Broken Arrow Economic Development Authority
Meeting of: 04-16-24
Title:
Approval of and authorization to execute an Economic Development Agreement, Purchase and Sales Agreement and Resolution No. 1571 by and between the Broken Arrow Economic Development Authority and Peak Development Services, LLC
Background:
The Broken Arrow Economic Development Authority owns a 14.16 acre un-platted piece of real property, located at South Aspen Avenue, north of the Creek Turnpike, on the west side of Aspen. During 2023, representatives of the City of Broken Arrow have been in negotiations with a representative from Mohr Acquisitions, LLC, now Peak Development Services LLC, a Texas Limited Liability Company. Through those negotiations, Peak Development Services (The Company) has made the following offer to purchase the 14.6 acres.
1. Pursuant to the Purchase Agreement, the Company will purchase said property for a sum of $2,000,000.
2. The Company will obtain written approval from the Oklahoma Turnpike Authority for appropriate ingress and egress for emergency services, including fire department access, to the Project Site.
3. The Company shall construct or cause to be constructed a restaurant having a minimum square footage of at least 8,000s square feet or an alternative national credit tenant, having a minimum of 8,000 sq. ft.
4. The restaurant or alternative national credit tenant shall produce sales in excess of $6,000,000 per year.
5. The Company shall construct or cause to construct an additional 20,000 total square feet of retail and commercial space.
In the event the Company fails to fully complete the Project with the Development Timeline, BAEDA shall provide written notice of such failure to the Company. If, within the following 180 days the Company does not cure such failure, then, within 10 days following the expiration of such 180-day period, the Company shall convey to the BAEDA by General warranty Deed the Real Property. BAEDA will then reimburse ...
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