Broken Arrow City Council
Meeting of: 06/16/2025
Title:
title
Consideration, discussion and possible approval of Amended Resolution No. 1667, a Resolution of the City of Broken Arrow, Oklahoma (the “City”) authorizing the Broken Arrow Economic Development Authority (the “Authority”) to assist the City in carrying out and administering the Hackberry Market Economic Development Project Plan adopted by the City; approving the incurrence of indebtedness by the Authority issuing its Tax Apportionment Bonds, Series 2025 (Hackberry Market Increment District Project) (the “Bonds”) in one or more series; providing that the organizational document creating the Authority is subject to the provisions of the Indenture authorizing the issuance of said Bonds; waiving competitive bidding and authorizing the sale of said Bonds by the Authority at negotiated sale and at a price less than par; approving and authorizing execution of a Security Agreement by and between the City and the Authority pertaining to the pledge of certain sales tax increment revenues; approving the forms of a Continuing Disclosure Agreement and an Official Statement; approving the use of assistance in development financing; approving and authorizing execution of a Development Financing Assistance Agreement; and containing other provisions relating thereto
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Background:
The city has adopted and approved the Hackberry Market Economic Development project plan by Ordinance 3875 on May 6, 2025 and has created Increment District #6. The Authority has approved the issuance of its Tax Apportionment Bonds, Taxable Series 2025 (Hackberry Market Increment District Project) in one or more series (collectively, the “Series 2025 Bonds”), for the purpose of (i) financing and/or reimbursing certain Project Costs authorized under the Project Plan, including specifically certain site development costs as described in the Project Plan (collectively, the “Project”); (ii) funding a reasonably required reserve fund; (iii) funding certain capitalized interest; and (iv) paying certain costs associated with the issuance of the Series 2025. Amended Resolution 1667 authorizes the city approval of the issuance of the obligations by the Authority to implement the project plan and accomplish the project.
The original resolution was approved at the last meeting and the only change is that it was originally planned on being a taxable bond issue and it will now be a tax exempt for additional savings
Cost: Estimated $520,800
Funding Source: Proceeds from the loan
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1667, estimate of issuance cost
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1667
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