Broken Arrow Economic Development Authority
Meeting of: 11/03/2026
Title:
title
Approval of and authorization to execute a Disbursement Certificate pertaining to that certain Construction Escrow Agreement dated as of July 1, 2025, by and among the Broken Arrow Economic Development Authority, Hackberry Market LLC, and BancFirst, as Escrow Agent
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Background:
The City and Hackberry Market entered a Construction Escrow Agreement on July 1, 2025 so meet certain criteria to receive the money that has been put into escrow from the loan funded this project in 2025. The developer has met the criteria with Hobby Lobby opening last month and Home Depot opening on November 4, 2026.
The undersigned Authority, Developer, Escrow Agent, and Goldman Sachs & Co. LLC, as holder of 100% of the Series 2025A Bonds, hereby acknowledge satisfaction of the requirements for the disbursement of the escrow funds to the Developer as of the date hereof, and further hereby consent to the extension of the Escrow Termination Date to January 15, 2027.
The disbursement certificate allows the escrow agent to wire $22,000,000 to the developer on January 4, 2026.
Cost: $22,000,000
Funding Source: Loan Escrow account
Requested By: Cynthia S.Arnold
Approved By: City Manager’s Office
Attachments: Form of Disbursement Certificate
Recommendation:
recommend
Approval of and authorization to execute a Disbursement Certificate pertaining to that certain Construction Escrow Agreement dated as of July 1, 2025.
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