Broken Arrow Economic Development Authority
Meeting of: 06/17/2024
Title:
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Consideration, discussion and possible approval of and authorization to execute an Economic Development Agreement between Walman Brown Aspen Development LLC and the Broken Arrow Economic Development Authority
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Background:
In In September 2013, The City of Broken Arrow, The Broken Arrow Economic Development Authority and Sig-Broken Arrow, LTD., entered into an Economic Development Agreement for an approximate 100-acre tract of land located adjacent to the Creek Turnpike between South Aspen Avenue and South Elm Place, now known as the Shoppes at Aspen Creek. Although a luxury, multi-screen movie theatre was located in the development, much of the remainder of the development has not enjoyed the success that was originally intended.
Recently the owner of the Shoppes at Aspen Creek approached City staff with a request for additional incentives, designed to improve the likelihood the development would attract additional retail growth. During these discussions, the decision was made to request the Broken Arrow Economic Development Authority authorize the City Manager to enter into negotiations with the owner of Sig-Broken Arrow, for the purchase of a significant portion of the Shoppes at Aspen Creek. Through those negotiations, an agreement was made that the Developer would sell 38.26 acres to the City of Broken Arrow for Seven Million dollars ($7,000,000.00). The transaction will be completed by June 28, 2024. In the event the Authority is unable to complete the transaction for the 38.26 acres, this Economic Development will become null and void.
During this period, City staff began negotiating with Mr. Steve Walman, to develop the site. Through the course of those negotiations, Mr. Walman agreed to split the property into three phases in the following manner: Phase 1 will include an estimated $41,000,000 in annual sales and a commitment to build 160,000 sq., ft. of retail ...
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