Broken Arrow Economic Development Authority
Meeting of: 9-5-2023
Title:
title
Approval and authorization of updated Exhibit A to First Amendment to Ground Lease between the City of Broken Arrow Economic Development Authority and Stoney Creek Investors of Broken Arrow, LLC
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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 BAEDA 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 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 First Amendment was resigned per approval at the July 31, 2023 BAEDA meeting.
Since then, Stoney Creek’s lender has advised that the legal description for the property needs to be updated due to the subsequent platting of the property and included as Exhibit A in the resigned First Amendment to the Ground Lease. City staff has reviewed and advised that the updated legal description matches the prior legal description and merely includes the plat legal description.
Cost: N/A
Funding Source: N/A
Requested By: Trevor Dennis, City Attorney
Approved By: City Manager’s Office
Attachments: Exhibit A - Updated Legal Description of Property
Recommendation:
recommend
Approve and authorize the updated Exhibit A legal description for the First Amendment to Ground Lease.
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