Broken Arrow Economic Development Authority
Meeting of: 12-19-23
Title:
title
Approval of and authorization to execute a Purchase and Sales Agreement for 41.6 acres of property located along the North side of the Broken Arrow Events Park located at 21101 East 101st Street, Broken Arrow, OK; and approval of and authorization to execute Resolution No. 1556, a Resolution of the Broken Arrow Economic Development Authority ratifying, approving, authorizing and accepting a contract for sale of real estate for real property located in Broken Arrow, Wagoner County, Oklahoma and more particularly described as located in Section 20, Township 18 North, Range 15 East, Wagoner County, State of Oklahoma, (the “Real Property” as described in Exhibit A attached to Resolution 1556) in accordance with the terms of a certain contract for sale of real estate by and between the Broken Arrow Economic Development Authority and Keel Investment Co Ltd; approving and authorizing purchase of the real property pursuant to the contract for sale of real estate; and authorizing the Broken Arrow Economic Development Authority expenditure of the sum of $2,080,000.00 to effect such purchase, with $10,000.00 as earnest money, as well as reasonable and necessary costs; designating representatives of the Broken Arrow Economic Development Authority, for purposes of granting certain approvals and executing certain instruments as required under and in connection with said assignment and contract for sale of real estate; and containing other provisions relating thereto
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Background;
Keel Investment Co Ltd owns 41.6 acres on two tracts of land north of the Broken Arrow Events Park on 101st Street. Said legal descriptions are contained in Exhibit A of Resolution No. 1556. Recently, the City of Broken Arrow entered into an Economic Development Agreement with NotesLive for an Amphitheater to be built on this subject property. The attached Resolution No. 1556 approves and authorizes the purchase of the real estate and designates signatories for all closing documents.
Cost: $2,080,000.00
Funding Source: TIFF No. 5 revenue
Requested By: Trevor A. Dennis, City Attorney
Approved By: City Manager’s Office
Attachments: Purchase and Sales Agreement
Resolution No. 1556
Recommendation:
recommend
Approve and authorize ratification of purchase and sales agreement for 41.6 acres and approve and authorize execution of Resolution No. 1556
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