Broken Arrow City Council
Meeting of: 05-07-24
Title:
title
Consideration, discussion, and possible approval of First Amendment of an Economic Development Agreement by and among the Authority, the City, and PDG-Broken Arrow, LLC
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Background:
Adam’s Creek Town Center is a proposed development located approximately one-quarter mile north of East Kenosha Street (East 71st Street South), and west of County Line Road (North 23rd Street). The development has an expected capital investment of $37.1 million and is comprised of stores new to Broken Arrow (retail and restaurant).
On June 19, 2023 Broken Arrow City Council and the Broken Arrow Economic Development Authority approved an Economic Development Agreement between the City of Broken Arrow, Broken Arrow Economic Development Authority and PDG-Broken Arrow LLC to incentivize the development of 22+ acres by providing a performance-based annual rebate of 2% sales tax. The maximum incentive is capped at $16 million, payable based on actual new sales tax collections.
PDG-Broken Arrow has requested First Amendment to the Economic Development Agreement adjusting rebates from annually to quarterly.
Cost: $0
Funding Source: None
Requested By: Jennifer Rush, Economic Development Manager
Approved By: City Manager Office
Attachments: First Amendment Economic Development Agreement
Recommendation:
recommend
Approve First Amendment of an Economic Development Agreement by and among the Authority, the City, and PDG-Broken Arrow, LLC
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