Phase 2 of selling core moves forward

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The second proviso of a Silver Lake Village Shopping Center on Adams Boulevard privileged a jump Friday, and will face dual some-more Tuesday when devise financing goes to a Bartlesville City Council and Washington County Commission for approval.

The Bartlesville Development Authority Board of Trustees authorized a financial package during a assembly Friday.

GBT Realty Corp. will squeeze 15.5 acres along Adams Boulevard, easterly of proviso one that is underneath construction, for $1.6 million. It will keep 9 acres for a construction of approximately 95,000 block feet of sell and grill space, and a compulsory parking. The remaining 6.5 acres will be donated to a Bartlesville Development Authority for destiny open and recreational use, according to a BDA fact sheet.

Once certificates of occupancy have been authorized for proviso 2, a Bartlesville Development Authority will repay GBT Realty of Brentwood, Tenn., for a cost of a land and 10 percent of a growth costs. The sum payment is capped during $3.5 million. The Bartlesville Development Authority will obtain a loan from BancFirst to compensate GBT Realty. The loan will be repaid from $227,000 in new annual skill taxes and 10 percent of sales taxation collections for proviso 2. These supports will be collected by a Tax Increment Financing District already in place, according to a fact sheet.

Tuesday, a Bartlesville City Council and Washington County Commission will be asked to approve $92,825 and $27,302 annually for adult to 15 years as partial of a loan amends package. Each volume is 10 percent of a sales taxation income expected from proviso 2 retailers and restaurants.

Phase 2 development

The Bartlesville Planning Commission authorized GBT Realty’s proviso 2 site growth devise in November. It does not nonetheless have a City Council OK. At that time, GBT Realty Managing Director of a Shopping Center Division Jeff Pape pronounced a sporting good store would anchor proviso 2, though pronounced it would be beforehand to announce a tenant’s name.

A hunt final week of Academy Sports + Outdoors website’s career territory suggested a inventory for a store executive during a new store in Bartlesville. The inventory was posted Feb. 13, and enclosed a pursuit description, and qualifications. According to a site plan, a sporting products store would be approximately 63,000 block feet in size.

The Bartlesville Development Authority estimates a sporting products store would beget approximately $18 million in annual sales, that equates to $612,000 in annual sales taxation revenues.

Three other sell spaces would operation from 6,000 to 11,000 block feet. An outparcel pad for a grill is listed during 6,000 block feet, according to growth plans.

Potential additional tenants embody a home products store, a youth-oriented specialty store and a fast, infrequent restaurant.

The Bartlesville Development Authority estimated proviso 2 retailers and grill would have annual sales of $27 million, that would proportion to some-more than $900,000 a year in onsite sales taxation revenue. Some of those sales and sales taxation income substantially would have been spent on identical equipment during other area retailers. However, a management estimates some-more than $400,000 in sales taxation income would be new dollars spent in Bartlesville that expected would have been spent during inhabitant retailers in Owasso or Tulsa.

Silver Lake Village Shopping Center proviso 1 construction is underway, and represents a $20 million investment in Bartlesville. It will underline retailers T.J. Maxx, Ross Dress for Less, Ulta Beauty, Rack Room Shoes, Petco, Maurice’s and Kay Jewelers.

Up next

Phase 2 growth can't pierce brazen until a U.S. Army Corps of Engineers issues a wetlands assent for a project. The Tulsa District of a Corps announced a open criticism proviso of a focus routine in December. The open criticism proviso finished in mid-January.

Under Section 404(e) of a Clean Water Act, a U.S. Army Corps of Engineers can emanate ubiquitous permits to sanction activities that have minimal particular and accumulative environmental effects. A national assent is a ubiquitous assent that authorizes a far-reaching accumulation of activities, including residential and sell developments.

As of Saturday, a U.S. Army Corps of Engineers Tulsa District hadn’t announced any movement on a assent routine on a website.

If a assent is authorized soon, proviso 2 construction could be finished by a 2017 holiday season.

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