Broken Arrow Economic Development Authority
Meeting of: 04-15-2025
Title:
title
Approval of and authorization to execute Fifth Amendment to the Economic Development Agreement by and among OakTrust Development LLC, Steve Easley, the Broken Arrow Economic Development Authority, and the City of Broken Arrow
End
Background:
On June 29, 2021, the Broken Arrow Economic Development Authority (BAEDA) and City of Broken Arrow entered into an Economic Development Agreement with OakTrust Development, LLC to promote economic development within a Tax Increment District along the east side of South Aspen Avenue.
Under the agreement, the Developer committed to the construction of a 60,000 square foot Reasor's Grocery Store and construction of a 168-unit multi-family apartment complex by June 30, 2023. Also, the development of over 200,000 square feet of new retail and commercial space by June 30, 2024. In addition, the Authority committed to the construction of several Project Site improvements, including a traffic signal at Norfolk. The Authority committed to paying up to $5,530,000.00 in total for the Project Site improvements, with specific cost caps for each project.
Since June 29, 2021, there have been four Amendments to the original Economic Development Agreement. Due to a delay in the start of construction for the 168-unit multi-family apartment complex, it has necessitated a fifth Amendment to the Agreement. The fifth Amendment adjust the start of construction to no later than October 1, 2025 with the completion of the apartment complex adjusted to September 30, 2027.
Cost: N/A
Funding Source: N/A
Requested By: Norman Stephens, Assistant City Manager - Administration
Approved By: City Manager's Office
Attachments: Fifth Amendment to the Economic Development Agreement
Recommendation:
recommend
Approve and authorize execution of the Fifth Amendment to the Economic Development Agreement by and among OakTrust Development, LLC and Broken Arrow Economic De...
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