In The Raw Jenks, Medical Spa, and Bahama Buck’s

After years of effort, The Ten recently revealed an Economic Development Agreement, set to take effect on August 5, 2025. This agreement involves Raw Pickle, LLC (Developer) AKA In The Raw Jenks, the Jenks Economic Development Authority (Authority), and the City of Jenks, Oklahoma (City). It outlines an economic development project designed to attract new retail and commercial businesses to Jenks.

Here's The Key Points:

Purpose: To strengthen economic development, commerce, and infrastructure in Jenks by attracting new businesses and fostering economic growth. Project: The Developer will construct an "In The Raw Jenks" restaurant, a medical/spa facility, and a Bahama Buck’s shaved ice franchise (collectively, "Developer Project Improvements"), along with essential infrastructure, on a 10.62-acre "Project Site" within "Increment District No. 6." Economic Impact: The project is anticipated to generate over $9.4 million in net new annual retail sales and approximately $140,000 in new annual ad valorem tax revenues.

TIF AREA 6

The entirety of Raw Development, a planned project in the City of Jenks, is situated within the NW/4 of Section 29, Township 18 North, Range 13 East of the Indian Base and Meridian, Tulsa County, State of Oklahoma, and falls within the limits of Increment District No. 6, City of Jenks.

Development Financing: The Authority will reimburse the Developer up to $4,270,000 (the "Project Costs Cap") for "Project Site Improvements" (infrastructure costs), using "Tax Increment" revenues. This Tax Increment consists of 2.0% of retail sales tax and 75% of the incremental ad valorem tax generated from the Project Site.

In The Raw Concept

Reimbursement Schedule: Reimbursement for the Developer Project Improvements will be allocated proportionally based on completion: In The Raw Jenks: up to $2,313,000 Medical/spa facility: up to $791,000 Bahama Buck’s: up to $486,000 Sanitary sewer improvements: up to $680,000 (completion of buildings is not required for this).

In The Raw Jenks Concept

Developer Responsibilities: The Developer is solely responsible for constructing and completing all Project Site Improvements, securing financing, and timely remitting all applicable ad valorem and sales taxes. They will also use commercially reasonable efforts to use City labor and suppliers and provide competitive quotes for construction.

City/Authority Responsibilities:

• Promptly collect and maintain Tax Increments in the "Apportionment Fund.

• Reimburse the Developer from Tax Increments up to the Project Costs Cap.

• Prioritize the Developer's reimbursement before other Project Plan costs.

• Cooperate in obtaining necessary governmental approvals and easements.

• Pledge 100% of the apportioned Tax Increment to the Project Costs Reimbursement Obligation.

• Confidentiality: Sales tax revenue and other proprietary information provided by the Developer will be kept confidential to the extent permitted by law.

Termination: The Authority may terminate the agreement if the Developer fails to meet its construction obligations. The reimbursement obligation ceases if the Developer permanently ceases operations, except for previously accrued Tax Increment.

Assignment: The Developer can assign its rights and obligations as security for a mortgage loan or sell/transfer its rights to the Project Costs Reimbursement Obligation without consent, provided it remains liable for its obligations.

Supersedes Prior Agreement: This agreement replaces the Preliminary Economic Development Agreement dated June 3, 2025.

Limited Liability: The Authority and City's liability is limited to the Project Costs Reimbursement Obligation, payable solely from Tax Increment revenues.