Broken Arrow Economic Development Authority
Meeting of: 03-19-24
Title:
title
Consideration, discussion and possible approval and execution of Broken Arrow Economic Development Authority (BAEDA) Resolution No. 1565, a Resolution approving, authorizing, ratifying and accepting in all respects a Contract for Sale of Real Property for real property containing approximately 37.9 acres located at Aspen Creek Drive Broken Arrow, Oklahoma and more particularly described in Exhibit A attached hereto and incorporated by reference (the "Real Property") in accordance with the terms of a certain Contract for Sale of Real Estate by and between the BAEDA and Sig-Broken Arrow, LTD; Approving and Authorizing purchase of the real property pursuant to the Contract for Sale of Real Estate; and authorizing the BAEDA's expenditure of the sum of $7,000,000.00 to effect such purchase, as well as reasonable and necessary costs and the sum of $20,000.00 in earnest money; designating representatives of the BAEDA, for purposes of granting certain approvals and executing certain instruments as required under and in connection with said assignment and contract for sale of real estate; and containing other provisions relating thereto and ratification of the Purchase and Sales Agreement
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Background:
On 3-8-24, Management for BAEDA entered into a Contract for the Purchase of Real Property to purchase 37.9 acres from the Sig-Broken Arrow, Ltd. for property located at Aspen Creek Drive adjacent to the Regal Warren Theatre.
The contract is for the purchase of 37.9 Acres of Real Property for the sum of $7,000,000.00 with $20,000.00 in earnest money. The City believes the property purchased is highly developable and recommends the sale be ratified and approved.
Cost: $7,000,000.00
Funding Source: BAEDA
Requested By: Norman Stephens, Assistant City Manager-Administration
Approved By: City Manager's Office
Attachments: Contract for Purchase and Sale of Real Property
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