Claremore Daily Progress

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September 27, 2013

RCIDA could feel pay raise pinch

(Continued)

CLAREMORE —

The businesses pay rent on the facilities providing about $11,000 in monthly revenue for RCIDA, although monthly expenses exceed the income by approximately $4,000. 
It is a state-wide program offering tax incentives to assist business development, according to Ward.
Expenses for the organization include payroll, utilities, insurance and land or building repairs and maintenance.
RCIDA’s monthly report for August shows about $405,000 in cash assets and approximately $1.9 million in fixed assets.
RCIDA’s fixed assets are primarily held in the Summerlin Industrial Park, Maran Plaza and building sites in Oologah, Inola and Chelsea.
The organization does not have enough cash on hand to build the three facilities and the fixed assets are not liquid, according to RCIDA financials statements.
RCIDA is also assisting with road improvement projects in East Park Industrial in Catoosa and ongoing TIF projects in the area, Ward said.
“If the funds are used it will impact RCIDA,” DeLozier, “In my opinion the funding needs to used on economic growth. We have to help them when we can.”

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