Broken Arrow Economic Development Authority
Meeting of: 06-16-2025
Title:
title
Consideration, discussion, and possible approval of the Third Amendment of an Economic Development Agreement by and among the Broken Arrow Economic Development Authority, the City of Broken Arrow, 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 Third Amendment to the Economic Development Agreement adjusting square footage minimum of the project to approximately one hundred thirty thousand (130,000) square feet of leasable retail and commercial space to be constructed by a date no later than December 31, 2026, with an opening by May 31, 2027. In the previous EDA, the minimum square footage was one hundred and sixty thousand ($160,000) square feet.
Cost: $0
Funding Source: None
Requested By: Jennifer Rush, Economic Development Manager
Approved By: City Manager Office
Attachments: Third Amendment Economic Development Agreement
Recommendation:
recommend
Approve and authorize execution of a Third Amendment of an Economic Development Agreement by and among the Authority, the City, and PDG-Broken Arrow, LLC
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