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Owasso panel approves Dec. 31 extension for Foundry on Third completion after supply-chain delays
Summary
The Owasso Economic Development Committee voted to approve a second amendment moving the Foundry on Third development agreement completion date from Nov. 1 to Dec. 31, 2025, after developer representatives reported material delays; the committee was told the change will not affect TID valuation.
The Owasso Economic Development Committee on July 1 approved a second amendment to the Foundry on Third development agreement, extending the project completion deadline from Nov. 1, 2025, to Dec. 31, 2025, after developer representatives reported supply‑chain delays that have slowed some trade work.
City staff told the committee the extension is limited to the completion date and does not change the tax-increment district (TID) valuation snapshot, which is based on an assessed-value “snapshot” taken Jan. 1 each year.
Nick Patterson, identified in the meeting as participating online, said the building is “about 75% complete with the building.” He described the south half of the building as furthest along — with fifth-floor units finished and punch-list work underway on floors one through four — and said the north half remains under interior finish work. Patterson told committee members two material delays held up progress: certain countertops stuck at…
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