Broken Arrow Economic Development Authority
Meeting of: 03-05-2024
Title:
title
Approval of and Authorization to execute Resolution No. 1561, a Resolution of the Broken Arrow Economic Development Authority assigning the Purchase and Sale Contract for Real Property to the City of Broken Arrow and Approval and Authorization to execute a General Warranty Deed from the Broken Arrow Economic Development Authority in favor of the City of Broken Arrow to transfer 41.6 Acres of Real Property
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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 has 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.
Due to the Plat being titled in the name of the City of Broken Arrow, the attached Resolution No. 1561 approves and authorizes the assignment of the purchase and sale contract, authorizes the BAEDA to execute a General Warranty Deed in favor of the City of Broken Arrow and designates signatories for all closing documents.
The attached General Warranty Deed transfers the property from BAEDA to the City of Broken Arrow.
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
Resolution No. 1563
General Warranty Deed with full legal description as “Exhibit A”
Lot 1 Block 1 Exhibit
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1561 and approve and authorize assignment of purchase and sale contract, acceptance of a General Warranty Deed in favor of the City of Broken Arrow and approve and authorize the sale of 15.01 Acres of Real Estate to Sunset at Broken Arrow, LLC for the sum of $577.314.62 with $10,000.00 earnest money and designate representatives for signatories for instruments and approvals
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