Solar EDA approves sale of 229 South Knobloch Street to Bank of Oklahoma, conditioned on repayment

The Solar Economic Development Authority voted 4-0 Sept. 8 to adopt Resolution C-2025-4, consenting to the sale of 229 South Knobloch Street to Bank of Oklahoma on the condition that the redeveloper fully repay any outstanding balances under a prior note and covenant agreement before closing.

The resolution matters because the property had been part of a redevelopment agreement providing tax-increment financing (TIF) assistance tied to a retail use; the redeveloper informed CETA that the buyer intends to operate a bank branch, which the authority said is inconsistent with the retail use contemplated in the redevelopment agreement.

A staff member summarized the proposal: "Approval of this resolution would provide consent to sell the property to Bank of Oklahoma, conditioned upon full repayment, to CETA of any outstanding balances due under the note or covenant agreement prior to closing. It approves release of the covenant agreement and authorizes execution of closing documents and other actions necessary to effectuate the sale and discharge the redeveloper, obligations under the redevelopment agreement, note, and covenant agreement, and provides a reservation of rights for CETA." The staff member also said the authority expects to receive full repayment prior to closing and that the outstanding amount is "estimated about a $125,000."

During discussion a trustee noted the prior TIF funding supporting the project. Another trustee added, "This means we get our money back faster." The board recorded a 4-0 vote adopting the resolution. The action explicitly conditions CETA's consent on repayment and authorizes staff to execute the documents necessary to effectuate the transfer and release the covenant agreement once the repayment condition is satisfied.

Discussion versus formal action: the meeting record shows a staff presentation explaining legal mechanics and conditions, brief trustee remarks noting the use of TIF funds and the faster repayment, and then a formal motion and unanimous vote to adopt the resolution. The resolution does not, in the meeting record, change the redevelopment agreement's stated permitted uses; it provides CETA's consent to the sale only after the financial condition is met.

The record identifies the redeveloper's notice of intent to sell and CETA's reserved rights in the resolution language; it does not specify the redeveloper's name, the exact outstanding payoff figure beyond the estimate, nor the scheduled closing date. Those items were not specified in the meeting record.