Broken Arrow Economic Development Authority
Meeting of: 04/01/2025
Title:
title
Presentation, discussion and possible direction by the Authority regarding an Economic Development Agreement by and among Oaktrust Development, Broken Arrow Economic Development Authority and City of Broken Arrow
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Background:
On June 29, 2021, BAEDA and the City of Broken Arrow entered into an Economic Development Agreement with OakTrust Development, LLC to promote economic development within a Tax Increment District along the east side of South Aspen Avenue. The agreement outlined specific development commitments, including:
• Construction of a 60,000 square-foot Reasor’s Grocery Store by June 30, 2023
• Development of a 168-unit multi-family apartment complex by June 30, 2023.
• Development of over 200,000 square feet of new retail and commercial space by June 30, 2024.
• Construction of Project Site improvements, including a traffic signal at Norfolk, with a financial commitment from the Authority up to $5,530,000.00.
Subsequent amendments to the Agreement were approved to address infrastructure changes and delays encountered by the Developer. The Fourth Amendment, approved most recently, adjusted the timeline as follows:
• Reasor’s Grocery Store completion extended to November 1, 2024.
• Multi-family apartment complex construction start extended to no later than March 31, 2025 with completion extended to September 30, 2026.
• 200,000 square feet of commercial and retail space construction start date extended to September 30, 2024 with a completion extended to December 31, 2025.
Obligations and Current Status:
1. 168-Unit Multi-Family Apartment Complex
o Obligation: Developer agrees to develop, construct or cause to be constructed within the Project Site a 168-unit multi-family apartment complex beginning no later than March 31, 2025 and shall be completed no later than September 30, 2026;
o Status: Construction has not yet begun.
2. 200,000 Square Feet of Commercial and Retail Space
o Obligation: Developer shall develop, construct or cause to be constructed a total of an additional 200,0000 square feet of commercial and retail space (not inclusive of Reasor’s) beginning no later than September 30, 2024 and shall be completed no later than December 31, 2025;
o Status: The project is out of compliance with the required start date. Current development includes:
|
Business Name |
Square Footage |
|
Maverik (lot) |
63,664 |
|
Reasor’s |
76,891 |
|
Chipotle Mexican Grill |
2,447 |
|
Chick-fil-A |
6,196 |
|
Panda Express |
2,356 |
|
Whataburger |
3,189 |
|
Taco Bell |
2,206 |
|
Lot 6 Retail Strip |
6,582 |
|
Lot 5 Retail Strip |
6,494 |
|
Total Square Footage: |
170,025 |
|
Toal Square Footage without Reasor’s |
93,134 |
Mr. Steve Easley from Oaktrust Development will provide the Authority with updated timelines for the 168-unit Multi-Family Apartment Complex and 200,000 square feet of retail space.
Based on discussions and direction of City Manager and the Authority, a possible amended agreement will be brought back for review at a later Authority meeting.
Cost: N/A
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Director
Approved By: City Manager’s Office
Attachments: N/A
Recommendation:
recommend
Discussion and possible direction regarding Economic Development Agreement with Oaktrust Development
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