Broken Arrow Economic Development Authority approves CSI Aerospace expansion and TIF funding

During the City Council meeting held on June 2, 2025, in Broken Arrow, Oklahoma, significant discussions centered around economic development initiatives aimed at bolstering local job growth and infrastructure. The meeting, which included both the City Council and the Broken Arrow Economic Development Authority, highlighted key resolutions and agreements that could shape the city's economic landscape.

One of the primary topics was the proposed economic development agreement with CSI Aerospace Inc. The company plans to relocate and expand into a new 40,000 square foot facility on a 10-acre site at AeroForge. This move is expected to retain 108 existing jobs and create an additional 50 new jobs over the next five years, with an average wage of $50,000. The council discussed a reimbursement of permitting fees not to exceed $28,316, which would facilitate the company's expansion. The approval of this agreement is seen as a crucial step in enhancing the local economy and providing employment opportunities.

Additionally, the council considered a resolution related to the Hackberry Market project, which involves the issuance of bonds not to exceed $28 million. This project is part of Tax Increment Financing (TIF) number 6 and aims to support the development of retail spaces that will generate revenue through sales tax. The bonds will be secured during the construction phase, with proceeds held in escrow until the project meets specific requirements. This financial strategy underscores the city's commitment to fostering economic growth while managing investment risks.

The meeting also included procedural motions to approve various resolutions that align with the economic development goals of the city. These resolutions are essential for ensuring that the city's financial commitments are in sync with the initiatives proposed by the Broken Arrow Economic Development Authority.

In conclusion, the discussions from the June 2 meeting reflect Broken Arrow's proactive approach to economic development, focusing on job retention and creation through strategic partnerships and financial agreements. As the city moves forward with these initiatives, the anticipated outcomes could significantly impact the local economy and community well-being. The council's next steps will involve monitoring the progress of these projects and ensuring that the promised benefits are realized for the residents of Broken Arrow.