Downtown Advisory Board
Meeting of: 08-09-16
To: Chairman and Board Members
From: City Manager's Office
Title:
title
Presentation, consideration, discussion, and possible recommendation to approve an Economic Development Agreement with Orchard Properties for the sale of approximately 5.0878 acres of real property located on the North Side of Tiger Hill, generally located at the southwest corner of Kenosha Street (71st Street) and Lynn Lane (9th Street)
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Background:
On January 5, 2010, the Broken Arrow City Council approved Resolution Number 638 which declared its intent to develop, approve, and adopt a project plan for the creation of a Tax Increment Financing District for the square mile between east Kenosha Street (71st Street), east Houston (81st Street), Lynn Lane (9th Street) and Elm Place, and encompassing Tiger Hill, among other areas of the City. On May 26, 2010, the City, the Broken Arrow Economic Development Authority (the "Authority") and FlightSafety International, Inc. ("FlightSafety") entered into an Economic Development Agreement (the "2010 FSI Agreement") providing for the use of 17.88 acres of Tiger Hill ("South Tiger Hill") by FlightSafety for construction of a new manufacturing and headquarters complex. Pursuant to the 2010 FSI Agreement and lease thereof from the City, the Authority subleased South Tiger Hill to FlightSafety for the aforesaid purposes and also provided for the Authority's payment of certain job retention benefits to FlightSafety.
In connection with the foregoing, certain other revenues of the District were earmarked for use to prepare and provide necessary utility connections for certain building and related use sites on the north side of Tiger Hill deemed suitable for the construction of restaurant, retail and other commercial business operations. One of the objectives of this strategy was to increase the City's sale tax base. On March 3, 2012, t...
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