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Council approves nonbinding letter of intent to explore purchase near Riverfront Drive and Aquarium Place
Summary
After an executive session, the council approved a nonbinding letter of intent authorizing staff to pursue due diligence, appraisals, inspections and negotiations for possible purchase of property near Riverfront Drive and Aquarium Place.
Following a closed session, the Jenks City Council returned to public session and approved a nonbinding letter of intent authorizing staff to explore purchase of property generally near Riverfront Drive and Aquarium Place.
City attorney Miss Nolan explained the document is nonbinding and would allow staff to conduct appraisals, inspections and negotiations with the seller and to run fiscal numbers and due diligence. If the city decides to move forward after due diligence, staff would return to the city to seek approval of a formal real-estate contract.
Council voted unanimously to approve the letter of intent. The item does not itself transfer property or expend funds; it authorizes staff to negotiate, obtain appraisals and complete due diligence steps that would support any future decision to enter a purchase contract.
What’s next: staff will conduct appraisals, inspections and financial analysis and return to council with recommendations if the city chooses to proceed toward a purchase contract.
