Oklahoma Ordnance Works Authority Board of Trustees held a special meeting Tuesday morning to prepare for an announcement that Google has purchased the former Gatorade facility in MidAmerica Industrial Park.
The 1.4 million-square-foot facility has been empty since the plant closed in 2010.
“We are very excited,” MidAmerica Industrial Park Administrator Dave Stewart said. “This says alot about our facilities.”
Board members approved a resolution transferring ownership of the building to Quaker Oats Europe, Inc., a subsidiary of PepsiCo. They also approved the “termination of industrial development agreement, special warranty deed, release of mortgage and assignment, release and terminaton of lease agreement and memorandum of lease agreement and related documentation.”
Stewart explained that the Gatorade facility is unique because OOWA had maintained ownership.
Stewart said OOWA borrowed the money from PepsiCo to build the $80 million facility, then leased it to the beverage maker. Though the building has been empty for several years, OOWA has continued to pay the debt and PepsiCo has continued to pay the lease.
When Google expressed an interest in the property, OOWA and PepsiCo inked a deal concerning ownership of the building.
“We transferred ownership to PepsiCo in exchange of the debt,” Stewart said. All other agreements between OOWA and PepsiCo were terminated to completely free up the facility.
Google closed on the facility Wednesday, prompting the special meeting.
“The title has been transferred back to PepsiCo,” Bill Anderson, long-time counsel for OOWA said in the meeting. “Liability will go away on both sides.”
The board approved a resolution “approving agreements and related documentation” with the potential new owner of the facility, listed as Myall, LLC.
Myall, LLC is based in Wilmington, Del., and was the company that initially purchased the original Google acreage.
“We have a great relationship with Google,” Stewart said. “We have gone out of the way to be accomodating to their vision and their needs. Our intent is to enable them to fulfill their business plan and they appreciate it.”
Stewart said as a result of the partnership, Google will make MidAmerica Industrial Park a “bigger home for them.”
“This kind of move shows other businesses what we have to offer,” Stewart said. “Fortune 500 companies look at MAIP and think it’s a great place to be.”