Broken Arrow Economic Development Authority
Meeting of: 04/01/2025
Title:
title
Presentation, discussion and possible direction by the Authority regarding an Economic Development Agreement by and among Oaktrust Development, Broken Arrow Economic Development Authority and City of Broken Arrow
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Background:
On June 29, 2021, BAEDA and the City of Broken Arrow entered into an Economic Development Agreement with OakTrust Development, LLC to promote economic development within a Tax Increment District along the east side of South Aspen Avenue. The agreement outlined specific development commitments, including:
* Construction of a 60,000 square-foot Reasor's Grocery Store by June 30, 2023
* Development of a 168-unit multi-family apartment complex by June 30, 2023.
* Development of over 200,000 square feet of new retail and commercial space by June 30, 2024.
* Construction of Project Site improvements, including a traffic signal at Norfolk, with a financial commitment from the Authority up to $5,530,000.00.
Subsequent amendments to the Agreement were approved to address infrastructure changes and delays encountered by the Developer. The Fourth Amendment, approved most recently, adjusted the timeline as follows:
* Reasor's Grocery Store completion extended to November 1, 2024.
* Multi-family apartment complex construction start extended to no later than March 31, 2025 with completion extended to September 30, 2026.
* 200,000 square feet of commercial and retail space construction start date extended to September 30, 2024 with a completion extended to December 31, 2025.
Obligations and Current Status:
1. 168-Unit Multi-Family Apartment Complex
o Obligation: Developer agrees to develop, construct or cause to be constructed within the Project Site a 168-unit multi-family apartment complex beginning no later than March 31, 2025 and shall be completed no later than September 30, 2026;
o Status: Construction has not yet begun.
2. 200,000 Square Feet of Commercial a...
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