Buffalo Roam, the film institute and future sound stage, has obtained financing to make improvements to the former First Christian Church building, located at 520 S. Osage Ave. Buffalo Roam was selected to inhabit the building after the church leased it to the City during a process that began in 2021.
Previously, the City, Buffalo Roam, and Bartlesville Redevelopment Trust Authority had entered into a Disposition and Development Agreement that defined the rights and obligations of all three parties.
“This agreement forms the basis for the economic development transaction with Buffalo Roam,” said City Manager Mike Bailey. “In order to close the transaction, receive title to the building, and become eligible for the City’s funding, Buffalo Roam must first obtain the financing or private equity sufficient to cover their share of the deal. Buffalo Roam has now attained approval for financing with Blue Sky Bank. However, Blue Sky Bank required Buffalo Roam to create a separate real estate holding company for ownership of the building.”
As such, Bailey said, it was necessary for the City Council and Bartlesville Redevelopment Trust Authority Board to approve an addendum adding the real estate holding company, 520 S Osage, LLC, to the Disposition and Development Agreement.
“This addendum does not alleviate Buffalo Roam’s obligations under this agreement as it only adds 520 S Osage, LLC as a party to Buffalo Roam’s portion of the agreement,” Bailey said. “Additionally, the Disposition and Development Agreement includes, as a requirement prior to closing, that Buffalo Roam provide a completion bond and construction bond. However, these bonds are typically only available after award of a contract. The award of contract will only occur after closing.”
Bailey said that to navigate this obstacle, Buffalo Roam has proposed that the City amend the agreement to provide that all bonds will be provided within 120 days of closing but before construction begins, which the council approved with a unanimous vote.