Broken Arrow Economic Development Authority
Meeting of: 02-20-24
Title:
title
Approval of and authorization to execute updates to Broken Arrow Economic Development Incentive Policy
End
Background:
Economic development is vital to the City of Broken Arrow’s long-term economic and social health. As part of an ongoing effort to improve the quality of life for its citizens, the City of Broken
Arrow is committed to the promotion of job creation and high-quality development in all parts of the city.
The purpose of this Incentive Policy is to give guidance and consistency to economic development incentives and economic development agreements in the City of Broken Arrow.
This document contains the policies, processes and review procedures for Economic Development Incentives offered within the City of Broken Arrow for the purposes of contributing to the expansion of economic development opportunities.
Below are updates requested to the Incentive Policy originally approved by the Authority on July 31, 2023.
Page 1
Addition of:
“In order to assist applicants with knowledge of available and feasible funding, the Broken Arrow City Manager and/or their designee must be present for any and all conversations and meetings regarding incentives, as well as, included in all communications, written or verbal, regarding requests for incentives.”
Page 2
In regards to the panel -
Change of Economic Development Manager to Economic Development Director
Page 4
Removal of Economic Development Manager and Replacement with City Manager:
Regarding Amendments -
Requests for an amendment to an active incentive agreement will be considered on a case-by-case basis. If the developer or company is unable to fulfill the obligations outlined in an established incentive agreement due to forces reasonably out of their control, they may request an amendment in writing to the Economic Development Manager Broken Arrow City Manager.
Page 5.
Removal of Economic Development Manager and Replacement with City Manager:
Developer formally submits the request and the required documentation to the Economic Development Manager City Manager and/or their designee.
Page 7
Removal of:
Incentive amounts are to be determined by an economic impact assessment calculated based on the information provided in the employer’s application.
(This statement is contrary to provisions on page 2 & 4)
Removal of:
The above New Jobs Incentive and Capital Investment Incentive can be awarded simultaneously. (This statement is inferred on page 1 & 2)
Cost: $0
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Manager
Approved By: City Manager’s Office
Attachments: Broken Arrow Economic Development Updated Incentive Policy
Recommendation:
recommend
Approve the Broken Arrow Economic Development Incentive Policy
end