Broken Arrow Economic Development Authority
Meeting of: 05/07/2024
Title:
title
Consideration, discussion, and possible approval of and authorization execute Resolution No. 1579, a Resolution of the Broken Arrow Economic Development Authority (BAEDA) to purchase approximately .17 acres of real property and a grain elevator located at 507 South Main Street from Hansen Mueller Co.; ratification and approval of the agreement to lease property from Union Pacific Railroad and assigning Hanson Mueller Co. lease to BAEDA or its assigns; Approval of and authorization to execute Budget Amendment No. 29 for Fiscal Year 2024
End
Background:
The grain tower located near the Rose District Plaza is perhaps the most iconic symbol of the Rose District. Recently the City Manager became aware that the grain tower and approximately .17 acres of property near the tower would be auctioned on April 18, 2024. On April 2, 2024, in Executive Session, the purchase of the grain tower was discussed. Upon returning to open session, the Broken Arrow Economic Development Authority directed the City Manager to bid on the purchase of the tower.
On April 18, 2024, staff electronically bid $250,000.00 for the purchase of the tower. On April 22, 2024 a representative of DPA Auctions confirmed the City of Broken Arrow's offer was accepted. The purchase price includes the grain tower and .17 acres of property located near the grain tower. The grain tower sits on property owned by Union Pacific Railroad and Hansen Mueller has a lease agreement for the approximately .25 acres located at 502 South Main Street which will be transferred to the City of Broken Arrow. Representatives from Union Pacific Railroad have agreed to sell the .25 acres to the City of Broken Arrow for fair market value.
Cost: $250,000.00
Funding Source: Broken Arrow Economic Development Authority
Requested By: Norman Stephens, Assistant City Manager - Administration
Approved By: City Manager's Office
Attachments: ...
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