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September 1, 2012

Work underway at Oklahoma Plaza

City increases incentive agreement to $2 million

CLAREMORE —  

Construction is underway on roadway and infrastructure improvements at Claremore’s Oklahoma Plaza.
The development was previously owned by Claremore Vision, LLC, a Missouri limited liability company.
The property was foreclosed upon on June 29, 2010 and Spirit Bank took back ownership of the property due to indebtedness.
Jim Tapp of Tapp Development has been working as the developer on the project in conjunction with Spirit Bank since that time.
Spirit Bank has been taking on a more significant role in the development, serving as a partner in the development, not just the landowner.
Recently the city of Claremore modified the incentive agreement with Tapp to increase infrastructure improvements to $2 million.
In the original agreement with the development there were two different items for incentives: construction of a roadway that would connect to Highway 66 and $3 million in sales tax incentives, according to City Manager Daryl Golbek.
As the work on the new infrastructure is underway, city officials report that the city is working to make improvements that will help any future development to the site.
This work will be done in three phases, including roads, electric and other utility related improvements, according to Tapp.
Currently crews are laying roadbed and performing groundwork to prepare the site for further improvements.
The projected completion of the three phases of construction is six months, Tapp said.
“There is nothing holding us up at this point,” Tapp recently said.
The future of the development is still uncertain as Tapp and Spirit Bank are keeping the details of future retailers quiet.
One thing that is clear is that the city’s improvements to the property will soon be complete are ready for future growth regardless.

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