"We are at the point where we need to take care of administrative matters transferring title of land so that the appropriate entity can move forward with the work at hand," CNB Executive Vice President Charles Garrett said.
In West Siloam Springs, the HACN and CNCR are in the process of finalizing an agreement, officials said.
They said the agreement states that CNCR will construct homes on sites previously approved by the HACN, and upon completion, the HACN will purchase those homes from CNCR.
Cherokee Nation Enterprises
, the entertainment division of CNB
, previously held the 29 lots behind the WSS Cherokee Casino.
"It was in effect surplus property.
So we're going to be re-engineering that area...for the construction of these homes," Garrett
asked the board to consider transferring the land from CNE
Previously, the board transferred the land from CNE
to the HACN.
To expedite the financing of the homes, it was deemed "more advantageous" to transfer the land to CNCR and for Construction Resources to build the homes and then allow the HACN purchase them, he
"That's the sequence of events we expect, and will be documented in the agreement," Garrett
"We'll give them (HACN) an invoice and that invoice will reflect cost, and we're currently contemplating a plus-3 percent service fee.
Garrett said he and CNB Chief Financial Officer Doug Evans were working a way to allocate the cost to CNE for giving up the land for the two housing projects.
In Roland, Cherokee Nation Property Management, another CNB entity, has under contract 26 lots of property.
requested the board reassign that contract to CNCR and then provide authorization to CNCR to close on the property on Dec. 17.
said it's the same strategy as in West Siloam Springs.