Broken Arrow City Council
Meeting of: 05/07/2019
Title:
title
Approval of and authorization to execute a Second Amendment to Economic Development Agreement by and among the City of Broken Arrow and B.A. Vespers, L.L.C.
End
Background:
On March 21, 2017, the City entered into an Economic Development Agreement with B.A. Vespers L.L.C. The developers with B.A. Vespers agreed to develop, construct and operate an office and commercial development consisting of approximately 14,000 square feet, potentially consisting of uses for technology, legal, accounting, engineering, consulting, software, retail trade, communications, financial, real estate and restaurant in accordance with the following schedule: Construction start date was June 1, 2017. Construction completion date was December 31, 2018.
In April 2018, the developers with B.A. Vespers approached the City requesting an extension on the completion date of the project. Although they had already begun construction, finding an end user for the space in the allotted time, had proven problematic. The First Amendment to Economic Development Agreement was approved by City Council at the May 15, 2018 City Council Meeting, the Amendment extended the completion date to July 1, 2019.
On April 5, 2019, the developers with B.A. Vespers approached the City requesting a second extension on completion of the project. The developers advised they have Bramble Breakfast Bar under contract; however, completion of the construction for the new restaurant will take longer than the agreed upon July 1, 2019 completion date. The developers requested extending the completion date to December 31, 2019.
Cost: $0
Funding Source: None
Requested By: Norm Stephens, Economic Development Manager
Approved By: City Manager's Office
Attachments: Second Amendment to Economic Development Agreement
Bramble Commitment
Recommendation:
recommend
Approve Second Am...
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