Broken Arrow Municipal Authority
Meeting of: 05-07-2019
Title:
title
Approval of and authorization to execute Resolution No. 1213, a Resolution authorizing the execution of a contract for sale of real estate for real property located at the Southwest corner of Albany and Olive, located in the Northeast Quarter of Section 5, Township 18 North, Range 14 East, Tulsa County, State of Oklahoma including structures and improvements; and authorizing the Broken Arrow Municipal Authority’s expenditure of the sum of $400,000 plus closing costs to Jang’s FR, LLC to effect such purchase; designating representatives of the City of Broken Arrow, Oklahoma for purposes of granting certain approvals and executing certain instruments as required under and in connection with said Contract for Real Estate for the Secondary Tulsa Water Connection, Booster Pump Station Project (WL1611A)
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Background:
Upon the direction of the City Council, the City’s right-of-way agent has negotiated a payment of $400,000 for acquisition with Jang’s FR, LLC, who is the property owner of real property located at the Southwest corner of Albany and Olive, which consists of 1.5182 acres, generally located in the Northeast Quarter of Section 5, Township 18 North, Range 14 East, Tulsa County, State of Oklahoma. Payment in the amount of $1,000, for earnest funds will be submitted to Tulsa Title & Abstract Company and is on the May 7, 2019 claims list. (WL1611A).
Cost: $400,000 plus closing costs
Funding Source: OWRB Loan
Requested By: Alex M. Mills, P.E., CFM, Engineering and Construction Director
Approved By: City Manager Office
Attachments: Resolution No. 1213
Contract for Sale of Real Estate
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1213
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