By John Dobberstein, Editor
The Broken Arrow City Council voted Tuesday to approve a $5 million purchase agreement for 99 acres of land for the proposed Innovation District in south Broken Arrow.
The Broken Arrow Economic Development Authority (BAEDA) entered into a contract for to purchase the property at 12924 East 111th St. — which is just east of Olive Avenue — from Tulsa-based Siegfried Co.
The contract calls for the city to pay $50,000 in earnest money to be placed in escrow to serve as a credit toward the purchase price. The city will also extend the public sanitary sewer and water mainline service to the property for future intended development.
According to the pact, the city will include up to $5 million in the 2028 bond package to build a bridge across a floodplain on the western portion of the property and a collector street across the property from the new bridge to Olive Avenue. The city would only obligated to do this work if the bond issue passes.
Voters approved $9 million in bonds in 2018 for infrastructure needed to support the Innovation District.
The proposed innovation district on Broken Arrow’s southwest side would be developed as a campus environment that is easily accessible from the Creek Turnpike. It would include advanced manufacturing and tech companies, as well as education and housing.
City officials say the purpose is not just economic development and job creation but a tool to keep talented young professionals in Broken Arrow rather than having them move away for job opportunities elsewhere. The EDC has been working to include education partners, existing industries and developers on the plans.
The proposed Innovation District property is tentatively planned to be located in the TIF District the City will look to form as part of the $31 million Aspen Ridge economic development project at Aspen Avenue near the Creek Turnpike.
That project includes a new 60,000-square foot Reasor’s grocery store, a 180,000-square-foot, 168-unit apartment complex and 200,000 square feet of commercial or retail space.
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