The Tulsa Development Authority has invested years in the planning and implementation of new projects. From loft space to schools, the Tulsa Development Authority focuses on the preservation and development of all our communities.
STEPS FOR COMPLETING A PROPERTY SALE FOR REDEVELOPMENT
Step 1 – Interested Buyer will prepare a Letter of Intent (LOI) to Purchase to TDA indicating their desire to purchase and what they plan to do.
Step 2 – TDA will review the existing appraisal to determine if it has expired (appraisals are good for 6 months). TDA will order an updated appraisal, if necessary. It may take up to three weeks to receive the revised appraisal.
Step 3 – TDA prepares an Offer to Purchase (OTP).
Step 4 – Buyer reviews the Offer to Purchase, and if agreeable, pays an Earnest Deposit (5% of the purchase price) and returns signed OTP to the TDA office.
Step 5* – The Buyer’s LOI and OTP will be presented to the TDA Board.
Step 6* – If LOI and OTP are approved by the Board, TDA will prepare a Contract to be executed by the Buyer and TDA.
Step 7 – TDA orders an Abstract.
Step 8 – Buyer is given 30 days to examine the abstract and return with a Title Opinion. TDA has 90 days to correct any objections.
Step 9* – Building Specifications and Construction Plans are to be submitted to TDA from the Buyer within 90 days after the Contract is signed, for approval.
Step 10 – If approved, the Buyer will obtain a Building Permit from the City of Tulsa.
Step 11 – Buyer will schedule a closing when ready to pay the total purchase price of the land – TDA will provide a deed.
Step 12 – Construction should commence within 180 days after date of the Deed, delivered at closing and should be complete within 365 days.
Step 13 – Certificate of Completion will be provided promptly after receipt of a Certificate of Occupancy signed by the City of Tulsa.
Step 14 – Earnest Deposit will be returned to the Buyer.
Project is complete!
* = Resolution-
Buyer must attend TDA Board Meeting.
For a list of current TDA Properties, click here.
For a printable copy of the Steps for Completing a Property Sale, click here
Use the map below to select a Tulsa Development Authority property within the IDL.
