HomeMy WebLinkAbout2008.12_Tulsa Tech Land AcquisitionPROJECT COMPLETION REPORT
PROJECT: Tulsa Community College/ Tulsa Technology Center Land Aquisition
DATE PROJECT WAS COMPLETED: December 2008
DEPARTMENT RESPONSIBILITY FOR PROJECT: Managerial Department
STAFF COMMENTS: The City entered into negotiations with the Owasso Land
Trust (`OLT ") and H. Allen & Doris L. Robinson to purchase property that the City
could subsequently donate to Tulsa Technology Center (TTC) to accommodate further
development of the institution's campus in Owasso. The city purchased 10.66 acres from
OLT for One Million, One Hundred Fifty -Nine Thousand, Seven Hundred Eighty -Five
Dollars and Sixty Cents (,$1,159,785.60). Additionally, the City purchased 14.64 acres
from the Robinson Family for One Million, Nine Hundred Thirteen Thousand, One
Hundred Fifty -Five Dollars and Twenty Cents ($1,913,155.20). Following the execution
and closing of the two land sale transactions, the City entered into a land donation
agreement with TTC, as afforded under 11 O.S. §22 -125 of the Oklahoma Statutes
creating an exception to the law whereby a municipality may donate property to a school
district. The land donation agreement includes the following conditions: A). The City
of Owasso's name shall be included in the name of the new facilities to be constructed on
the site; B). TTC shall construct a joint use facility on the campus, which will serve to
house not only TTC's educational programs but also a program of instruction in higher
education through a lease with TCC; and, C.) The City of Owasso shall retain a
reversionary interest in the land to be donated which will enable the City to terminate
TTC's ownership of the property if either of the following should occur: 1. TTC fails to
begin and diligently work to complete construction of the campus within two (2 ) years
from the date the deed was executed, or, 2. TTC ever ceases to use the property for post-
secondary educational purposes. TTC shall, however, retain an option to purchase the
property from the City if the above reversionary provision is ever exercised by the City.
The purchase price to be paid by TTC shall be the fair market value less and except an X
improvements.
Julie Lombardi, City Attorney
PROJECT COORDINATOR
Managerial
DEPARTMENT
January 20, 2009
DATE
Approved this 26th day of January 2009.
Brenda Snow, Chairman