Broken Arrow Economic Development Authority
Meeting of: 10/01/2019
Title:
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Consideration, discussion, and possible approval of and authorization to execute a Second Extension to Agreement for the Purchase and Sale of Real Estate Agreement by and among the Broken Arrow Economic Development Authority and Endicott Holdings, LLC
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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 Agreement.
In October 2018, Broken Arrow Economic Development Manager Norman Stephens was contacted by Curtis Hesser, Real Estate Agent for Carr Healthcare Realty. Mr. Hesser had a client (Mr. Drew Endicott, DDS) who was interested in purchasing the 1.775 acres of Authority owned land. Mr. Stephens provided information to Mr. Hesser, including the right of first refusal controlled by SoundMind.
On April 16, 2019, Mr. Hesser provided the Economic Development Manager with a Letter of Intent to Purchase approximatel...
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