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Atoka Industrial Development Authority approves lease with option to purchase for airport-adjacent property
Summary
After executive session, the Atoka City Industrial Development Authority approved a five-year lease with RRP Investments LLC for airport-adjacent property at $2,500 monthly with an option to purchase for $150,000; rental payments will apply toward the purchase price.
The Atoka City Industrial Development Authority voted to approve a lease between ACIDA and RRP Investments LLC for property adjacent to the city airport, setting monthly rent at $2,500 for a five-year term and providing an option to purchase the property for $150,000. The agreement specifies that rent paid will apply to the purchase price if the option is exercised.
Board members authorized the ACIDA director to negotiate ancillary terms necessary to finalize the agreement. The motion to approve the lease and the director’s authority to negotiate was made, seconded and approved by roll-call vote.
The action followed an executive session authorized under Title 25, Oklahoma Statutes §307(C)(11), allowing the authority to discuss confidential economic-development negotiations, including real-estate transfers and incentives, before returning to open session and taking action.
