Broken Arrow City Council
Meeting of: 02-06-24
Title:
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Consideration, discussion, and possible approval of and authorization to execute First Amendment to Economic Development Agreement by and among Sunset at Broken Arrow, LLC, and the Broken Arrow Economic Development Authority and the City of Broken Arrow
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Background:
The Broken Arrow Economic Development Authority, City of Broken Arrow and Sunset at Broken Arrow, LLC entered into certain Economic Agreement on October 3, 2023. The terms and conditions of the Agreement require that the parties to the Agreement take certain actions no later than January 31, 2024. Pursuant to Section 2.1 of the Agreement, the parties agree that an extension of certain deadlines set forth in the Agreement is necessary.
The obligations of the Authority, the City, and the Developer to proceed with their respective obligations are subject to the satisfaction or waiver of the following conditions precedent set forth in this Section 2.1. As of the date of this First Amendment, items A, B, C and D below have been completed. Items E and F below shall be completed no later than February 21, 2024, or such later date as may be mutually agreed upon by the parties hereto. Item E in regards to a parking lease agreement with Northeastern State University is under review by the Broken Arrow Economic Development on February 6, 2024. Pertaining to item F, engineers for Rural Water District #4 have confirmed that the District has capability to provide for domestic water based on flow rates delivered to the City by Sunset of Broken Arrow. However, those flow rates do not include fire suppression of which those rates will be determined by the Fire Marshal upon deliverance of a site plan from Sunset of Broken Arrow. The City and Authority requests an extension allow for adequate review by the regulatory parties upon the receipt of a site plan.
Section 2.1 Obligations:
A. Authority or City shall execute a Purchase Sale Agreement for acqu...
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