Business Briefs (Week of July 28)
Monday, July 31, 2023
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Looking for business briefs? This week's roundup (for the week ending July 28) from The Journal Record.
Longtime OKC construction company relocates, rebrands
A local construction company with a 47-year history has a new location and brand, but its focus and intent remain unchanged. Since its incorporation in May 1976, Smith & Pickel has undergone multiple stages of evolution, including a shift from traditional bid work to construction management in 1984, and a move from north Santa Fe Avenue to north Lincoln Boulevard, just north of the Oklahoma Capitol, on July 1. With the move comes a rebrand to QUAD Construction, which was made official on July 20 during an open house event celebrating its latest changes.
Construction launched on new Pratt & Whitney facility in OKC
Construction has begun on a large new facility to complement operations of aerospace company Pratt & Whitney in Oklahoma City. Seefried Properties, a real estate company that specializes in development of industrial properties, along with capital partner and real estate investment manager Truist Securities, announced on July 21 that construction was launched recently on an 85-acre site on S. Air Depot Boulevard. Pratt & Whitney’s planned new facility will include a warehouse slightly larger than 842,000 square feet and expandable to 942,000 square feet, Seefried Properties said in a release. It will be two-story and include about 86,000 square feet of office space. Future development plans include an adjacent 100,000-square-foot Training Facility.
State Senate overrides governor's vetoes on tribal compacts
The Oklahoma Senate on July 24 successfully overrode two vetoes dealing with tribal compacts after a previous attempt to do so failed last month. House Bill 1005x, which extends the life of existing motor vehicle licensing compacts with tribal nations through 2024, now will become law, as the vote to override Gov. Kevin Stitt’s May veto passed both chambers with a two-thirds vote. Senate Bill 26x, legislation that does the same for tobacco compacts, will head to the House for an override vote on July 31. The initial effort to override SB 26x failed when the Senate met in June.
Declining oil, gas production tax collections affect state
The downward trend for oil and gas prices has had a notable effect on the state’s income, Oklahoma Treasurer Todd Russ said. In his latest report on the state’s finances, Russ said gross receipts to the treasury continued to slide in June with the moderating of oil and gas prices. Total revenues of $17.44 billion recorded over the course of the 12 months leading up to June were nearly $200 million less than the $17.64 billion high-water mark for a preceding 12-month period recorded in March.
Behind an OKC biotech startup's 'facility of the future'
Local biotech startup Wheeler Bio is poised to start manufacturing batches of molecules this fall, after settling into what it calls the facility of the future. Wheeler Bio is a contract development and manufacturing organization, or CDMO, that specializes in batch clinical production of biologics and Good Manufacturing Process-grade, or GMP, reagents using an open-source platform. The company, launched in 2021 by CEO Jesse McCool along with co-founder Christian Kanady, is a part of Oklahoma City’s growing biotech hub, housed in the 35,000-square-foot Ziggurat building in downtown Oklahoma City.
Report: Tribal gaming industry produced record revenue in 2022
The tribal gaming industry produced a record $40.9 billion in gross gaming revenue in fiscal year 2022, according to a report released this month by the National Indian Gaming Commission. NIGC officials made the announcement at WinStar World Resort and Casino in Thackerville, just north of the Oklahoma-Texas border. Seven of NIGC's eight regions showed an increase over FY 2021, including the region that includes Tulsa (up 10.6%) and the region that includes Oklahoma City (up 4%). The overall increase was 4.9%.
Federal funding targets tribal broadband infrastructure
Federal officials announced a second round of funding from the Tribal Broadband Connectivity Program totaling nearly $1 billion for infrastructure, affordability programs, telehealth and distance learning initiatives. The Department of Commerce’s National Telecommunications and Information Administration announced the second round of funding will make approximately $980 million available for Native American, Alaska Native and Native Hawaiian communities. TBCP already has awarded $1.78 billion to 191 tribal entities since the program began in 2021. Those awards include nearly $186 million awarded to 13 tribes and entities in Oklahoma.
Phase 1 of City Center Complex affects travel in Edmond
The city of Edmond has launched Phase I of its planned multimillion-dollar City Center Complex construction project. Work was started following final approval of a contract for the demolition of the Downtown Community Center and Planning and Public Works building at the intersection of Main Street and Littler Avenue. According to a news release, the Edmond City Council approved $188,590 for the demolition and removal of materials from both buildings. It’s expected that the initial phase of the overall project will take about two months. Sections of both Main and Littler will be closed. Additionally, some parking areas and the Littler lawn park area will be temporarily closed to the public and used for project equipment and staging.
Oklahoma looks to ease housing crunch
The Oklahoma Housing Finance Agency continues to seek and receive input on guidelines for a program designed to increase accessibility to housing across the state. House Bill 1031X, passed during this year’s special session, appropriated $215 million to create the Oklahoma Housing Stability Program, allowing developers to apply for special gap financing for new construction of single-family homes and multifamily rental housing. The program also provides homebuyer down payment and closing cost assistance in rural and urban Oklahoma communities. The OHFA will function as administrator of the program.
Tulsa gets reprieve in controversial traffic ticket case
The U.S. Supreme Court has issued a temporary stay on a lower court’s ruling that the city of Tulsa has no standing to issue a traffic ticket to a tribal citizen. The Supreme Court issued the stay at the city’s request after the lower court, the 10th U.S. Circuit Court of Appeals in Denver, previously denied it. The action earned a positive response from Gov. Kevin Stitt, who has been critical of the Supreme Court’s ruling in 2020 that Native American Indian reservations were never formally disestablished in eastern Oklahoma. The decision in McGirt v. Oklahoma has raised sensitive questions as to jurisdiction and governance over half the state.
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