Broken Arrow City Council
Meeting of: 05-21-2024
Title:
title
Approval of and authorization to submit a letter to Sunset at Broken Arrow LLC committing to additional parking spaces
End
Background:
The Broken Arrow Economic Development Authority, City of Broken Arrow and Sunset at Broken Arrow, LLC entered into certain Economic Agreement on October 3, 2023 to bring an Outdoor Amphitheater to the City of Broken Arrow.
The Outdoor Amphitheater proposal by Sunset at Broken Arrow, LLC includes the construction of a venue with seating and attendance capacity of 12,500. The outdoor entertainment venture projects approximately $71.5 million capital investment, supporting approximately 741 jobs during the construction period, and upon completion, providing approximately 86 direct full-time positions with an annual payroll of approximately $3.49 million, and supporting an additional 154 indirect jobs with an annual payroll of approximately $4.01 million. The projected capital investment is expected to generate over $900,000 in new annual ad valorem taxes, benefiting taxing entities including Wagoner County, the Wagoner County Health Department, Broken Arrow Independent School District No. 3 of, Tulsa County (Broken Arrow Public Schools), Tulsa Technology Center Vo-Tech District No. 18, and the City. The Project further contemplates the generation of approximately $85.5 million in annual taxable sales.
Obligations of the Authority and City for the project included parking for the project. Per the Agreement the City shall make available a minimum 3,360 parking spaces for use by the Developer. The City shall cause to be constructed 2,360 parking spaces, to be located within the Project Site, or within the Events Park, said location to be determined at the discretion of the Authority. The City shall lease an additional 1,000 parking spaces from Northeastern State University - Broken Arrow Campu...
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