Broken Arrow Economic Development Authority
Meeting of: 03-24-2026
Title:
title
Approval of Mutual Termination Agreement between Regent Bank and the Broken Arrow Economic Development Authority
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Background:
Broken Arrow Economic Development Authority and Regent Bank entered into an Economic Development Agreement on November 19, 2024, pursuant to the agreement the BAEDA agreed to provide economic incentives to Regent Bank for their project located at 607 Stone Wood Drive, Broken Arrow, Oklahoma, including reimbursement of up to $40,000 for 50% of the costs associated with the purchase and installation of a natural gas pipeline.
Regent Bank decided not to proceed with seeking the economic development incentive or reimbursement under the Original Agreement and has not submitted any invoices or requests for reimbursement.
No funds have been disbursed by the BAEDA under the original agreement, and the BAEDA’s encumbered amount of up to $40,000 from the PSO 1% Economic Development Fund remains unexpended.
Cost: $0
Funding Source: N/A
Requested By: Travis Stephens, Economic Development Director
Approved By: City Manager’s Office
Attachments: Regent Bank Mutual Termination Agreement
Recommendation:
recommend
Approve Mutual Termination Agreement between Regent Bank and the Broken Arrow Economic Development Authority
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