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Jenks authority approves due diligence for possible $16M Village on Main purchase
Summary
The Jenks Economic Development Authority voted unanimously to authorize execution of a purchase-and-sale agreement to begin a 90-day due diligence period on two 'Village on Main' parcels, including a five-story parking garage and adjacent buildings; the contract includes $100,000 earnest money and financing terms discussed by staff.
The Jenks Economic Development Authority on Dec. 2 authorized staff to sign a purchase-and-sale agreement and begin a 90-day inspection and due-diligence period for two Village on Main parcels that the city is considering buying.
City Manager Shrout told the authority the contract covers two parcels: one near-acre site with a five-story parking structure of about 182,000 square feet and 525 parking spaces, and a second 1.89-acre parcel with two buildings totaling roughly 26,000 square feet and 112 parking spaces. Shrout said existing annual rent is about $452,000 and common-area maintenance receipts are about $97,000, for roughly $549,000 in revenue under current leases.
Shrout said the full purchase price presented to the authority is…
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