KGOU

Business Intelligence Report

Fridays at 6:44 a.m., 8:44 a.m., 12:35 p.m., and 5:44 p.m.

A weekly feature produced in partnership with the Journal Record, Oklahoma's weekday newspaper and website specializing in business, legislative and legal news. Editor Ted Streuli and Journal Record reporters discuss business and economic development in the state.

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Raul Font is president of the Latino Community Development Agency in Oklahoma City.
Brent Fuchs / The Journal Record

Immigration dominated the 2016 presidential election, with promises from President-elect Donald Trump to build a wall along the U.S. border with Mexico, and a clampdown on undocumented migrants from both Latin America and the Middle East.

Mass deportations could have a significant affect on Oklahoma City’s economy, especially south Oklahoma City, where there’s a significant Hispanic population.

The SandRidge Energy Inc. logo is seen on a vehicle parked at the company headquarters in Oklahoma City.
Brent Fuchs / The Journal Record

Over the past week or so Oklahoma City’s energy companies have been releasing their quarterly earnings reports, and some of the more interesting numbers came from SandRidge Energy. After the stock market closed Tuesday, the company reported a net loss of $404 million for the quarter.

Jim Calloway addresses the audience during an Oklahoma Bar Association conference on business skills at the Sheraton Oklahoma City Downtown Hotel on Wednesday.
Brent Fuchs / The Journal Record

In today’s business climate, attorneys have to think more like a CEO who runs a company rather than someone who just practices law.

That’s according to Jim Calloway, who’s the head of the Oklahoma Bar Association’s Management Assistance Program.

A man enters the Skirvin Hilton Hotel in downtown Oklahoma City Tuesday.
Brent Fuchs / The Journal Record

On Tuesday, the City of Oklahoma City announced hotel/motel tax collections fell for the first quarter of Fiscal Year 2017, and were down even below the most conservative estimates.

The so-called “tourist tax” was down 5.9 percent compared to FY 16, but 2.7 percent below estimates. The Journal Record’s editor Ted Streuli says the effect was felt city-wide, but the downturn really differs based on geography.

Lt. Gen. Lee K. Levy II speaks at the Greater Oklahoma City Chamber’s State of Aerospace luncheon Tuesday at the Embassy Suites Oklahoma City Downtown/Medical Center.
Brent Fuchs / The Journal Record

Earlier this week the Greater Oklahoma City Chamber held its annual State of Aerospace luncheon to update the business community on both the military and civilian sides of the industry.

Tinker Air Force Base wants to work with small businesses, but The Journal Record’s senior reporter and digital strategist Sarah Terry-Cobo says the federal government’s seven-year budget impasse means defense contractors suffer from a pay delay.

A road sign informs motorists of the closure of the intersection of Reno Avenue and E.K. Gaylord Boulevard in downtown Oklahoma City.
Brent Fuchs / The Journal Record

If you’ve been to downtown Oklahoma City in the past year, you’ve probably had to weave your way around concrete barriers, dodge traffic cones, and been yelled at by your GPS due to a significant amount of construction at the base of tall office buildings.

A lot of that is part of Oklahoma City’s Project 180, which grew out of tax increment financing that helped build Devon Tower.

The Smart Saver grocery store at NE 23rd Street and Martin Luther King Jr. Avenue in Oklahoma City.
Brent Fuchs / The Journal Record

About two years ago the City of Oklahoma City granted tax increment finance, or TIF status to the Northeast 23rd Street, Martin Luther King, and Kelley Avenue corridors as part of a project it's calling the Northeast Renaissance.

An artist’s conception of a proposed hotel that would be attached to downtown Oklahoma City’s new convention center.
Provided / Omni Hotel and Resorts

Earlier this week, the Oklahoma City Council voted 7-2 to pursue negotiations with the developer Omni for a proposed hotel attached to downtown Oklahoma City’s new convention center that’s part of the MAPS 3 series of projects.

Shekeyra Goodman sets a table in an event room Tuesday at the Embassy Suites Oklahoma City Downtown/Medical Center.
Brent Fuchs / The Journal Record

On Tuesday, the Oklahoma Hotel and Lodging Association held its annual forecasting luncheon at the Skirvin in downtown Oklahoma City. The group’s figures show hotel demand in the state dropped 3.5 percent, while the supply was up 2.9 percent.

One of the presenters, Jan Freitag, basically said this decline all has to do with the price of oil, and that the demand for hotel rooms used to grow by 8 percent annually.

The abandoned Lantana Apartments complex at 7408 NW 10th St. in Oklahoma City.
Brent Fuchs / The Journal Record

The big news that came out of this week’s Oklahoma City Council meeting involved the body formally voicing its opposition to State Question 777 – the so-called “right-to-farm” proposal.

Doors are closed at ITT Technical Institute’s campus inside 50 Penn Place in Oklahoma City.
Brent Fuch / The Journal Record

Earlier this week ITT Technical Institute immediately closed every campus across the country. Filings last year with the Securities and Exchange Commission show that affects nearly 45,000 sites, including two in Oklahoma.  – one in Oklahoma City, the other in Tulsa.

Workers install a glass panel on the new Bank of Oklahoma building in downtown Oklahoma City, August 26, 2016.
Brent Fuchs / The Journal Record

Tax increment finance, or TIF, districts allow developers to offset some of their projects’ costs by accessing public funding – Oklahoma City’s “Core to Shore” area between downtown and the Oklahoma River and the University North Park shopping center along 24th Ave. NW in Norman come to mind.

Workers construct new homes at 12th Avenue NW and Tecumseh Road in Norman.
Brent Fuchs / The Journal Record

National figures out this week from the U.S. Census Bureau and the Department of Housing and Urban Development showed sales of new single-family homes rose more than 12 percent between June and July.

The seasonally adjusted annual rate of 654,000 units is the highest since October 2007 -  right around the time the housing bubble burst. But home construction is showing in the U.S., according to the National Association of Home Builders.

The Wheeler Ferris Wheel is shown behind signage at Oklahoma City’s Wheeler District.
Brent Fuchs / The Journal Record

On Tuesday the Oklahoma City Council took another step toward creating a tax increment financing, or TIF, district for the Wheeler neighborhood near downtown, just south of the Oklahoma River.

The area on either side of Western Ave. north of SW 20th Street will eventually have housing, offices, retail, and the centerpiece has already gone up - a 100-foot tall Ferris wheel.

Midwest City’s Heritage Park Mall.
Brent Fuchs / The Journal Record

It’s been about six years since the last few tenants moved out of Heritage Park Mall in Midwest City.

A lone retailer remains – Sears – and a local megachurch also holds it services there, but city leaders hope to revitalize the property and have issued a request for proposals to rehabilitate it.

The Journal Record’s editor Ted Streuli says the idea has been in the works for years, but recently the city council in Midwest City approved a matching $27,000 grant for requests for proposals. The money would come out of Midwest City’s Fiscal Year 2017 budget.

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