Broken Arrow City Council
Meeting of: 03-05-2024
Title:
title
Approval of and authorization to execute Third Amendment to Economic Development Agreement by and among Sunset at Broken Arrow, LLC, and the Broken Arrow Economic Development Authority and the City of Broken Arrow
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Background:
The Broken Arrow Economic Development Authority, City of Broken Arrow and Sunset at Broken Arrow, LLC entered into certain Economic Agreement on October 3, 2023. Pursuant to Section 4.1, 5.6 and 5.7 of the Agreement, the parties agree that an addendum set forth in the Agreement is necessary.
Amendments within the Third Economic Development Agreement as follows:
1. AMENDMENT TO SECTION 4.1
The following shall be appended to Section 4.1 PROJECT SITE:
G. The City, at its sole expense, shall extend or cause to be extended existing public utilities, water and sanitary sewer, to the property boundaries of the Project Site.
H. The City shall clear or cause the site to be cleared of vegetation, including trees and shrubs, prior to selling the property to Developer. The burning of the waste material may continue beyond the closing date of the purchase and sale of a portion of the Project Site from the City to Developer but must cease before the start of construction.
I. The City shall construct or cause to be constructed the "shared" detention facility. The City shall retain ownership and, thereafter, operate and maintain the "shared" detention facility after construction. The City shall be responsible for its cost of the "shared" facility based upon the percentage of impervious area owned by the City contributing to the influent flow into the facility.
2. AMENDMENT TO SECTION 5.6
The following shall be appended to Section 5.6 PUBLIC SAFETY DESIGN AND OPERATION REQUIREMENTS:
J. The Developer, at its sole expense, shall extend or cause to be extended new public utilities, water and sanitary sewer, from the property boundaries of the Project Site. The Developer, at its sole expense, s...
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