ARRA Recovery Zone Facility Bonds to Help Finance Construction of Tulsa Cancer Institute Campus
TULSA, Okla. – As part of the American Recovery & Reinvestment Act of 2009, Tulsa received a potential $75 million in Recovery Zone Tax Exempt Facility Bonds. The Tulsa City Council designated the entire city of Tulsa as a recovery zone eligible for use of the bonds. Private developers submitted project proposals to the Tulsa Industrial Authority.
Facing a tight deadline of Dec. 31, 2010, the Tulsa Industrial Authority chose the proposal submitted by Tulsa based developer Formaation on behalf of Tulsa Cancer Institute (formerly Cancer Care Associates). Tulsa Cancer Institute will use $25 million of the bonds as part of the $60 million total project cost for a new Oncology & Hematology Campus.
Commencing on Tuesday, Dec. 28, Tulsa Cancer Institute will close on financing with Bank of America, which has singularly purchased the bonds issued by the Tulsa Industrial Authority. The City of Tulsa is not responsible for repayment of the bonds.
“Considering the relatively short timeframe available, we are pleased that these bonds will be used to accomplish this very worthwhile project,” said Clay Bird, Executive Director of the Tulsa Industrial Authority.
To open in 2012, the 86,000 square-foot 16-acre campus will be built on the north side of the Broken Arrow Expressway at the 129th East Avenue exit. As with other stimulus projects intended for job creation, Tulsa Cancer Institute anticipates that the new clinic will create 100 permanent jobs, and construction of the project will employ about 500 people.
The developer Formaation said that they have selected Flintco to provide the construction and Gensler, Los Angeles, the architecture. Tulsa Cancer Institute is a physician-owned practice with 16 blood and cancer specialists and more than 200 nurses and associates in northeastern Oklahoma.
Updated 12-28-2010
READER COMMENTS
