Broken Arrow Economic Development Authority
Meeting of: 07-31-2023
Title:
title
Approval of and authorization to execute third 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.
The First Amendment to the Economic Development Agreement addressed the public storage conveyance system.
The Second Amendment to the Economic Development Agreement addressed public water and wastewater systems and expansion to include stormwater systems.
The Third Amendment to the Economic Development Agreement became necessary due to the Developer needing additional time to meet the expectations of the Agreement. The Developer's inability to meet established timelines can be attributed to a variety of reasons, including the unexpected sale of Reasor's to Brookshire Brothers and the needed time to complete the transaction, unforeseen cell tower property rights issues, and the necessity to modify stormwater detention facility from the original plan of fee in lieu of detention to on-site detention to ...
Click here for full text