot, and temporary entry drive for the Max Buchanan Company. Nine bids were received and opened on October 19, 1992, with Area Building Company of Tulsa being the low bidder at $408,785. This low bid was in excess of the maximum loan amount of $388,000 which was based upon an independent appraisal of $485,000. Changes were made to the building plans to reduce the construction cost and the low bidder agreed to submit a Change Order reducing their bid amount to $371,604 per the changed building plans. Pat Marlar moved to award the bid for the construction of the Max Buchanan Company building, parking lot, and temporary entry drive, in conjunction with Change Order #1 to the Area Building Company of Tulsa for the amount of $371,604, conditioned upon final release of funds from the lending institutions. Motion was seconded by Brenda Lawrence. A vote on the motion was recorded as follows: Pat Marlar - Yes Brenda Lawrence - Yes Alan Anderson - Yes Michael Watson - Yes Bill Retherford - Yes Frank Enzbrenner - Yes Tom Kimball - Yes The motion carried 7 -0. 4. CONSIDER RECESSING AND RECONVENING AT SITE FOR GROUNDBREAKING CEREMONIES Frank Enzbrenner moved to recess the meeting and reconvene at the site in thirty minutes for the groundbreaking ceremonies. Motion was seconded by Alan Anderson. A vote on the motion was recorded as follows: Frank Enzbrenner - Yes Alan Anderson - Yes Pat Marlar - Yes Bill Retherford - Yes Brenda Lawrence - Yes Michael Watson - Yes Tom Kimball - Yes The motion carried 7 -0 and the meeting was recessed at 9:40 a.m. Mr Kimball reconvened the meeting at the site at 10:10 for the groundbreaking ceremonies. Owasso Economic Development Authority Minutes of November 18, 1992 Page 3 5. ADJOURNNIENT Bill Retherford moved, seconded by Brenda Lawrence for adjournment. A vote on the motion was as follows: Bill Retherford - Yes Brenda Lawrence - Yes Michael Watson - Yes Pat Marlar - Yes Alan Anderson - Yes Frank Enzbrenner - Yes Tom Kimball - Yes The motion carried 7 -0 and the meeting was adjourned at 10:30 a.m. /.2 -/In -22 Date Approved