Broken Arrow City Council
Meeting of: 03-05-2024
Title:
title
Approval of and authorization to execute Third Amendment to Economic Development Agreement by and among Sunset at Broken Arrow, LLC, and the Broken Arrow Economic Development Authority and the City of Broken Arrow
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Background:
The Broken Arrow Economic Development Authority, City of Broken Arrow and Sunset at Broken Arrow, LLC entered into certain Economic Agreement on October 3, 2023. Pursuant to Section 4.1, 5.6 and 5.7 of the Agreement, the parties agree that an addendum set forth in the Agreement is necessary.
Amendments within the Third Economic Development Agreement as follows:
1. AMENDMENT TO SECTION 4.1
The following shall be appended to Section 4.1 PROJECT SITE:
G. The City, at its sole expense, shall extend or cause to be extended existing public utilities, water and sanitary sewer, to the property boundaries of the Project Site.
H. The City shall clear or cause the site to be cleared of vegetation, including trees and shrubs, prior to selling the property to Developer. The burning of the waste material may continue beyond the closing date of the purchase and sale of a portion of the Project Site from the City to Developer but must cease before the start of construction.
I. The City shall construct or cause to be constructed the “shared” detention facility. The City shall retain ownership and, thereafter, operate and maintain the “shared” detention facility after construction. The City shall be responsible for its cost of the “shared” facility based upon the percentage of impervious area owned by the City contributing to the influent flow into the facility.
2. AMENDMENT TO SECTION 5.6
The following shall be appended to Section 5.6 PUBLIC SAFETY DESIGN AND OPERATION REQUIREMENTS:
J. The Developer, at its sole expense, shall extend or cause to be extended new public utilities, water and sanitary sewer, from the property boundaries of the Project Site. The Developer, at its sole expense, shall be responsible for all service connections.
K. The Developer shall reimburse the City $75,000 for the work identified in Section 4.1.H. The City shall invoice the Developer for said work by submitting the request for payment to the Developer’s General Contractor.
L. The Developer shall be responsible for its cost of the “shared” facility based upon the percentage of impervious area owned by the Developer contributing to the influent flow into the facility. The City shall invoice the Developer for said cost share by submitting the request for payment to the Developer’s General Contractor.
3. AMENDMENT TO SECTION 5.7
The following shall be appended to Section 5.7 TRAFFIC CONTROL AND PARKING DESIGN AND OPERATION REQUIREMENTS:
H. Developer shall provide one (1) Security Officer per 250 vehicles as counted within all venue parking lots on-site or off-site.
All other provisions of Section 4.1., Section 5.6, and Section 5.7 shall remain in full force and effect.
Cost: None
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Director
Approved By: City Manager’s Office
Attachments: Third Amendment of Economic Development Agreement
Recommendation:
recommend
Approve and authorize execution of the Third Amendment of the Economic Development Agreement by and among Sunset at Broken Arrow, LLC, and the Broken Arrow Economic Development Authority and the City of Broken Arrow
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