Broken Arrow City Council
Meeting of: July 31, 2023
Title:
title
Approval of and authorization to execute a First Amendment to Ground Lease between the City of Broken Arrow, the Broken Arrow Economic Development Authority and Stoney Creek Investors of Broken Arrow, LLC, successor in interest to Stoney Creek Hospitality Corporation, an Iowa Corporation, for the purpose of correcting the legal description of the Conference/Convention Center
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Background:
On November 4, 2014, the City Council and Economic Development Authority approved a Ground Lease with Stoney Creek Hospitality Corporation for the purpose of building a hotel and convention center. On October 18, 2016, the City Council and Economic Development Authority authorized the execution of the First Amendment to the Ground Lease to correct the legal description and bring it into compliance with the closing documents and the Economic Development Agreement. On July 26, 2023, attorneys for Stoney Creek advised the Authority that the original First Amendment was never recorded in land records and original signatures are required to record the First Amendment. The attached First Amendment for your approval is exactly the same as it was when approved on October 18, 2016, except for the approval date.
Cost: N/A
Funding Source: N/A
Requested By: Trevor Dennis, City Attorney
Approved By: City Manager’s Office
Attachments: First Amendment to Ground Lease with Legal Description of Property
Recommendation:
recommend
Approve the First Amendment to Ground Lease and authorize its execution.
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