Business Briefs (Week of Sept. 1)
Tuesday, September 5, 2023
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Looking for business briefs? This week's roundup (for the week ending September 1) from The Journal Record.
Officials: Solar cell plant to be economic force
One of the world’s largest renewable energy operators plans to begin construction on a solar cell and panel manufacturing facility in northeast Oklahoma before the end of the year. Construction of Enel North America’s factory, to be located in Inola, east of Tulsa, is expected to begin upon completion of the engineering and design phase of the project, which is an investment of more than $1 billion.
How the new Norman Sports Commission is driving economic growth
The new Norman Sports Commission already is driving local economic growth through the attraction of organized sporting events. The commission formed in May following Norman voters’ approval of an increase of the hotel and motel tax from 5% to 8%, the first increase in a decade. With proof of residency, Norman residents don’t pay the guest tax, meaning the commission is funded only through visitors’ dollars. Dan Schemm, executive director at VisitNorman, said 75% of the increase goes toward the stand-alone commission and 25% of that share funds improvements to Norman sports facilities.
Statewide tour calls attention to OMRF
The Oklahoma Medical Research Foundation will kick off a yearlong statewide tour on Aug. 28 – the 77th anniversary of its beginning – to raise awareness and funding and to say thank you for the years of support. OMRF leadership, staff and scientists will crisscross the state to reconnect with the communities that built OMRF in the 1940s when more than 7,500 Oklahomans from all 77 counties raised $2.5 million to launch the foundation. In more than 50 labs, scientists are dedicated to developing more effective treatments for cancer, diseases of aging, autoimmune conditions and cardiovascular disease.
Survey indicates steady regional manufacturing, mixed expectations
Manufacturing in Oklahoma and across the multistate region remained mostly steady over the past month, with some companies reporting slightly higher expectations for the future but also lingering concerns about inflation and keeping jobs filled with workers with appropriate skills. The report was based on results of an August manufacturing survey of companies in the region conducted by the Federal Reserve Bank of Kansas City. The bank serves the 10th Federal Reserve District, which includes Oklahoma, Kansas, Colorado, Nebraska and Wyoming, the western third of Missouri and the northern half of New Mexico.
Lack of nursing home staffing a chronic issue in Oklahoma
The desperate need for nursing home staffing continues nationwide, and the Sooner State is no exception. Nursing homes are closing at a rate of 100 facilities per year since the onset of the COVID-19 pandemic in early 2020, according to the American Health Care Association. Steven Buck, president and CEO of Care Providers Oklahoma, said the workforce shortage in Oklahoma has been a chronic issue as it relates to long-term care. Centers for Medicare and Medicaid Services data shows that nursing homes should deliver at least 4.1 hours of nursing care to each resident every day. Buck said Oklahoma is just below 3.1.
Company plans affordable housing complex in OKC
A company based in Atlanta has announced plans to develop an apartment complex on S. MacArthur Boulevard in Oklahoma City utilizing affordable housing tax credits. The Rising Sun Apartments planned at 1315 S. MacArthur Blvd. will be built at a cost of about $36 million. The company, Monarch Private Capital, previously announced similar plans for construction of The Cornerstone Apartments in Yukon. The complex will include 224 affordable housing units and should be built by July 2024.
Downtown Edmond mixed-use project approved for TIF funding
The Edmond City Council approved a tax incentive agreement for a future mixed-use development in the city’s Downtown Tax Increment Financing District. This is the fifth project scheduled to receive TIF assistance since the council approved the 20-year TIF district in October 2020. The latest project is 103 N Broadway, a multibuilding mixed-use development at the northwest corner of Broadway and Hurd Street.
Bank agrees to settlement in Tulsa ‘redlining’ case
An Oklahoma-based bank accused of “redlining” its operations to exclude Black and Hispanic people from getting loans has agreed to settle a lawsuit filed by the U.S. Department of Justice. The bank, Collinsville-headquartered American Bank of Oklahoma, located its branches and loan production offices in majority-white neighborhoods in the Tulsa area and effectively discriminated against and discouraged residents of majority-Black and Hispanic neighborhoods from applying for or obtaining home loans or other credit or services, the Justice Department said. Allegations of overt racism and of racist language used by bank officials in emails also were raised in the lawsuit.
Chickasaw Nation unveils new cultural district along Oklahoma River
As the First Americans Museum completes its second year of operation and construction of the nearby OKANA resort continues, the Chickasaw Nation announced the creation of the Horizons District as Oklahoma City’s latest cultural and entertainment district. Situated east of Interstate 35 and south of Interstate 40 along the Oklahoma River, the Horizons District is anchored by FAM and the future OKANA Resort and Indoor Waterpark. The Chickasaw Nation also revealed plans to relocate its Exhibit C Gallery, currently in Bricktown, to a new 10,000-square-foot multi-use gallery within the new district.
Tulsa startup advancing toward national expansion
A Tulsa-based startup responsible for a “smart pill bottle” designed to benefit patients through tech-infused medication management has garnered funding to help fuel a national expansion. The company, PatchRx, said its platform, which includes not only its highly designed universal pill bottle cap but also a patient-facing app and a pharmacy web app, incentivizes patients to take medications on time as prescribed, facilitates refill requests and streamlines and forwards valuable data back to health care providers.
Cherokee Nation adds to investment in film industry
The Cherokee Nation broke ground recently on a soundstage and other facilities in Owasso, adding to its already substantial investment in the film industry in Oklahoma. The planned 10,000-square-foot addition to Cherokee Film Studios, set to be complete in 2024, will be equipped to attract high-end film, television and other commercial productions and will bring jobs and other economic benefits to the tribe. Additionally, projects will allow the Cherokee Nation to advance goals of becoming a recognized entertainment industry production hub and champion of underrepresented voices, officials said.
Speak-easy-style distillery energizes former Ritz Theater space
David Wood hired professionals to distill the spirits and design the bottle labels at Woodworks Distilling Co., but when it came to furnishing the tasting room, he was the expert. Wood, founder and CEO of the distillery in Oklahoma City’s Britton District, envisioned a place with the ambiance of a dimly lit speak-easy where customers could relax and sip while their worries slipped away. Wood opened the business eight months ago in the former Ritz Theater at 912 W. Britton Rd. Now it’s where he hangs out with distiller David Alexander, the rest of the staff and customers.
Oklahoma ranks 4th most overweight; nearly half of population obese
Oklahoma has a weight problem. In fact, nearly half of Oklahomans are so overweight that they would qualify as being obese, giving the state the unwanted distinction of having the fourth-highest rate of obesity in the nation. That’s according to a study of obesity rates that took into account data reviewed state by state by the U.S. Centers for Disease Control and Prevention.
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