Broken Arrow City Council
Meeting of: 05-20-2025
Title:
title
Approval of and authorization to execute a Side Agreement between the City of Broken Arrow, Broken Arrow Economic Development Authority, and OakTrust Development relating to the Fifth Amendment to the Economic Development Agreement
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Background:
On June 29, 2021, OakTrust Development, LLC, the Broken Arrow Economic Development Authority, and the City entered into an Economic Development Agreement for the Oak Trust project located near 5601 South Aspen Avenue. Subsequently, there have been five amendments to the Economic Development Agreement.
Hackberry Market, LLC is developing Hackberry Market, a commercial project on the approximately thirty-acre property immediately to the south of the OakTrust Project. The Hackberry project requires stormwater detention to enable full development of its footprint.
The Existing stormwater detention facility in the Aspen Ridge Development, owned by Steve Easley through OakTrust, has been identified as suitable for modification to serve as a regional detention facility, benefitting both the Hackberry Market and OakTrust Project.
Following negotiations, Steve Easley, on behalf of OakTrust, has agreed to donate the Stormwater Facility to the City of Broken Arrow, in exchange for certain considerations outlined in the Agreement.
Hackberry, or Hackberry's affiliate, Royce Enterprises, Incorporated, shall make a one-time cash payment of One Hundred Thousand Dollars to Oak trust in consideration of OakTrust's donation of the Facility to the City of Broken Arrow for stormwater detention for the Hackberry Property.
The City agrees delivery of the Stormwater payment from Hackberry to Aspen Ridge shall constitute payment in satisfaction of Hackberry's onsite stormwater detention for development of the Hackberry Property, consistent with the Hackberry Market Conditional Final Plat, approved by the City Council on April 15, 2025.
Hackberry Market will reimburse the City of Broken, in an amount no greater than ten thousand dollars, for improvements to the existing Aspen Ridge Stormwater Detention Facility. The improvements will allow the existing detention facility to serve as a Regional Stormwater Facility.
Upon receipt of the donation of the Stormwater Facility from OakTrust, the City of Broken Arrow will maintain the Regional Stormwater Facility.
The City shall plant fifteen trees around the Regional Stormwater Facility, using trees donated by the developer of the 168-unit multi-family apartment complex, referenced in the Fifth Amendment.
Cost: None
Funding Source: None
Requested By: Norman Stephens, Assistant City Manager - Administration
Approved By: City Manager’s Office
Attachments: Side Agreement City of Broken Arrow and OakTrust Relating to the Fifth Amendment to the Economic Development Agreement
Site Map of Aspen Ridge and Hackberry Market
Recommendation:
recommend
Approve and authorize execution of the Side Agreement to the Fifth Amendment of the Economic Development Agreement between the City of Broken Arrow, Broken Arrow Economic Development Authority, and OakTrust Development, LLC
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