Broken Arrow City Council
Meeting of: 11-01-2016
To: Mayor and City Council
From: Office of the City Attorney
Title:
title
Consideration, discussion, and possible approval of and authorization to execute a Fourth Amendment to Capital Improvements Agreement by and between the Board of County Commissioners of Tulsa County, Oklahoma, and the City of Broken Arrow related to improvements in the Rose District
End
Background:
On August 14, 2015 the City Council approved submitting an application to the Tulsa county Vision Authority to obtain $2,737,500 of Vision 2025 surplus funds to assist in funding improvements within the Rose District. On December 28, 2015 the Tulsa County Board of Commissioners approved the Capital Improvement Agreement. The City Council authorized the execution of the Capital Improvement Agreement on January 19, 2016.
Before the Council is a fourth amendment to the Capital Improvements Agreement that provides several changes to the third amended Capital Improvements Agreement. The first change pertains to the maximum amount of advances available to the City. The third amendment to the Capital Improvements Agreement provided a maximum amount of advances in the amount of $2,737,500.00. The fourth amendment would provide a maximum amount of additional advances in the amount of $2,916,128.00 thereby making the maximum amount of advances in the total amount of $5,653,628.00. Moreover, the date after which the advances cease has been changed to March 1, 2019. Said date is also the date by which the City must have completed the construction, equipping and furnishing of all improvements.
Further changes to the Capital Improvements Agreement pertains to the payment of the costs of bonds or notes issued to fund the projects. The third amended Capital Improvements Agreement provided the City to pay the costs of bonds or notes issued, together with interest in the amount of 6.02%. ...
Click here for full text