Broken Arrow City Council
Meeting of: 03-05-24
Title:
title
Approval of and authorization to execute Resolution No. 1563, a Resolution of the Broken Arrow City Council accepting an assignment of a Purchase and Sale Contract between the Broken Arrow Economic Development Authority and Sunset at Broken Arrow, LLC, Approval and Authorization to accept a General Warranty Deed from the Broken Arrow Economic Development Authority, Approval and Authorization to execute a contract for sale of 15.01 Acres of Real Estate to Sunset at Broken Arrow, LLC described as Lot 1 Block 1, for the sum of $577,314.62 with $10,000 earnest money down, designating representatives of the City of Broken Arrow for purposes of granting certain approvals and executing certain instruments as required
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Background:
On October 3, 2023, the City of Broken Arrow and the Broken Arrow Economic Development Authority entered into an Economic Development Agreement with Sunset at Broken Arrow, LLC to bring Sunset Amphitheatre to Broken Arrow.
Due to the platting of the property, the City of Broken Arrow is listed as the owner of the plat. As such, the attached Resolution No. 1563 allows the City Council to accept the assignment of the purchase and sale contract, accept the General Warranty Deed to list the City as the record title owner of the Real Property and approves and authorizes the sale of 15.01 Acres of Real Property.
Per the Economic Development Agreement, the Developer wishes to buy a minimum of 15.01 Acres for a price of $38,462.00 per Acre. This results in a price of 577,314.62.
Cost: $577,314.62 to be paid to BAEDA
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1563
Purchase and Sale Agreement
General Warranty Deed with full Legal Description
Recommendation:
recommend
Approve Resolution No. 1563 and authorize its execution, approve and authorize acceptance of a General Warranty Deed, approve and authorize acceptance and execution of a contract for the purchase and sale of real estate for 15.01 Acres for the sum of $577,314.62
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