Broken Arrow Economic Development Authority
Meeting of: 08-20-2019
Title:
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Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1260, a Resolution of the Broken Arrow Economic Development Authority approving and authorizing execution of a certain Economic Development Agreement for the Sale of Real Property, by and among the Broken Arrow Economic Development Authority, an Oklahoma Public Trust, the sole beneficiary of which is the City of Broken Arrow, Oklahoma, and SoundMind Behavioral Health Hospital, LLC, an Oklahoma Limited Liability Company, for the sale of approximately 14 acres, located near north of the Creek Turnpike and west of Aspen Avenue in Tulsa county, Oklahoma, in the sum of three hundred thousand dollars ($300,000.00); 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; and other provisions relating thereto
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Background:
SoundMind is an Oklahoma limited liability company whose founding mission is to provide accessible and affordable comprehensive inpatient psychiatric care for adults and senior in crises. SoundMind has received a Certificate of Need from the Oklahoma State Department of Health to establish a seventy-two (72) bed freestanding adult and geriatric psychiatric hospital designed to serve those fifty-five (55) and older, to include an acute evaluation center (emergency room) and an area for intensive outpatient services. SoundMind estimates the average patient stay will be between seven (7) and twelve (12) days.
In the fall of 2017, the City of Broken Arrow's Economic Development Manager was approached by representatives of SoundMind who expressed an interest in purchasing property located north of the Creek Turnpike around Aspen Avenue for construction of the Facility and related appurtenances. The Authority owns unencumbered fee tit...
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