Jenks Public Works Authority approves six-month extension for Oak Properties LLC development (transfer-back clause included)
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Summary
The Jenks Public Works Authority approved an amendment extending the certificate-of-occupancy deadline for the Oak Properties LLC development at 106th and Elm from June 30, 2025 to June 30, 2026; the agreement provides that failure to comply will trigger transfer of the property back to the authority.
The Jenks Public Works Authority approved an amendment extending the deadline in an existing economic development agreement with Oak Properties LLC. The original agreement (02/21/2023) authorized conveyance of 38 acres at 106th and Elm for a baseball complex and associated retail, restaurant and hotel development, with a certificate-of-occupancy deadline of June 30, 2025.
Authority staff (Missus Noland) told members the project has not been constructed and there is no certificate of occupancy; for that reason the parties negotiated a six-month extension to June 30, 2026. Noland said the parties agreed that if the project fails to substantially comply with agreement requirements, the developer shall transfer the property back to the authority.
The authority discussed rationale for a six-month window; one member asked why an extension was appropriate when the project already appeared in default, and staff explained the extension provides an administrable timeline for a transfer if the developer is unable to meet requirements. The motion to approve the amendment passed on a roll call vote with affirmatives recorded for authority members present.
What happens next: The authority will expect Oak Properties LLC to meet the new deadline or initiate the transfer process specified in the agreement. Staff will monitor progress and report back per the agreement’s terms.
