OSAGE LLC CANNOT PARTICIPATE IN THE ‘AMERICAN’ PROJECT BUT IS HONORED TO HAVE BEEN OFFERED THE OPPORTUNITY TO PARTICIPATE
(Tulsa, Okla., June 22) – On June 20, the Board of Directors of Osage LLC informed Osage Nation Chief John Red Eagle and the Osage Nation Congress that it cannot participate in the proposed ‘American’ project, a 21 story (217 feet tall) bronze of an American Indian warrior and eagle. On April 15, the Congress passed ONCA 11-63, a $2.5 million appropriation to Osage LLC to cover the purchase of real property and investment in the project. Osage LLC has had 60 days to respond to the appropriation.
Since April 15, the LLC has sought to commission a formal due diligence analysis of the project, but was unable find a firm willing to conduct the analysis. “It is also now apparent upon review of the material prepared to date that Osage LLC will certainly be unable to make the commercial case for LLC’s participating in the American project,” says Board of Directors Chairman Chuck Maker. “It is a project with a risk profile well above where we can afford to be at this stage of our growth. Finally, this project is well outside our strategic scope.”
“We know that the project has enormous cultural, aesthetic, political, and symbolic values for the Osage community and others—values that deserve full consideration in open debate,” says Maker. “Our position not to accept the appropriation concerns only the commercial viability of our company’s participation and the profit goals that we are obligated to meet this year – and in coming years – on behalf of the Osage people.”
“Osage LLC is honored to have been considered for this project,” says Maker. “The LLC takes seriously the mandate the Osage Nation Congress has given us to diversify the Nation’s economic foundation and to serve as stewards over the capital entrusted to us; and we look forward to continuing conversations with the Congress about those goals.”
Osage, LLC was established in 2008 by the Osage Nation Congress to manage the Nation’s business activities separate from the tribal government. For more information about Osage, LLC, visit www.osagellc.com. The company is located at 302 South Cheyenne, Suite 112, Tulsa. (918) 582-5633.
