Broken Arrow City Council
Meeting of: 11-03-2026
Title:
title
Ratification of Economic Development Agreement between Walman Brown Aspen Development, LLC and Broken Arrow Economic Development Authority and City of Broken Arrow
End
Background:
In September 2013, The City of Broken Arrow, The Broken Arrow Economic Development Authority (“BAEDA”) and Sig-Broken Arrow, LTD., entered into an Economic Development Agreement for an approximate 100-acre tract of land located adjacent to the Creek Turnpike between South Aspen Avenue and South Elm Place, now known as the Shops at Aspen Creek.
In 2024 the owner of the Shops at Aspen Creek approached City staff with a request for additional incentives, designed to improve the likelihood the development would attract additional retail growth. During these discussions, the decision was made to request the Broken Arrow Economic Development Authority authorize the City Manager to enter into negotiations with the owner of Sig-Broken Arrow, for the purchase of a significant portion of the Shops at Aspen Creek. Through those negotiations, an agreement was made that the Developer would sell 38.26 acres to the City of Broken Arrow for Seven Million dollars ($7,000,000.00). The transaction was completed in June, 2024.
During this period, City staff began negotiating with Mr. Steve Walman, to develop the site. Through the course of those negotiations, Mr. Walman agreed to split the property into three phases in the following manner: Phase 1 will include an estimated $41,000,000 in annual sales and a commitment to build 160,000 sq., ft. of retail commercial space. Mr. Walman estimates Phase 2 will produce annual sales of an additional $25,000,000 and additional commercial retail space of 100,000 sq. ft. The Developer’s Phase 3 estimate is an additional $10,000,000 in sales and additional 20,000 sq. ft. of commercial retail space. The total capital investment in the Project on behalf of the Developer is projected to be approxim...
Click here for full text