Broken Arrow City Council
Meeting of: 10-06-2020
Title:
title
Consideration, discussion, and possible approval of and authorization to execute a Property Transfer and Naming Rights Agreement with AVB Bank for the Center of Arts, Innovation and Creativity
End
Background:
Due to frequent the requests from citizens of Broken Arrow to provide a center for arts, innovation and creativity within the community, the City placed a General Obligation Bond Proposition in the amount of $1,400,000 before the residents in 2008. The proposition passed by a vote of the people. In addition, the City secured additional funds through Vision 2025 surplus funds in the amount of $2,600,000 and through City sales tax funds in the amount of $700,000. The total City investment for the facility is $4,700,000.
During the course of the conceptual design, the City realized that funds to acquire the land with an existing building and then demolish the existing building were limited to a point that alternate measures needed to be investigated. As a result of that investigation, AVB Bank offered to donate the land located at 302 South Main Street to the City of Broken Arrow. This donation has an estimated value of $1,100,000.00 as of February 2015. Furthermore, AVB Bank has offered to demolish the existing building at no additional cost to the City. Without the donation of the land and the removal of the building, the construction of the center may be in jeopardy.
In exchange for its generous donation, AVB Bank has requested naming rights for the new Center as consideration for the foregoing donations. The proposed name is "The Brown-Kimbrough Center for Arts, Innovation & Creavity."
All necessary funding has been secured and the City of Broken Arrow expects construction on the Center to begin before the end of 2020.
The agreement requires the Bank to give to the City, via quitclaim deed, title to the aforementioned property. In addition, Exhibit A, attached to the agreement sets fort...
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