MuskogeePhoenix.com, Muskogee, OK

Local News

February 19, 2013

Foundation to loan city authority funds for property

Redevelopment Authority to buy parcel at US 69 and Shawnee

— Officials hope the property at U.S. 69 and Shawnee Bypass will soon sell, allowing the Muskogee Redevelopment Authority to repay its $1.1 million loan.

The City of Muskogee Foundation voted Monday to loan the Muskogee Redevelopment Authority the money to purchase property from the county located at U.S. 69 and Shawnee Bypass.

Chair of the Foundation’s Economic Development Committee Jay Updike said the committee recommended the Foundation approve the loan.

“We feel like it’s a prime spot,” Updike said at the Board of Directors meeting Monday. “There’s a lot of interest there, and it will give the city the opportunity to make it a profitable venture.”

The property is 5.93 acres, located on the southwest corner of the intersection. The loan will be held at 2 3/4 percent annual interest for five years.

The Muskogee Redevelopment Authority, made up of city councilors, is able to incur debt, including buying, leasing or selling property, said City Attorney Roy Tucker.

Foundation board members City Manager Greg Buckley, City Councilor James Gulley and Mayor Bob Coburn abstained from the vote. All others in attendance voted yes.

The loan can be paid off early if the property sells before then, said the Foundation’s Executive Director Frank Merrick.

Darrell Hamby, a member of the Foundation’s Board of Directors, said the county was deeded the property in the 1950s when a plan was to put a cloverleaf in that location.

District 1 County Commissioner Gene Wallace said, according to Oklahoma Statutes, the county is required to follow a process in order to dispose of the property.

“We have to declare it surplus, which we’ve done, and we have to have it appraised, which we’ve done,” Wallace said. “Now, if we have an offer, we’ll follow our legal counsel’s instructions and ultimately make a decision to sell it based on the appraisal.”

Wallace said the county is interested in disposing of the property.

“The bottom line is the county does not want to be in the position of owning property,” he said.

Wallace said this is the second or third time an inquiry has been made about the property, and the county has researched the ways it can legally dispose of the property.

“Auction is one of the methods,” he said. “The other statute that we read a couple of weeks ago says we can sell directly to the city or another unit of government.”

Reach Wendy Burton at (918) 684-2926 or wburton@muskogeephoenix.com.

1
Text Only
Local News
AP Video
Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage
Poll

Should a federal judge have the power to strike down Oklahoma's ban on gay marriage?

Yes
No
     View Results
Featured Ads
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Stocks