OEDC Approves Building Deal for New Day Care

A Graham childcare operator plans to open a daycare in Olney after reaching an agreement in principle with the Olney Economic Development Corp. to purchase the former Head Start building.

During the OEDC’s May 15 meeting, Executive Director Tom Parker told board members the organization had worked through legal documentation to clarify the building’s ownership and to transfer the building into the OEDC’s control before selling it to the daycare operator.

Under the proposed arrangement, the city would transfer the property through a Chapter 380 agreement, allowing the OEDC to take ownership of the building and land before financing the sale to the daycare operator.

“It’ll be a purchase agreement through Olney Development,” Mr. Parker said.

The daycare operator would repay the purchase through a $3,000 monthly payment plan held by the OEDC, with no interest attached to the note.

Mr. Parker said the building carries a Young County Appraisal District value of approximately $60,000 and that the OEDC would acquire it from the city for $1. The operator would then repay the full appraised value over time, helping offset the organization’s investment and risk in the project.

Board members said demand for additional childcare in Olney appears strong.

Mr. Parker told the board the operator already had commitments from 27 families before formally advertising the new daycare and that the building’s licensed capacity is about 40 children.

“She may be well past halfway and hasn’t advertised anything yet,” Mr. Parker said.

The new daycare would compete with the existing Rolling Plains-operated facility in Olney, which several board members said has struggled with staffing and scheduling issues.

Mr. Parker said some parents whose children were enrolled at the Graham facility planned to move their children to the new operation in Olney once it opens. He also said the operator already has trained employees lined up for the Olney location.

The OEDC approved moving forward with the project and authorized Mr. Parker to present the proposal to the Olney City Council because the project was not included in the corporation’s current, city-approved budget.

Mr. Parker said funding would likely be shifted from savings realized during the courthouse renovation project.

Board members also discussed the possibility of future expansion if enrollment quickly outgrows the current building.

“There’s discussion about either adding another building at that location or helping her move into another building at a later date,” Mr. Parker said.