Broken Arrow Economic Development Authority
Meeting of: 04-16-2024
Title:
title
Approval of and authorization to execute Fourth 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
End
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. The terms and conditions of the Agreement required that the parties to the Agreement take certain actions no later than January 31, 2024. Pursuant to Section 2.1 of the Agreement, the parties agree that an extension of certain deadlines set forth in the Agreement is necessary.
The obligations of the Authority, the City, and the Developer to proceed with their respective obligations are subject to the satisfaction or waiver of the following conditions precedent set forth in this Section 2.1. On January 31st, the parties entered into agreement an extension of the deadline of the conditions precedent in Section 2.1. The First 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 was approved by Broken Arrow City Council and the Broken Arrow Economic Development Authority on February 6, 2024.
As of the date of the First Amendment, items A, B, C and D below had been completed. It was agreed upon that items E and F below shall be completed no later than February 21, 2024, or such later date as may be mutually agreed upon by the parties hereto. Item E was completed on February 6, 2024.
Pertaining to item F, engineers for Rural Water District #4 have confirmed that the District has capability to provide for domestic water based on flow rates delivered to the City by Sunset of Broken Arrow. However, those flow rates do not include fire suppression of which those rates will be determined by t...
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