Broken Arrow Economic Development Authority
Meeting of: 04-16-2024
Title:
title
Notification of the Aspen Ridge Development March 2024 Update
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Background:
On July 31st, 2023, The Broken Arrow Economic Authority requested to be supplied with a monthly update of ongoing progress of the Aspen Ridge Development. Below are updates related to the project.
Compliance with the Economic Development Agreement
Oaktrust Development, LLC is currently in compliance with the terms of the Economic Development Agreement. The Economic Development Agreement states:
• The Developer agrees to construct or cause to be constructed and operated within the Project Site, a Reasor’s Grocery Store by June 30, 2024.
• The Developer agrees to construct a 168-unit multi-family apartment complex by April 30, 2025.
• Developer shall construct 200,000 feet of commercial and retail space by December 31, 2024.
There is consensus among the staff and the developer that an extension request will be necessary as the deadlines approach. The developer intends to seek extension requests. The requests will be brought to the Authority next month for discussion and consideration.
Development progress to include information on infrastructure improvements and status of on-going development
Infrastructure improvements in regards to Economic Development Agreement are in final punch-list phase.
• Chick-Fil-A exterior is complete and the store interior construction is coming to completion
• Reasor’s construction continues.
• Panda Express construction is ongoing.
• Taco Bell has started construction.
Any new business announcements
There are not any available for public distribution at this time.
Progress photos included in attachments.
Cost: $0
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Manager
Approved By: City Manager’s Office
Attachments:
Aspen Ridge March Monthly Update
Recommendation:
recommend
No action requested
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