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During a special COVID-19 Economic Impact Task Force meeting on Friday, David Wood, the President of the Bartlesville Development Authority, gave a presentation on local impacts the coronavirus has had on the market sectors and timing.

The more likely case in Friday's projections places the economic recovery in Bartlesville back to where we were in early 2023.

Either way, Wood said we are just getting started. He said the end of the beginning occurs whenever our world re-opens, and the economic aftermath follows.

The Bartlesville City Council is set to meet again on Monday, May 4th. During the meeting, the council may extend, lift or modify the restrictions currently in place to prevent the spread of COVID-19. Assuming that restrictions are lifted, Wood said it could be at least 30-days from the time the restrictions are lifted before they know what the actual economic circumstances are.

What they do know is that consumer behavior has changed locally. At the moment, Wood said it will take some time to see how re-opening the economy is working out in the real world. Returning to normal potential runs out to early 2023.

Transparency was given on the amount of resources that are available for disposal during the COVID-19 Economic Impact Task Force. Wood said Bartlesville's Economic Development Fund (a product of a quarter-cent sales tax that has been renewed constantly since the mid-80s) has roughly $1-million in it. He said the Bartlesville Development Authority recently sold an asset, and they have approximately $8-million from that asset.

Therefore, there is $9-million on hand. Wood said Bartlesville is uniquely blessed to be in this unique circumstance. He said the money represents 35-years of equity that has been accumulated with Bartlesville's economic development.

Difficult discussions were held during the meeting that the COVID-19 Economic Impact Task Force will be addressing in future meetings. Friday's meeting was the first meeting of its kind in Bartlesville since the coronavirus pandemic broke out in our world.