Broken Arrow Economic Development Authority
Meeting of: 07-16-2019
Title:
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Presentation and consideration, discussion and possible direction regarding the Economic Development Agreement by and among Broken Arrow Economic Development Authority, an Oklahoma Public Trust and SoundMind Behavioral Health Hospital, LLC, an Oklahoma Limited Liability Company; and other provisions relating thereto
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Background:
On December 19, 2017 the Broken Arrow Economic Development Authority approved Resolution No. 1079, authorizing execution of a certain economic development agreement by and among the Broken Arrow Economic Development Authority and SoundMind Behavioral Health Hospital, LLC. The Authority agreed to sell 14.1569 acres of Authority owned land to SoundMind for the sum of $1,200,000.00.
SoundMind agreed to build or cause to be built, a seventy-two (72) bed freestanding adult and geriatric psychiatric hospital, designated to serve those fifty-five (55) years of age and older, including an acute evaluation center (emergency room) and an area for intensive outpatient services. SoundMind estimated they will employ no fewer than 150 skilled individuals with an annual payroll of $5.4 million in 2019, increasing to $8.1 million in 2021. SoundMind agreed to construct an extension of Norfolk Road through the Project area in accordance with City Standards and Applicable Codes, as approved through the platting process; and dedicate through platting process right-of-way for continuation of Norfolk Road from the southern-most point of the roadways on the Real Property.
On October 16, 2018, Broken Arrow Economic Development Authority approved the extension to the Purchase and Sale of Real Estate from October 2, 2018 to November 9, 2018 after representatives of SoundMind made a request to City Staff. The reason for the extension was an issue with SoundMind's lending institution.
On December 19, 2018, representatives of SoundMind requested a 60-day extension to the Agr...
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