Broken Arrow Economic Development Authority
Meeting of: 06/02/2025
Title:
title
Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1666, a Resolution of the Broken Arrow Economic Development Authority (the “Authority”) accepting the responsibilities as designated to the Authority by the City of Broken Arrow, Oklahoma (the “City”) pursuant to the Hackberry Market Economic Development Project plan adopted by the City; authorizing the Authority to issue its Tax Apportionment Bonds, Taxable Series 2025 (Hackberry Market Increment District Project) (the “Bonds”) in one or more series in the aggregate principal amount of not to exceed $28,000,000.00, and authorizing a Certificate of Determination; waiving competitive bidding and authorizing the Bonds to be sold on a negotiated basis; approving the form of Bond Purchase Agreement; approving and authorizing execution of a General Bond Indenture and a Series 2025 Supplemental Bond Indenture (collectively, the “Indenture”) authorizing the issuance and securing the payment of the Bonds; approving and authorizing execution of a Security Agreement by and between the City and the Authority pertaining to a pledge of certain sales tax increment revenue; providing that the organizational document creating the Authority is subject to the provisions of the Indenture; approving the form of an Official Statement pertaining to the Bonds, authorizing the Chairperson or Vice Chairperson to approve any correction to said Official Statement, and authorizing distribution of the same; approving the form of a Continuing Disclosure Agreement; approving the use of assistance in development financing; approving and authorizing the execution of a Development Financing Assistance Agreement, Mortgage and Security Agreement, and Construction Escrow Agreement; authorizing and directing the execution of the Bonds and other documents relating to the transaction; 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 under consideration 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 Bonds. Resolution 1666 states that the Authority is authorizes to issue the Tax Apportionment Bonds not to exceed $28,000,000
Cost: $520,800
Funding Source: Loan Proceeds
Requested By: Cynthia S, Arnold, Finance Director
Approved By: City Manager Office
Attachments: Resolution 1666
Recommendation:
recommend
Approve resolution #1666 and authorize its execution.
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