With Vice-Chairman Linda Capps and Director of Economic Development and Planning James C. Collard Ph.D. standing alongside, Citizen Potawatomi Nation Tribal Chairman John “Rocky” Barrett signed what he termed “a historic piece of the tribe’s commercial history” into effect on March 8, 2017. Iron Horse LLC Structure will provide peace of mind, with a solid legal structure, for potential customers and investors who work at the tribe’s Iron Horse Industrial Park.
“This agreement is central to CPN’s operation of Iron Horse Industrial Park to secure solid, fair partnerships between the tribe and our future tenants in the park,” said Barrett.
Limited liability corporations, or LLCs, are distinct legal entities that help protect owners from extensive liabilities, making only specific assets available as liabilities should the worst happen. For instance, should a bankruptcy or other financial downturn impact an LLC, the owners’ liability to creditors or other parties in litigation is limited to the original, agreed on set of assets.
“The formation of this LLC means, in practical terms, only the funds the tribe puts into Iron Horse are assets,” explained Collard. “The liability of the tribe’s entire revenue from other streams and resources is not available outside of what we’ve put into Iron Horse.”
The same is true for privately-owned companies investing or working at Iron Horse.
Iron Horse is a general-use industrial park located on the national rail network of the United States. Its central location on 400 acres of Native American trust land just 35 minutes southeast of Oklahoma City and direct connections to the Union Pacific Rail Road provides great potential for importers and exporters alike. The agreement to put track throughout the park was signed off at the end of 2015. Through the use of the federal HEARTH Act and the park’s designation as a foreign-trade zone satellite site, Iron Horse has the potential to become one of the drivers of economic development and jobs in Pottawatomie County in the coming years.
It is a designated satellite site of Oklahoma City’s Foreign Trade-Zone 106, providing efficiencies in customs procedures. Iron Horse is ideal for businesses importing and warehousing, manufacturing or assembling with imported goods, as well as distribution centers.
Utilities at the park for potential clients will be developed on a case-by-case basis while building and infrastructure construction will be to international standards.