Broken Arrow Economic Development Authority
Meeting of: 04-16-2024
Title:
title
Approval of and authorization to execute Fourth 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
End
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. The terms and conditions of the Agreement required that the parties to the Agreement take certain actions no later than January 31, 2024. Pursuant to Section 2.1 of the Agreement, the parties agree that an extension of certain deadlines set forth in the Agreement is necessary.
The obligations of the Authority, the City, and the Developer to proceed with their respective obligations are subject to the satisfaction or waiver of the following conditions precedent set forth in this Section 2.1. On January 31st, the parties entered into agreement an extension of the deadline of the conditions precedent in Section 2.1. The First 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 was approved by Broken Arrow City Council and the Broken Arrow Economic Development Authority on February 6, 2024.
As of the date of the First Amendment, items A, B, C and D below had been completed. It was agreed upon that items E and F below shall be completed no later than February 21, 2024, or such later date as may be mutually agreed upon by the parties hereto. Item E was completed on February 6, 2024.
Pertaining to item F, engineers for Rural Water District #4 have confirmed that the District has capability to provide for domestic water based on flow rates delivered to the City by Sunset of Broken Arrow. However, those flow rates do not include fire suppression of which those rates will be determined by the Fire Marshal upon deliverance of a site plan and flow rates from Sunset of Broken Arrow. The City and Authority requested an extension contained within the Second Amendment to allow for adequate review by the regulatory parties upon the receipt of a site plan by April 30, 2024.
The Third Amendment of the Economic Development Agreement addressed Section 4.1, Section 5.6 and Section 5.7 of the agreement.
As of April 11, 2024. the Notes team indicated that they had recently received flow rate information. They requested time to review and forward to the City Engineering team for review. Once those reviews are completed, the Notes team will need to submit the documentation to the Fire Marshal for final fire suppression rate determination. The City will take the finalized flow data and submit to Rural Water #4 for confirmation to complete item F.
The Fourth Amendment requests for an extension of Item F to June 30, 2024 to allow for adequate review by the regulatory parties.
All other provisions of Section 2.1 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: Fourth Amendment of Economic Development Agreement
Recommendation:
recommend
Approve and authorize execution of the Fourth 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
end