Broken Arrow Economic Development Authority
Meeting of: 02/19/2019
Title:
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Consideration, discussion, and possible approval of and authorization to execute a Third Extension to Agreement for the Purchase and Sale of Real Estate by and among the Broken Arrow Economic Development Authority and SoundMind Behavioral Health Hospital, LLC
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Background:
On January 2, 2018, The Broken Arrow Economic Development Authority authorized an Economic Development Agreement with SoundMind Behavioral Health Hospital, LLC, for the sale of approximately 14.1569 acres of BAEDA owned land located north of the Creek Turnpike and West of Aspen Avenue, for the sum of $1,200,000.00. The Economic Development Agreement stipulates SoundMind shall diligently undertake the preparation of a Master Site Plan and Planned Unit Development for submission to the City and the Authority for approval. SoundMind successfully completed the PUD process in July 2018.
Article IV, item 6.5 of the Economic Development Agreement states the closing shall take place within sixty (60) days of the Broken Arrow City Council's approval of the PUD, but in any event not less than six (6) months after the effective Date, unless extended in writing by Authority and SoundMind. The Closing on the property was scheduled for October 2, 2018; however, an issue with SoundMind's lending institution required the closing be delayed due to their request for additional information from SoundMind. The Extension to Agreement requires closing on the property to take place by or before December 31, 2018.
On December 19, 2018, Masood Kasim with SoundMind Behavioral Hospital request a 60 day extension to the agreement. The ownership of SoundMind have been negotiating with CenterPoint Behavioral Health Center to serve as the operator of the specialty hospital. The second amendment to the agreement required SoundMind to close on the land no later than March 1, 2019.
On January 23, 2019, the Economic Development Manager...
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