Broken Arrow Economic Development Authority
Meeting of: 08-1-2017
To: Chairman and Authority Members
From: Office of the City Attorney
Title:
title
Consideration, discussion, and possible approval of Resolution No. 1021, a Resolution of the Broken Arrow Economic Development Authority accepting a General Warranty Deed from the City of Broken Arrow conveying all rights, title and interest in the 1.864 acres of land located at 305 North Main Street; and authorizing execution of certain related instruments; and containing other provisions relating thereto
End
Background:
On February 12, 2016, the City purchased 1.864 acres located at 305 North Main street in the amount of $600,000.00, plus attorney's fees and related costs. Due to the dilapidated condition of the structures and appurtenances located on the Real Property, the City entered into a construction contract with ARK Wrecking Company of Oklahoma, Inc. for demolition in the amount of $87,140.00, said demolition being completed in 2016. It was initially contemplated that the City would either use the Real Property for its own purposes or declare it surplus and transfer it to the Broken Arrow Economic Development Authority (the "Authority") for sale in the amount of the City's investment (approximately $701,151.40), and as part of a comprehensive economic development activity. In order to assist the City Council and the Trustees of the Authority with evaluation of all potential options, the Broken Arrow Economic Development Corporation (the "BAEDC") issued two (2) different Requests for Proposals (RFP's) for development of the property. Responses to the first RFP were received and evaluated in 2016. After due consideration, investors negotiating with the BAEDC and the City advised that they could not advance development of the property without significantly decreasing the size and scope of the proposed developm...
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