Business Briefs (Week of April 7)
Monday, April 10, 2023
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Looking for business briefs? This week's roundup (for the week ending April 7) from The Journal Record.
A century later, a restaurant union returns to Oklahoma
A century after management at Pete’s Candy Kitchen cafe in Sapulpa gave into the demands of striking employees, Oklahoma once again has a restaurant union. The six employees at Kaiser’s Grateful Bean Café in Oklahoma City’s Midtown were scheduled to conduct their first union meeting on April 3 after voting to form a labor union March 8. It is believed to be Oklahoma’s only restaurant labor union and has the support of management.
Missed opportunities cited at first ‘State of STEAM’ event
Developing the Oklahoma workforce in fields related to science, technology, engineering, art and math was the topic of conversation on the morning of March 30 as nearly 90 industry professionals gathered at the inaugural State of STEAM Breakfast Roundtable. The consensus of the participants was that while progress is being made, much more is needed. The event was hosted by the STEAM Engine, a nonprofit based in Oklahoma City.
Tech heavyweights call for pause in development of AI
The potential for intentional misuse – or even for completely unintended harmful consequences – of artificial intelligence motivated some heavyweights in the tech world recently to call for a moratorium on further development of AI. A published petition by Tesla founder Elon Musk, Apple co-founder Steve Wozniak and others came specifically in response to startup OpenAI's release of GPT-4, a more advanced successor to its widely used ChatGPT AI chatbot.
Oklahoma's tax burden is (relatively) light
WalletHub compared the 50 states across the three types of state tax burdens – property taxes, individual income taxes, and sales and excise taxes – as a share of total personal income in the state to determine the residents with the biggest tax burdens. Tax burden measures the proportion of personal income that residents pay toward state and local taxes. And it varies greatly across the U.S. Oklahoma fares well in the comparison, ranked 41st with a total tax burden of 7.12%. The state’s property tax burden (1.76%) is fourth lowest, while its individual income tax burden (1.69%) is nearly in the bottom quarter. However, the sales and excise tax burden in Oklahoma (3.67%) is 15th largest in the U.S.
Tour extols quality of OKC architecture
Residents can explore examples of significant architecture and design in Oklahoma City this month when the American Institute of Architects Central Oklahoma Chapter hosts its annual Architecture Tour from noon to 5 p.m. April 15. Each year AIA selects a variety of projects to highlight. The 2023 AIA Architecture Tour, which is self-guided, features four commercial projects, two residential projects and a school. The architects will be on site to talk about their work and answer questions.
Oklahoma Insurance Department files action against CVS/Caremark
There is no law or regulation in Oklahoma that would prohibit a pharmacy from filling a 90-day prescription. Despite that, a major manager of pharmacy benefits provided by employers, CVS/Caremark, has denied Oklahomans the option of filling 90-day prescriptions in an effort to steer them to the company’s mail-order service, Oklahoma Insurance Commissioner Glen Mulready said. Mulready made the assertion in announcing that the Oklahoma Insurance Department has filed an administrative action against the company with a nationwide footprint.
New park part of $180M investment in affordable housing in Tulsa
A key piece of a $180 million investment in affordable housing in Tulsa was unveiled on Tuesday. But Celebration Park is only a piece. The overall Choice Neighborhoods Tulsa/River West Transformation project also includes plans for up to 450 mixed-income apartments and extensive infrastructure improvements. Officials say it represents the largest investment ever in affordable housing in Oklahoma’s second-largest city. The six-phase project should be complete by 2024.
State park restaurants under new management
Six state park restaurants – shuttered one year ago amid allegations of fraud – will reopen Memorial Day weekend under the operation of La Ratatouille, the Oklahoma Department of Tourism and Recreation announced. La Ratatouille is an Oklahoma-based company that owns and operates Falcone’s Pizzeria, Jonny Cakes Bakery, multiple food trucks and a catering business. J.P. Wilson has owned and operated Falcone’s since 2015. The restaurant group will operate the six former Swadley’s Foggy Bottom Kitchen restaurants – under the proposed name Falcone’s Frontier – and be the sole caterer at each location. Under the contract, it will pay the state a total of $57,000 per month in rent plus 13% of gross sales each month.
Construction to start on $400 million hospital in Tahlequah
Construction of a new $400 million hospital will soon be underway in Tahlequah. Planning for the health center, which will measure some 400,000 square feet and include beds for 127 patients, has been underway for some time by the Cherokee Nation. Officials have said it will replace the aging W.W. Hastings Hospital in the Cherokee Nation’s capital city. The facility also will represent an upgrade, as it will include state-of-the-art facilities for surgery and emergency care; an intensive care unit and a neo-natal ICU; and facilities for imaging, lab work and pharmacy services. The planned six-story hospital also will provide space for hospice care among other expanded services. A helipad will be located on its roof.
Treasurer reports slowdown in state’s record revenue growth
While it’s true that Oklahoma took in record tax revenues over the past 12 months, leaving the state with $1.77 billion more to spend than it accumulated in the previous 12-month span, effects of a “moderating” Oklahoma economy are becoming more evident, state Treasurer Todd Russ reported. As evidence, Russ pointed out that the difference between tax revenue totals reported for the month of March this year as compared to the same month in 2022 signaled growth of only 1.2%. That compared to growth of 11.2% overall in a comparison of the most recent 12-month span to the preceding 12-month span. Still, Oklahoma’s economy continues to show strength. Over the past 12 months, tax revenues have amounted to $17.64 billion.
Funding to help state companies innovate, expand
Companies across the state have been invited to find out about the Oklahoma Innovation Expansion Program, which will award up to $15 million to help companies advance plans for growth. With the application period closing April 14, firms with plans for innovative projects that lead to diversification, market expansion or supply chain resiliency are especially encouraged to apply, said Brent Kisling, executive director of the Oklahoma Department of Commerce. The one-year program leverages payroll tax rebates with private sector investments, and awards range between $25,000 to $150,000, depending on how much the state could benefit and the size of the company. The program is an offshoot of the state’s Bounce Back program, which was started during the COVID-19 pandemic.
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