Owasso committee approves Dec. 31 extension for Foundry on Third completion after supply delays

Owasso's Economic Development Committee on July 1 approved a second amendment to the Foundry on Third development agreement that extends the project's contractual completion date from Nov. 1 to Dec. 31, 2025.

The change was requested by the developer to address materials and supply‑chain delays; ED Manager Lynch presented the request and told the committee the amendment is limited to a date change. "They've requested to extend the completion date on the development agreement from November 1 to December 31 of this year," Lynch said during the meeting.

The amendment was approved on a motion by Alder Henke and seconded by Alder Killian; the tally recorded in the meeting was three in favor and two opposed, and the motion passed.

Why it matters: the development agreement ties certain Tax Increment District (TID) payments and incentives to the project's completion and assessed value at the January 1 snapshot used for taxation. Committee members were told the agreement's substantive criteria — including the TID valuation snapshot — are unchanged by the date extension.

Progress and delays: attendees saw a short tour video and a construction update. A project representative, Nick Patterson, reported the building was about "75% complete," with the south half farther along than the north half. Contractors are performing owner punch work on upper floors while lower floors finish trim and carpeting.

Lynch and the developer explained two main causes for delay: a countertop shipment held at port amid tariff‑related disputes, and a hold on brick manufacturing that slowed masonry work. The committee was told those delays temporarily pushed some trade work out of sequence but that the developer still expects project completion before the end of the year.

Commercial build‑out and tenant fit: committee members asked how street‑level commercial spaces will be delivered if no tenant is yet secured. The team said commercial units will be delivered as a gray box: concrete floors, stud walls in place, primary electrical and HVAC service to each space, and general lighting; tenants will be responsible for interior distribution and final fit‑out.

Definition of completion: committee members asked what constitutes project completion under the agreement. Staff referred to the original development agreement's definition: project completion requires issuance of an occupancy permit by the appropriate government authority so that units may be inhabited.

Next steps and limits: several alderpersons stated they will not support another extension beyond Dec. 31 if the developer requests one. Staff said a further unapproved extension would put the developer in default of the development agreement.

Quotes from the meeting are taken from the public transcript of the July 1 Economic Development Committee meeting.