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. 1662, a Resolution authorizing execution of and accepting a purchase and sales agreement of Real Estate in connection with an economic development agreement; and approval and authorization to execute the purchase and sale agreement and an Economic Development Agreement between CSI Aerospace, City of Broken Arrow and Broken Arrow Economic Development Authority
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Background:
A declared goal of the City of Broken Arrow is to encourage, facilitate and promote economic growth within and near the city by attracting and expanding both new and existing industry and commercial business. In 2023, Broken Arrow voters approved a 25-year renewal of the city's franchise with Public Service Company of Oklahoma (PSO). As part of the franchise agreement, PSO collects a 2% franchise fee and a newly established 1% economic development fee, to be used as a fund for essential services and future prosperity. Upon passing the 1% economic development franchise fee, City Council adopted a formal Incentive Policy to support economic growth opportunities throughout the City.
Through the formal Incentive Policy procedure, CSI Aerospace submitted an incentive application to the City of Broken Arrow assist in the expansion of their Broken Arrow facility. The land in which they currently own is not large enough to accommodate their expansion needs. The company took interest in relocating to Arrow Forge, owned by BAEDA.
As part of this Economic Development Agreement, CSI will create approximately 50 new full -time jobs over a 5 year period. The current 108 employees will relocate to the new space in Arrow Forge. The Company plans to invest a minimum of $5,500,000 as a capital contribution to allow for the expansion of approximately 40-50,000 sq feet of ...
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