Broken Arrow City Council
Meeting of: 06-20-2022
Title:
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Approval of and authorization to execute a First Amendment to the June 29, 2021 Economic Development Agreement by and among OakTrust Development LLC, Steve Easley, the Broken Arrow Economic Development Authority and the City of Broken Arrow
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Background:
On June 29, 2021 the Broken Arrow Economic Development Authority (BAEDA) and City of Broken Arow entered into an Economic Development Agreement with OakTrust Development, LLC to promote economic development within an Increment District along the east side of South Aspen Avenue.
Under the Agreement, the Developer committed to the construction of a 60,000 square foot Reasor's Grocery Store, the development of over 200,000 square feet of new retail and commercial space and the construction of 168-unit apartment complex. In addition, the Authority committed to the construction of several Project Site Improvements, including a traffic signal at Norfolk and Aspen, one deceleration lane on Aspen, one water line underneath Aspen to come within five feet of the Reason's building, one sanitary sewer line running to within five feet of the Reasor's building, one pad site for the Reasor's grocery store and a road from Norfolk east from Aspen to the eastern end of the 20 acre tract. The Authority committed to paying up to $5,530,000.00 in total for the Project Site Improvements, with specific cost caps for each project.
Since the signing of the original Agreement, the Developer and BAEDA identified additional Project Site Improvements necessary to encourage economic development of the project, specifically the construction and maintenance of an enclosed stormwater and sewer system for the project site. Under the proposed First Amendment to the June 29, 2021 Economic Development Agreement, BAEDA will design and construct or cause to be designed and constructed at the Project Site an enclosed storm sewer system with an approximate total length of 850 feet a...
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