Broken Arrow Planning Commission
12-14-2023
To: Chairman and Commission Members
From: Community Development Department
Title:
title
Consideration, discussion, and possible action with Respect to a Resolution Recommending that the City of Broken Arrow, Oklahoma, through its City Council, create a Tax Increment District and approve The Sunset at Broken Arrow Economic Development Project Plan
End
Background:
The Sunset at Broken Arrow Economic Development Project Plan describes an economic development project of the City of Broken Arrow, Oklahoma that brings a significant tourist destination with related commercial development to the City. The Project Plan contemplates the creation of a tax increment financing district pursuant to the Local Development Act, 62 O.S. ?850, et seq. (the "Local Development Act"), as authorized pursuant to Article 10, ?6C of the Oklahoma Constitution. The purpose of the Increment District (as described herein) is to encourage the prospective development of the Sunset at Broken Arrow Amphitheater (the "Sunset Amphitheater") by Sunset at Broken Arrow, LLC, a subsidiary of Notes Live, Inc., a national developer specializing in outdoor performance and events venue projects, on a portion
of property to be acquired by the Broken Arrow Economic Development Authority located
immediately north of the Broken Arrow Events Park (the "Events Park") located at 21101st Street South just east of the Creek Turnpike. The Developer proposes to invest or cause to be invested in excess of $71 million to construct an estimated 12,500 seat outdoor entertainment venue with a dedicated stage for a diverse array of performances and outdoor live music concerts, with a projected opening date by December 2025 (the "Amphitheater Project"). As a result of the Amphitheater Project, it is further expected that the surrounding arterial roads will experience additional commercial retail and hotel development that will serve the increased traffic from the Sun...
Click here for full text