Broken Arrow Economic Development Authority
Meeting of: 06-02-2025
Title:
title
Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1663, a Resolution authorizing execution of and accepting a purchase and sales agreement of Real Estate
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Background:
The Broken City of Arrow recognizes that the development and continued revitalization of this area and particularly this Real Property are reasonably expected to provide direct economic benefits within and near the City in retaining and likely increasing City sales tax receipts; increasing ad valorem tax revenues to be derived by the City, and otherwise contributing significantly to the economic well-being of the citizens and residents within and near the City, and those of the County and the State of Oklahoma.
Staff is in support of the City of Broken Arrow’s efforts and in the interest of securing the Real Property containing 10 AC, more or less, the City of Broken Arrow (COBA) and Broken Arrow Economic Development Authority worked with CSI Aerospace, Inc. to enter into a Purchase and Sales Agreement for the purchase price of $0.00, having a value of approximately $850,000.00.
The City of Broken Arrow deems it appropriate to approve and accept the Contract for the Purchase and Sale of Real Estate, authorize sale of the Real Property, authorize the acceptance of $0 to effect such purchase, and in providing for future development of the Real Property in a manner to be determined in the future, and further that such actions are in the best interests of the City and the health, safety and welfare of the City and residents within and near the City.
Staff recommends that Resolution No. 1663 become effective on June 2, 2025.
Cost: N/A
Funding Source: Not Applicable
Requested By: Jennifer Rush, Economic Development Director
Approved By: City Manager Office
Attachments: Resolution No. 1663
Recommendation:
recommend
Approve Resolution No. 1663 and authorize its execution
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