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The Bartlesville Development Authority took action on a proposal Wednesday morning from SVA Value Accelerators, LLC after exiting an executive session. The proposal was from the business to identify, qualify and present viable businesses for acquisition and relocation to Bartlesville.

Development Authority President David Wood explained the importance of relocating businesses to Bartlesville. He said relocating businesses is a less competitive market since businesses are transitioning to a new location without announcing publically that they are looking for a place to open. In this new business recuritment effort, Wood thanked the authority for being on board.

The board approved SVA's proposal to help relocate businesses to Bartlesville. Fees under the 18-month SVA Value Accelerators pilot project will be $150,000. Included with the project is a 60-day termination clause, out-of-pocket expenses and a $200,000 bonus upon successful closing of a targeted acquisition.