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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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.

SandRidge Energy headquarters in Oklahoma City.
Brent Fuchs / The Journal Record

It’s been a rocky year for Oklahoma City’s SandRidge Energy.

The company started 2016 learning it would be delisted from the New York Stock Exchange, and had to shut down many oil and gas wells in northwest Oklahoma due to seismic directives by the Corporation Commission.

Renovation continues on the Sunshine Cleaners building at 1012 NW First St. in Oklahoma City.
Brent Fuchs / The Journal Record

In April the Oklahoma City Council approved $550,000 in tax increment financing, or TIF money, for the dilapidated Sunshine Cleaners building just west of downtown.

About the only remarkable thing about the building two blocks from the Oklahoma County Jail is its beautiful neon sign. The roof has caved in, the windows are broken, and satellite imagery even shows an abandoned vehicle inside the building.

Oklahoma City Mayor Mick Cornett.
Brent Fuchs / The Journal Record

Oklahoma City Mayor Mick Cornett has been a prominent figure during this week’s Republican National Convention.

He delivered speech Monday on behalf of the U.S. Conference of Mayors, having just taken over as the group’s president in June. Oklahoma City’s elections are technically non-partisan, but Cornett does identify as a Republican (he made it to a runoff with Gov. Mary Fallin in the 2006 Congressional primary when they vied for U.S. Rep. Ernest Istook’s old seat). During Cornett’s address in Cleveland earlier this week, he talked a lot about the success of Republican mayors across the country.

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