Broken Arrow City Council
Meeting of: 05-07-2024
Title:
title
Ratification of extension of closing date contained in the Purchase and Sale Contract for the sale of 15.01 Acres of Real Estate to Sunset at Broken Arrow, LLC and extend closing date to on or before May 17, 2024
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Background;
On October 3, 2023, the City of Broken Arrow and Broken Arrow Economic Development Authority entered into an Economic Development Agreement with Sunset at Broken Arrow, LLC to bring Sunset Amphitheater to Broken Arrow.
Within said agreement Article IV Covenants and Obligations of the Authority and City outlines obligations to the Project Site (4.1). Authority shall acquire the Project Site and the Authority agrees to sell to the Developer approximately thirteen (13) acres within the Project Site for the price of $38,462.00 per acre. In the event that the Developer determines during the process of planning the project that additional land is needed, the Authority will sell up to seven (7) additional acres (for a total of twenty (20) acres) to the Developer at the price of $38,462.00 per acre.
The Developer determined during the planning process to need 15.01 acres for the Sunset Amphitheater resulting in a sell price of $577,314.62 as outlined in the agreement.
On March 5, 2024, the Broken Arrow City Council approved a Purchase Sales Agreement. The closing date on that agreement was 5 days after the close of the Due Diligence Period or as otherwise agreed by Purchaser and Seller. Sunset at Broken Arrow, LLC has requested an extension to close on or before May 17, 2024.
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: Purchase and Sales Agreement
Lot 1 Block 1 Exhibit
Recommendation:
recommend
Approve and authorize the ratification of extension of closing date contained in the Purchase and Sale Contract for the sale of 15.01 Acres of Real Estate to Sunset at Broken Arrow, LLC and extend closing date to on or before May 17, 2024
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