Broken Arrow Economic Development Authority
Meeting of: 07-15-2024
Title:
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Consideration, discussion, and possible approval of and authorization to execute a Contract for Economic Development Services between the Broken Arrow Economic Development Authority and the Broken Arrow Economic Development Corporation
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Background:
The Broken Arrow Economic Development Authority contracts with the Broken Arrow Economic Development Corporation annually to encourage and facilitate economic development within and near the City of Broken Arrow by attracting new industry and commercial businesses to the Broken Arrow area, and to promote the economic health and expansion of existing industry and commercial businesses within the City.
In preparation for a contract renewal, city staff has worked to refine the scope of services with EDC board members: Chair Greg Graham, Vice Chair Brandy Moore, Past Chair Davis Robson, and At-Large Member Ted Cundiff. The members worked with staff to better define scope of services and add clarifying language.
Major changes to the Contract include the deletion of Tourism services, the addition of a cure clause, changes to the dates for the bi-annual presentations and quarterly the BAEDC will provide a detailed report of the items where BAEDA funding has been spent.
Per the Economic Development Agreement, each month BAEDC shall submit a Monthly Activity Report detailing services and activities that accurately state the progress made in implementing the terms, conditions and scope of work required by the Contract.
It is proposed that in the first and second years of the contract respectively, BAEDC will receive $425,000 annually, subject to annual appropriations. This calculates to $35,416.66 per month for the first twenty-four (24) months of the contract.
It is also proposed that at the end of the second year, the City Manager will conduct a performance review. Provided that expectations have been met satisfactorily, an increase in t...
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