Broken Arrow City Council
Meeting of: 03/05/2024
Title:
title
Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1560, a Resolution of the Broken Arrow City Council for the purchase of 3.06 acres of real property located at 130 East Washington Street, Broken Arrow, Oklahoma in the amount of $725,000.00, with the sum of $36,250.00 in earnest money and approve and authorize execution of Fiscal Year 2024 Budget Amendment Number 23 and approve and authorize execution of a Purchase and Sales Contract
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Background:
Recently the City Manager directed staff to begin negotiations to purchase 3.06 acres of real property located east of Main Street and north of Washington. The 3.06 acres does not include the northeast corner of Main Street and Washington.
The property was appraised on behalf of the city on January 25, 2024 by Valbridge Property Advisors in the amount of $655,000.00. The listed sale price for the property was $750,000.
Cost: $725,000.00
Funding Source: Sales Tax Capital Improvement
Requested By: Norman Stephens, Assistant City Manager - Administration
Approved By: City Manager’s Office
Attachments: Valbridge Appraisal Report, pages 1-3
FY24 Budget Amendment #23
Purchase and Sales Agreement
Resolution No. 1560
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1560, approve and authorize execution of Fiscal Year 2024 Budget Amendment Number 23 and approve and authorize execution of a Purchase and Sales Contract
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