HomeMy WebLinkAbout2005.02.01_OPWA AgendaWATNIGUA
TYPE OF MEETING: Regular
DATE: February 1, 2005
TIME: 6:30 p.m.
PLACE: Council Chambers, Old Central Building
109 N. Birch
Notice and agenda filed in the office of the Cit Clerk and posted at City Ball at 5:00 p.m,-,on
Friday, January 28, 2005.
liann M. Stevens, A nistrativc Assistant
1. Call to Order
Chairman Kimball
2. Flag Salute
3. Roll Call
4. Consideration and appropriate action relating to a request for 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 the Minutes of the January 18, 2005 Regular Meeting.
Attachment #4 -A
B. Approval of Claims.
Attachment #4 -B
H. \Agendas \OP W A \2005 \0201. doc
Owasso Public Works Authority
February 1, 2005
Page 2
5. Consideration and appropriate action relating to a request for Trustee approval of an
Infrastructure Improvement Agreement between the Owasso Public Works Authority and
Tyann Development Company, Inc.
Mr. Ray
( The attachments for this item will be delivered to you on Monday, January 31, 2005)
Staff will recommend Trustee approval of an Infrastructure Improvement Agreement for
public street and related improvements between the City of Owasso and Tyann
Development Company, Inc.
6. Deport from OPWA Manager.
7. Deport from OPWA Attorney.
8. New Business. (blew Business is any item of business which could not have been foreseen
at the time of posting of the agenda.)
9. Adjournment.
tC \Agendas \OPWA \2005 \0201 doe
OWASSO PUBLIC WORKS AUTHORITY
MINUTES OF REGULAR MEETING
Tuesday, January 18, 2005
The Owasso Public Works Authority 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
Chairman Kimball called the meeting to order at 1:21 p.m.
ITEM 2. FLAG SALUTE
The flag salute was held during the City Council meeting preceding this meeting.
ITEM 3. ROLL CALL
A quorum was declared present.
STAFF
Rodney J. Ray, Authority Manager
Ronald Cates, Authority Attorney
ITEM 4. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A
REQUEST FOR TRUSTEE APPROVAL OF THE CONSENT AGENDA
A. Approval of Minutes of the January 4, 2005 Regular Meeting
B. Approval of Claims
Mr. Colgan moved, seconded by Mr. Cataudella, to approve the OPWA Consent Agenda with
claims totaling $53,548.56 and payroll claims for two pay periods totaling $92,985.46.
YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel
NAY: None
Motion carried 5 -0.
Owasso Public Works Authority
None
ITEM 6. REPORT FROM OPWA ATTORNEY
None
ITEM 7o NEW BUSINESS
None
11111210119111119 "10 . . . . . . .
Mr. Cochran moved, seconded by Mr. Colgan, to adjourn.
YEA: Cataudella, Cochran, Colgan, Kimball, Thoendel
NAY: None
Motion carried 5-0 and the meeting was adjourned at 7:22 p.m.
Pat Fry, Minute Clerk
11
January 18, 2005
Susan Kimball, Chair
OPWA
CLAWS TO BL Pni'm (117biliff
VENDOR
DESCRIPTION
AMOUNT
TREASURER PETTY CASH
DEPOSIT REFUND
8.09
REFUND TOTAL
��-6.99�
LOVVES COMPANIES
WALL DOOR STOP
7.82
TREASURER PETTY CASH
OFFICE SUPPLIES
89.84
TERM|N|X
PEST CONTROL
44.00
ADMINISTRATION DEPT TOTAL
1;F-86
OFFICE DEPOT
OFFICE SUPPLIES
2.04
MCLAU0N.DSCAR
METER READINGS
304.20
0L|N{gH{}USE. DAVID R.
METER READINGS
53035
O|N0NG.TYRONE
METER READINGS
358.50
BALS{8ER. KATHLEEN A
METER READINGS
151.20
K4EYER'K4ARK
METER READINGS
580.95
ARR|NGTON.T0k8
METER READINGS
17.10
TECHNICAL PROGRAMMING SERVICES
BILLING SERVICE
275549
UTILITY BILLING DEPT TOTAL
LOVVESCOMPAN|ES
50UVVT3
18.02
WATER PRODUCTS
METER SET SUPPLIES
1.584.80
TREASURER PETTY CASH
MEETING EXPENSE
18.08
GEORGE & GEORGE SAFETY
UN|F0RMG/PRUTCLUTH|NG
23.05
UN|F|RSTCORPORAT|ON
UN|F0RMS/PR0TCLOTH|NG
92.84
T-SHIRT EXPRESS
CAPS
46.87
ATVVOODS
UNIFORM-HARRIS
82.48
A&AMATERIALS
ASPHALT
360.83
LOVYE8COK4PAN|EG
REPA|FVMAiNTSUPPLiES
25.00
WATER PRODUCTS
LEAK REPAIRS
40578
TWIN CITIES READY MIX
CONCRETE
152.00
CROW BURL|NGAME
FUNNEL
3.49
/TWO0OS
BOLT CUTTERS
18.95
CITY OFTULSA
PURCHASED WATER
103.803.74
|NCO(3
WATER FEASIBILITY STUDY
470000
WATER DEPT TOTAL
1i1,4%4.41
VVALK4ARTC0K4&4UN|TY
SUPPLIES
87.39
GEORGE & GEORGE SAFETY
UN|FORK8S/PROTCLUTH{NG
23.05
UN|F|RSTCORPORAT|ON
UN|FORM8/PROTCL0TH|NG
81.20
T-SHIRT EXPRESS
CAPS
46.87
GREEN COUNTRY TESTING
AMMON|ATE8T|NQ
120.00
WASTE MANAGEMENT OFOKLA
TIPPING FEES
2.414.15
ACCURATE FIRE EQUIPMENT INC
INSPECTION FIRE EQUIP
83.00
DEPT 0F ENVIRONMENTAL QUALITY WATER
L|CENSETEST|NG-K4CKN|GHT
80.00
DEPT OF ENVIRONMENTAL QUALITY WATER
LICENSETEST|NQ-CORLEY
8080
CDRLEY.STEPHEN
PER DIEM
84.00
MCKN|CHT. JOHNNY VVAYNE
PER DIEM
84.00
WW TREATMENT PLANT DEPT TOTAL
�
VENDOR
DESCRIPTION
AMOUNT
OVVASSOGTAFF|NG
TEMP STAFF
415.08
GEORGE & GEORGE SAFETY
UN|F0RNS/PRUTCLOTH|NG
23.05
UN|RRSTCDRPORAT0N
UN|FURMS/PROTCLOTH|NG
105.88
T-SHIRT EXPRESS
CAPS
40.80
BLIZZARD TRUCKING
TOP SOIL
480.00
8&BELECTRIC.
SEAL KIT
273.94
O'RBLLYAUTOMOT|VE
LIFT STATION SUPPLIES
34.55
WATER PRODUCTS
MANHOLE REPAIR
84.58
BROWN FARMS SOD
SOD
55.08
WATER PRODUCTS
MINOR EQUIPMENT
42.88
B&BELECTRIC
PUMP REPAIR
1.538.70
GVV VAN KEPPEL
RENTAL-TRASH PUMP
570.00
EQUIPMENT ONE
SEWER SNAKE
28.00
WASTEWATER DEPT TOTAL
3'598.84
GEORGE & GEORGE SAFETY
UN|FORMG/PROTCLOTH|NG
23.04
UN|FIRSTCORPORAT|0N
UN|FURK1S/PRDTCL0TH|NG
172.08
T-SHIRT EXPRESS
CAPS
40.00
WASTE MANAGEMENT UF0KLA
TIPPING FEES
12440.30
REFUSE DEPT TOTAL
12.688.15
UN|F|R8TCORPORAT|UN
UN|F0RK4S/PRUT CLOTH |NG
1380
LAMBERT BROWN SCALES
INSPECTION-SCALES
165.50
WASTE MANAGEMENT OFOKLA
TIPPING FEES
1,646.78
WASTE MANAGEMENT OFTULSA
TIPPING FEES
1.000.21
RECYCLE DEPT TOTAL
2^486.09
OPWAOPERATUWG FUND TOTAL
13922043
GREELEY&HANSEN.LLC
ENGINEERING SERVICES 02/03/04
11.779.62
JPK4ORGAN CHASE BANK
FAP-04'0000'L
21,530. 88
JP[NORGAN CHASE BANK
DRF-02'0017-L
10.300.60
JPW1ORGAN CHASE BANK
ORF-09-008-L
2.432.48
JPy0ORGAN CHASE BANK
FAP-02-8107'L
3.201.84
JP/MORGAN CHASE BANK
FAP'01-0003-L
5.010.81
JPKXORGAN CHASE BANK
ORF-01-0002'L
8.880.83
OKLAHOMA WATER RESOURCES BOARD
0RF-02-0017-CVV
24.118.35
OKLAHOMA WATER RESOURCES BOARD
ORF-81-0002-CVV
27.848.58
OKLAHOMA WATER RESOURCES BOARD
ORF-00-008-CVV
2553898
CAPITAL IMPROVEMENTS FUND TOTAL
14050889
RCB TRUST SERVICES
SERIES 2OO4NOTE
28.708.33
JPMORGAN CHASE BANK
ADM|NFEES
300000
OPVVA SALES TAX FUND TOTAL
3179833
OPVVA GRAND TOTAL
31152765
■WASSO PUBLIC WORKS AUTHORITY
PAYROLL PAYMENT REPORT
PAY PERIOD ENDING DATE 1/22/2005
OVERTIME TOTAL
DEPARTMENT EXPENSES EXPENSES
Utility Billing »42 3,984.25
Ili III A : ► I ?I ►.�
TO- THE HONORABLE CHAIRMAN AND TRUSTEES
WPUBLIC O i .,, €
FROM- . RODNEY ,9
CITY MANAGER
SUBJECT. INFRASTRUCTURE IMPROVEMENT AGREEMENT
TYANN DEVELOPMENT CO., INC.
DATE- JANUARY 28, 2005
DISCUSSION:
Over the course of several months Staff has been in negotiations with representatives of
Tyann Development Co., Inc. (G6Tyann ") regarding a reimbursement agreement for a
portion of the potential costs that would be incurred by Tyann for the construction of a
Public roadway service road extension in an area situated south of 96th Street North and
cast of U.S. 169. The street improvements would facilitate the development of
commercial retail shopping centers in the area from which there is expected to be a
generation of new sales tax dollars. The project will require significant land dedications
as well as street and intersection improvements. Neither the City nor the Authority
possesses sufficient funds at this time to pay the cost of such public improvements. As a
consequence, the developer, Tyann, under the conditions as more fully outlined in the
proposed Infrastructure Improvement Agreement ( "Agreement'), agrees to advance the
costs thereof by dedicating or alternatively obtaining the necessary public rights of way,
by providing for the engineering of said public street improvements and ultimately by
constructing the public street improvements.
As a result of the negotiations, Staff and representatives of Tyann have reached a
tentative agreement. Such Agreement, in accordance with previous public infrastructure
agreements entered into by the Authority, requires Tyann to provide for the right of way,
the engineering of the street improvements, and the construction of the public street and
related improvements. In return, the Authority, again in accordance with previous public
infrastructure agreements entered into by the Authority, will reimburse Tyann, in an
amount not to exceed $1,100,000.00, for reimbursable costs incurred and paid by Tyann
in performance of its obligations under the Agreement. "Reimbursable Costs" are those
costs as are determined by the Authority as being exclusively public street improvement
project related. The source of the funding for the reimbursement to Tyann from the
Authority will come from Authority funds. Generally, payment will begin only when
sales tax is generated and received by the City from taxable sales in the Development
Area as such is defined in the Agreement in an amount equal to $300,000.00. However, a
portion of the $1,081,000.00 reimbursable costs referred to "incremental costs" as are
defined in the Agreement, in the specified amount of $600,000.00, are payable from the
Authority in an amount equal to sales tax generated and received by City from taxable
sales in not only the Development Area of the presented agreement but also the
"Development Area" as defined within the terms of that certain Development Agreement
between the Owasso Public Works Authority and Home Depot, U.S.A., Inc,, dated the
23rd day of July, 2003. Reimbursement for the reimbursable "incremental costs" is not
dependent upon the $300,000.00 threshold referred to above. Nevertheless, in every
instance the payment will be in an amount that is equal to one-half of one cent of the
sales tax generated and received by the City from taxable sales in both Development
Areas,
RECOMMENDATION:
Staff would recommend that the Authority approve the Infrastructure Improvement
Agreement hereby presented and authorized the Chairman to execute such on behalf of
the Authority. If any Trustee should have any question(s) please do not hesitate to
contact City Attorney Ron Cates, Economic Development Director Rickey Hayes or me,
ATTACHMENT-
1. Infrastructure Improvement Agreement
TINS INFRASTRUCTURE IMPROVEMENT AGREEMENT ("Agreement ") is
made and entered into effective as of February __, 2005 by and between OWASSO
PUBLIC WORKS AUTHORITY, an Oklahoma public trust ( "Authority ") and TYANN
DEVELOPMENT CO., INC., an Oklahoma corporation ( "Tyann ").
um
A. l "yarm owns or will acquire ownership of the property consisting of
approximately sixty-eight (68) acres and situated south of 96'h Street
North and east of U.S. highway 169, in Owasso, Oklahoma ( "Property ")
for the development of commercial retail shopping centers (collectively
the "Project "), which property is more fully described and depicted on
Exhibit A attached hereto.
B. This Agreement is being entered into with the expectation that the new
Project proposed to be undertaken (or being undertaken) by, or facilitated
by, Tyann in Owasso, Oklahoma, will generate substantial new sales tax
revenues for the City of Owasso (the "City ").
C. The Project reasonably requires significant land dedications, street and
intersection improvement that neither the City nor the Authority has
sufficient current funds to pay the costs thereof at this time.
D. Within and subject to the constraints of applicable State law, the City and
the Authority have represented that in the event Tyann undertakes to effect
and pay the costs of such street and intersection improvements, the
Authority will cause Tyann to be reimbursed for that amount of such costs
as are determined pursuant to Paragraph 3 hereof.
E. The Authority's sources for funding such reimbursements will be either
from its expected funding to be derived from sufficient annual
appropriations or equivalent allocations by the City to the Authority of
amounts, payable in quarterly installments, equal to one -half of one cent
from all City sales taxes as are collected from business operations located
in (A) any of the "Development Area" described in Exhibit B hereto and
(B) the Property.
F. The parties acknowledge that the City cannot obligate itself (i) to
appropriate or otherwise allocate any existing or future City sales tax or
other monies to the Authority in any future fiscal year other than on a
current fiscal year basis, or (ii) to commit to the Authority that it will
facilitate any future bond issue of the Authority, the repayment of which is
1 455671 v5 (01560.023)
in whole or in part based on appropriations or allocations of any City sales
taxes.
G. The parties acknowledge that the City, within and subject to the
constraints of applicable State law, has indicated its willingness to express
its reasonable expectations and intentions of undertaking all such actions
as may be reasonably necessary to accommodate and facilitate the
Authority's performance of this Agreement as set forth above, and through
its approval of this Agreement as an incurrence of indebtedness by a
public tryst of which it is sole beneficiary, and through a Resolution
separately adopted concurrently herewith, the City has affirmed such
willingness.
H. Based on the foregoing, in connection with the Project, Tyann has agreed
to construct or cause to be constructed certain public improvements
relating to the City's roadway systems and facilities (the "Public
Improvements "), all as more fully described later in this Agreement and
the Authority has determined it would be most advantageous at this time
for the Authority to reimburse Tyann for the reimbursable costs of the
construction of said Public Improvements pursuant to the terms and
conditions set forth below.
I. In connection with the development of the Project, the parties desire to
more specifically outline the scope, projected cost, time line and project
engineering and coordination associated with construction of the Public
Improvements.
NOW, THEREFORE, in consideration of their respective covenants and
conditions herein expressed, the Authority and Tyann agree as follows:
1. Public Improvements. The Public Improvements are more particularly
designated or described on the improvement plans for each portion of the Public
Improvements set forth on Exhibit C attached hereto (the "Public Improvement Plans ").
The Authority and the City have approved, or will approve, the Public
Improvement Plans, and Tyann agrees to construct the Public Improvements as described
in the Public Improvement Plans within the time frames set forth in the Public
Improvement Plans. The initial cost estimate for the Public Improvements is
$1,100,000.00, as more specifically itemized on Schedule 1 attached hereto. Tyann, or
its Contractor for said Public Improvements, will post a Performance Bond and a
Statutory Bond, or other collateral satisfactory to the City, for said Public Improvements
with the City prior to the start of construction. All design and construction undertaken by
Tyann shall be consistent with all City codes and ordinances as well as any other
regulations or plans relative to the Public Improvements. Tyann shall initially pay all
costs incurred for the design and construction of the Public Improvements. Tyann shall
2 455671 v5 (01560.023)
receive partial reimbursement for actual costs incurred for the Public Improvements as set
forth below in Section 3.
All Public Improvements shall be subject to the Authority's reasonable inspection
and approval upon completion. Upon receipt of the reimbursement described in Section
3 below, Tyann shall cause to be prepared, executed and delivered any and all appropriate
legal documentation, including, but not limited to, assignments, bills of sales, deeds,
easements or grants, reasonably necessary to convey unto the Authority, or its
assignee(s), all of Tyann's right, title and interest in and to the Public Improvements free
and clear of any and all claims, demands, encumbrances, liens, or interests of others
which do or might impair the title of the Authority, or its assignee(s), in and to the Public
Improvements. The Authority agrees to accept the Public Improvements if constructed in
full compliance with the Public Improvement Plans. Upon completion and acceptance of
any public improvement to the satisfaction of the Authority, the Authority will
recommend final acceptance by the City. It is understood that each portion of the Public
Improvements described in Exhibit C may be completed at a different time. Each
portion of the Public Improvements will be deemed accepted if not rejected in writing
within forty-five (45) days of delivery by Tyann to the Authority of a notice of
completion as to that portion of the Public Improvements. Upon acceptance of each
portion of the Public Improvements by the Authority, but prior to acceptance by the City,
Tyann or its contractor shall post a one (1) year maintenance bond for each portion of the
Public Improvements (the "Maintenance Bonds "). After the respective maintenance bond
periods, the Authority shall assume responsibility for maintenance of each portion of the
Public Improvements.
2. lZights of V�Iayg Utilit�Easements and Construction Easements. Tyann
agrees to furnish to the Authority the legal description for any right of way necessary for
the Public Improvements. The Authority agrees that it will obtain, file and furnish the
necessary right of way and utility easement dedications and temporary construction
easements to allow Tyann to construct the Public Improvements. The City, by its
acknowledgement below, agrees that it shall cooperate with Tyann and the Authority to
assist in completion of the Public Improvements in accordance with this Agreement.
All costs and expenses, including acquisition costs, to obtain the above rights of
way, utility easements and temporary construction easements shall be paid by the
Authority.
3. Reimbursement of Costs for Public Improvements. The parties agree that
the engineer's preliminary estimate of the total anticipated estimated costs of providing
and developing all of the Public Improvements is $1,100,000.00, as is more fully set forth
on Schedule 1. Such schedule represents the parties' good faith estimate of the projected
costs associated with the construction of the Public Improvements. Tyann understands
and agrees with the Authority that none of the costs to be reimbursed will include any
administrative overhead expenses of Tyann. The expenses to be reimbursed are solely for
construction of the Public Improvements, and any required Performance Bonds, Statutory
3 455671 v5 (01560.023)
Bonds and Maintenance Bonds. Upon completion and acceptance of each portion of the
Public Improvements as contemplated by this Agreement, Tyann shall provide certified
(by an officer of Tyann) figures to the Authority of the actual costs of that portion of the
Public Improvements. Upon receipt thereof, the Authority, upon ten (10) days written
notice to Tyann, shall be authorized and allowed to audit and examine, at City Hall, City
of Owasso, 1 1 1 N. Main, Owasso, Oklahoma, at reasonable times, any and all supportive
documentation possessed by Tyann, its agents, officers, employees and/or independent
contractors, reasonably necessary and related to the certified figures of the actual costs of
that portion of the Public Improvements.
It is understood that during the course of discussions between the parties hereto design
and construction specifications and standards of the desired public improvement were
modified, such modification resulting in an increase in the preliminary estimated costs for
the design and construction of the "Public Improvements". These incremental costs were
associated with the application of the modified standards to the design and construction
of the "Public Improvements" herein contemplated, and shall, in accordance with the
procedural requirements, be considered as reimbursable costs. The parties agree that the
"incremental costs" as used herein are in the amount of $600,000.00. However, such
"incremental costs" are included within the $ 1,100,000.00 estimated costs set forth
above.
As relates to reimbursement for the incremental costs associated with the application of
the modified Construction Standards to the design and construction of the "Public
Improvements", as referred to above, such incremental costs, once determined, shall be
reimbursed from expected funding to be derived from sufficient annual appropriations or
equivalent allocations by the City to the Owasso Public Works Authority of amounts
equal to one-half of one cent from all the City sales taxes as are actually collected and
received by the City of Owasso, Oklahoma, from business operations located in any of
4 455671 v5 (01560.023)
the area included within the "Development Area" as defined within the terms of the
Development Agreement between the Owasso Public Works Authority and Home Depot
U.S.A., Inc., dated the 23rd day of July, 2003. It is specifically understood that the
reimbursement for the incremental costs referred to above shall not be subject to the
threshold amount that is otherwise provided for above.
4. Remedies. In the event of any default in or breach of any terms or
conditions of this Agreement by any party, or any successor, the defaulting or breaching
party shall, upon written notice from the other party, proceed immediately to cure or
remedy such default or breach, and shall in any event, within thirty (30) days after receipt
of notice, commence to cure or remedy such default. In case such cure or remedy is not
taken or not diligently pursued, or the default or breach shall not be cured or remedied
within a reasonable time, the aggrieved panty shall be entitled to all rights and remedies
available at law or in equity, and may also institute such proceedings as may be necessary
or desirable in its opinion to cure and remedy such default or breach, including but not
limited to proceedings to compel specific performance by the defaulting or breaching
party. The parties, their successors and assigns, further agree that the other party shall
have the right and power to institute and prosecute proceedings to enjoin the threatened
or attempted violation of any clauses contained herein.
5. Miscellaneous.
a. Inspection T yann shall allow the Authority, or their authorized
representatives, to access the Public Improvements to inspect the work at any time.
b. Choice of Law. This agreement shall be taken and deemed to have
been fully executed and made by the parties herein and governed by the laws of the State
of Oklahoma for all purposes and intents.
C. Entire Agreement. The parties agree that this Agreement
constitutes the entire agreement between the parties and that no other agreements or
representations other than those contained in this Agreement have been made by the
parties. This Agreement shall be amended only in writing, and effective when signed by
the authorized agents of the parties.
d. Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall constitute one and the same instrument.
C. Severability. In the event that any term or provision or this
Agreement is held to be unenforceable by a court of competent jurisdiction, the
remainder shall continue in full force and effect to the extent the remainder can be given
effect without the invalid provision.
455671 v5 (01560.023)
f. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors, heirs and assigns.
g. Costs. In the event of a dispute relating to the matters set forth
herein, the prevailing party shall be entitled to Reimbursements for all reasonable
attorneys' fees and expenses incurred in connection therewith.
h. Notices. Any notice, request or demand provided for in this
Agreement shall be deemed to have been sent notice when the notice has been delivered
by personal delivery, overnight mail or delivery service, facsimile or deposited in the
United States mail, registered or certified, with postage thereon prepaid to the addresses
as set forth below. Notice shall be deemed received upon the earlier of. (1) if personally
delivered (whether by courier or overnight private mail or delivery set - vices), the date of
delivery; (ii) if mailed, three (3) business days after the date of posting by the United
States post office; or (iii) if given by facsimile when sent. The pat-ties' addresses are as
follows:
To the Authority: Owasso Public Works Authority
111 forth Main Street
Owasso, Oklahoma 74055
Fax No. 918.271.4996
To the City: City of Owasso
111 North Main Street
Owasso, Oklahoma 74055
Attention: Rodney Ray, City Manager
Fax No. 91 8.376.1599
Ronald D. Cates, City Attorney
111 N. Main Street
Tulsa, OK 74055
Fax No. 91 8.376.1599
To Tyann: Tyann Development Co., Inc.
P.O.Box 397
Owasso, OK 74055
Attn: Charles W. Ilelscel, President
With a Copy to: Carpenter, Mason & McGowan
1516 S. Boston
Tulsa, OK 74119
Attn: Tom Mason
6 455671 v5 (01560.023)
i. Authority. This Agreement shall become a binding obligation upon
execution by all parties hereto. The Authority warrants and represents that the individual
executing this Agreement on behalf of the Authority has full authority to execute this
Agreement and bind the Authority to the same. The Authority further warrants and
represents that this Agreement is valid and enforceable under applicable law and the
Authority's public trust documents, and that the Authority has taken all requisite action
necessary to approve this Agreement. Tyann warrants and represents that the individual
executing this Agreement on its behalf has full authority to execute this Agreement and
bind Tyann to the same. Tyann further warrants and represents that this Agreement is
valid and enforceable under applicable law and Tyann's corporate documents, and that
Tyann has taken all requisite action necessary to approve this Agreement. The City, by
its acknowledgment below, warrants that the City Resolution(s) attached hereto as
Exhibit D authorizing the construction of the Public Improvements and work and
undertakings related thereto, including the execution of this Agreement, have all been
duly authorized by proper and legal action taken by the City of Owasso, Oklahoma.
j F orce M cure.
If an event of force majeure occurs, the time for
performance of the obligations under this Agreement, other than the payment of sums
due, shall be extended for the duration of the event of force majeure. An event of force
majeure shall mean any contingency or cause beyond the reasonable control of a party
including, without limitation, acts of God or the public enemy, war, riot, civil
commotion, insurrection, government or de facto governmental actions (unless caused by
the intentionally wrongful acts or omissions of the party), fires, explosions, floods,
strikes, slowdowns or work stoppages. Inability to pay is not an event of force majeure.
IN WITNESS WHEREOF the parties have executed this instrument to be
effective as of the day and year first above written.
(Remainder of Page Intentionally Left Blank)
7 455671 v5 (01560.023)
OWASSO PUBLIC WORDS AUTHORITY,
an Oklahoma Public Trust
By:__
Name
T'itle:
ACKNOWLEDGED AND APPROVED as to form this day of February,
2005, by the City of Owasso, Oklahoma.
Ey :__.
Name:
Title;
455671 v5 (01560.023)
f
TYANN Development Co., Inc.
An Oklahoma corporation
$y:
Name:
455671 v5 (01560.023)
LEGAL DESCRIPTION
THE 'TYANT PROPERTY
455671 v5 (01560,023)
(City of Owasso, Oklahoma)
455671 v5 (01560.023)
l�
455671 v5 (01560.023)
SCHEDULEI
PLUS COSTS OF PERFORMANCE ' STATUTORY AND MAINTENANCE BONDS
TO BE INCLUDED IN REIMBURSEMENTS
455671 v5 (01560.023)
455671 v4 (01560.023.11)