Broken Arrow Economic Development Authority
Meeting of: 05-07-2019
Title:
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Consideration, discussion, and possible approval of Resolution No. 1215, a Resolution of the Broken Arrow Economic Development Authority approving and authorizing an Agreement for the purchase and sale of real property, approximately 1.775 acres, located near the Creek Turnpike and West of Aspen Avenue, in Broken Arrow, Oklahoma, Tulsa County, Oklahoma; and authorizing the Authority to sale such property in the sum of four hundred and sixteen thousand dollars ($416,000); to effect such sale; designating representatives of the Authority for purposes of granting certain approvals and executing certain instruments as required under and in connection with said Agreement for the purchase and sale of real property; and containing other provisions relating thereto
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Background:
The Authority owns unencumbered fee title to certain lands within the City, portions of which are suitable for construction located North of the Creek Turnpike and west of Aspen Avenue. Said lands being acquired in 2009, consisting of 25.48 acres of real property, and purchased for the sum of $1,390,609.35. On January 2, 2018, Broken Arrow Economic Development Board unanimously approved selling 14.1569 acres located north of the Creek Turnpike and West of Aspen Avenue for the sum of $1,000,000, said purchase price being supported by an updated appraisal dated October 28, 2017, prepared by John Story III, an Oklahoma State Certified General Appraiser, to SoundMind Behavioral Health Hospital, LLC. During negotiations, representatives of SoundMind requested the right of first refusal on 1.775 acres of Authority owed land located north of the 14.1569 acre property. Article IV, item 4.4 in Resolution NO. 1079 - Corrected, states; The Authority hereby grants SoundMind a right of first refusal to purchase Lot 1, Block 1, Aspen Creek Towne Center I for a period of ten (10) years from the effective date of the Agreemen...
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