theadanews.com - Ada, Oklahoma

Local News

March 20, 2013

City OKs building sale for $356,000

Ada —  

Ada officials cleared the way Monday for the Elk City-based company Superior Fabrication to move into the Remington Building.

With little discussion, the Ada City Council voted 3-0 to sell the building at the Ada Industrial Park to Superior Fabrication Inc. (SFI) for $356,000. Councilmen Dick Scalf and Darrell Nemecek were absent.

Acting as the Ada Public Works Authority, the council unanimously approved an agreement spelling out the details of the city’s decision to offer performance incentives to Superior Fabrication.

The appraised value for the Remington Building and equipment is $405,000., but the city will deduct $49,000 from the purchase price for SFI if the company meets its hiring goals, according to the agreement. The city will also cover all closing costs, except for SFI’s legal fees, and repair the roof of the building.

In exchange, SFI is required to hire 10 new employees and maintain those positions over the next seven years. The number of new workers would be above the company’s base number of employees, based on employment totals as of Nov. 1, 2012.

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