Broken Arrow City Council
Meeting of: 06/02/2025
Title:
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Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1667, a Resolution of the City of Broken Arrow, Oklahoma (the "City") authorizing the Broken Arrow Economic Development Authority (the "Authority") to assist the City in carrying out and administering the Hackberry Market Economic Development Project Plan adopted by the City; approving the incurrence of indebtedness by the Authority issuing its Tax Apportionment Bonds, Taxable Series 2025 (Hackberry Market Increment District Project) (the "Bonds") in one or more series; providing that the organizational document creating the Authority is subject to the provisions of the Indenture authorizing the issuance of said Bonds; waiving competitive bidding and authorizing the sale of said Bonds by the Authority at negotiated sale and at a price less than par; approving and authorizing execution of a Security Agreement by and between the City and the Authority pertaining to the pledge of certain sales tax increment revenues; approving the forms of a Continuing Disclosure Agreement and an Official Statement; approving the use of assistance in development financing; approving and authorizing execution of a Development Financing Assistance Agreement; and containing other provisions relating thereto
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Background:
The city has adopted and approved the Hackberry Market Economic Development project plan by Ordinance 3875 on May 6, 2025 and has created Increment District #6. The Authority has approved the issuance of its Tax Apportionment Bonds, Taxable Series 2025 (Hackberry Market Increment District Project) in one or more series (collectively, the "Series 2025 Bonds"), for the purpose of (i) financing and/or reimbursing certain Project Costs authorized under the Project Plan, including specifically certain site development costs as described in the Project Plan (collectively, the "Project"); (ii) funding a reasonably r...
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