Henryetta Economic Development Authority members approved a no-interest loan for Kanon and Cade Bailey.
The $30,000 loan will pay for a concrete retaining wall to be placed in front of their building on 708 east East Main.
At the Monday meeting, the Bailey brothers told HEDA members they have two tenants ready to move into the building. It is designed for up to four retail or office spaces.
The loan would be repaid over a five-year period. In the event the property sold to another entity, the loan would be paid in full at that time.
The plan will have to be presented to the Henryetta city council for ultimate approval.
Tammie Hiatt, a member of the Jim Shoulders Living Legends rodeo committee, told HEDA members about the desire to get four new sets of bleachers.
The bleachers would be 21 feet long and provide ten rows of seating. Hiatt said the goal would be to purchase four sets with two of them providing ramps to enable handicap access. The cost is $17,895 for each set but Hiatt felt that price would be lower if all four were purchased at once.
She pointed out the rodeo has been a part of Henryetta for the past 28 years and this will be the third year it has been a PRCA-sanctioned rodeo.
"We have got a chance for corporate sponsors," she said. "For them to invest in us, we need to show them we are investing in our facility."
The issue was tabled pending more information from the company supplying the bleachers.
Following a short executive session, HEDA members formally hired Ron Richmond to handle the secretary and treasurer duties for the authority.
Public works director Ron Casey told HEDA members work is on track for the new water line that will be installed along US 75 next to the QuikTrip site.
He said the survey work should be completed by the end of the week and bids go out by the end of the month.
That would put the project in line with QuikTrip work as well. The company has announced they are looking for construction workers and supervisory personnel and have a series of ads lined up.