Oklahoma County Commissioners Unanimously Approve May 13, 2008 Bond Vote for Purchase of Former GM Plant with Lease to Tinker $1.26 average monthly cost for $100,000 home

Contact: Willa Johnson
Phone: (405) 713-1501

Oklahoma County (March 12, 2008) - Oklahoma City – The Oklahoma Board of County Commissioners unanimously approved setting a May 13, 2008, election date for a five-proposition bond issue totaling $84.5 million. The largest portion of the bond vote is a $55 million proposition allowing Oklahoma County to acquire the former Oklahoma City General Motors plant for use by Tinker Air Force base. The total $84.5 million amount averages to $1.26-per month for a $100,000 home in Oklahoma County.

The County plans to enter into a long-term lease agreement with Tinker Air Force Base for use of the facility, but Oklahoma County voters must first approve the $55 million General Obligation bond issue. The average cost to approve Tinker’s expansion into the plant for property owners of a $100,000 home in Oklahoma County is 82-cents per month for the 15-year bond.

“Oklahoma County voters have always supported Tinker Air Force Base and we hope they will continue their support of expanding Tinker’s role in our nation’s security and our regional economy,” said Board Chairman Ray Vaughn. “Ultimately we believe this will create new job opportunities for Oklahomans and strengthen Tinker’s national standing. We know Oklahoma County residents will see this as an opportunity to renew our commitment to Tinker. It’s a win-win for all involved.”

Vice-Chair and District 1 Commissioner Willa Johnson said, “With their approval of the bond issue to purchase Tinker, the citizen’s of Oklahoma County will make an enormous investment in maintaining and expanding the base’s world-wide mission, as well as improving the county’s economic posture. Ultimately, a vote in favor of the other four proposals will result in improved county facilities, county services, and disaster preparedness for all citizens’ of the county.”

District 2 Commissioner Brent Rinehart, whose district includes Tinker, said “The level of support enjoyed by Tinker Air Force Base is the envy of every military installation in the world. I believe our citizens recognize the importance of Tinker to the county and I’m confident they will demonstrate their support by approving the Tinker portion of the bond issue. We have a record of good stewardship with regard to past bond issues. In 2006, the Board of County Commissioners voted with me in terminating $30 million of the $50 million that was approved in the last bond issue. When it comes to expending bond monies on behalf of Tinker, the voters have ample proof that our board has a track record of acting in the best interest of the citizens.” Rinehart and Johnson are both former Tinker employees and Rinehart also served in the United States Air Force.

County Treasurer Butch Freeman, who also served in the United States Air Force and was Tinker’s Comptroller for several years assisted in the County’s negotiations with General Motors and Tinker. “It is important to note that Tinker is the largest economic engine for our state with more than 27,000 Oklahomans from 48 different counties working at the site. Tinker’s success means success for every community and every person in central Oklahoma. We’re excited to see the results and put Oklahomans back to work in this great facility and strengthen our military and our economy,” said Freeman.

The plan would use county funds to acquire the more than 3.8million square foot facility and surrounding acreage, all adjacent to Tinker. The site would be owned by Oklahoma County and leased to the Air Force for their use in a long-term arrangement. This move ensures both Tinker’s competitive position and jobs for Oklahoma County residents.

Tinker officials will use the facility to create Tinker Aerospace Complex, which would host some current 76th Maintenance Wing operations as well as other Department of Defense missions. The facility would provide the base with flexibility to address future depot maintenance workloads and the jobs that go with them, including work on the C-17 engines, joint strike fighter engines and core work on the new KC-X tanker.

In addition to the funds needed for acquisition of the General Motors facility, the bond issue also includes four other propositions addressing flood control issues in the county and construction and maintenance of public facilities.