After two weeks of escalating bidding in an online auction, the new owner of Broken Arrow’s iconic grain elevator, for the moment, is “engrained2282”.
The unidentified buyer purchased the 158-foot-tall tower – which was owned by Hansen-Mueller and affectionately referred to by some residents as ‘Mac’ – on Thursday for $250,000. The Tulsa County Assessor’s Office says the fair cash value for the property is $21,800, with a net assessed value of $2,398.
As of today it’s not clear what the future will hold for the inactive structure, which dominates the Rose District skyline and can be seen above the tree line for miles.
Although the elevator at 413 S. Ash Ave. has been inactive for years, the structure has sits on key downtown property behind The Museum Broken Arrow. The building was sold by Farmers Cooperative to Hansen Mueller in 2005 for $235,000.
The Broken Arrow City Council met during a closed session earlier this month to discuss the property and voted to allow staff to obtain appraisals and potentially negotiate a purchase of the inactive elevator “for a reasonable price,” according to a city spokesperson.
The city confirmed Thursday that it wasn’t the buyer. It’s not clear if the city completed any appraisals or entered the bidding, or if the city could strike a deal with the new owner.
DPA said the new owner must enter into a purchase agreement, put 10% down in earnest money and pay the balance when the building’s deed is delivered. The closing is expected on or before May 31.
In the first week of bidding only a handful of parties tendered bids. But as the news spread, the price shot up to more than $30,000 and eventually topped $60,000 on the day of the auction. During the auction the bidding skyrocketed over $200,000.
Since the Sentinel reported the structure was the subject of an online auction, many residents have expressed concern that it could be moved or torn down. They’ve also provided a number of ideas on what could be done with the elevator if the funding and support was there.
Farmers Co-Op came to Broken Arrow in 1942, succeeding BA Milling Co. and in 1962 the current grain elevator was built with the Farmers Co-Op branding on it, says The Museum Broken Arrow.
LaDeana says
Why an I paying approximately $100 water bills to the stupid city of Broken Arrow during winter months and can’t afford watering my yard in the summer yet the City of Broken Arrow has $250,000 for a worthless piece of property. It is only worth $21,000. If you don’t live in Broken Arrow don’t move here. Water bills rise monthly to spend on stupid stuff like this. City of Broken Arrow should be ashamed of themselves and then to say that the citizens wanted it purchased is a big ass lie! Most of the citizens didn’t know or care if it was for sale.