Muskogee’s elected leaders approved the purchase of real estate that will be used to expand the city’s offerings available to corporate suitors looking to relocate here or expand.

The land deal is a historic event made possible by a $1.5 million grant awarded by the City of Muskogee Foundation. City officials lauded the property purchase and were optimistic about the economic opportunities likely to shake out of the deal.

“This stands to benefit everybody in the community,” Ward IV Councilor Jim Ritchey said of the acquisition. “We’ve missed out on several opportunities because we didn’t have what they (companies) needed. We will have that now.”

The acquisitions approved Monday consist of two parcels totaling 186.3 acres. The Muskogee Municipal Authority will pay $830,000 for the two tracts plus any additional costs related to the purchase.

While city councilors remained silent before casting a vote to accept the $1.5 million grant — there was no discussion or debate before the unanimous vote — officials were more vocal before approving the purchases.

That discussion was prompted by a citizen’s inquiry. Lisa Susanne said she was concerned about the amount of money the city was willing to pay for two tracts that sold for significantly less money just a year ago.

County records show Roger Key and Ronald Martin paid $180,000 for the 59.8-acre tract about a year ago. About that same time, Key acquired the 126.5-acre parcel for $379,500.

Under the provision of the resolution approved Monday, the Muskogee Municipal Authority will pay $300,000, a 66 percent markup, for the smaller tract and $530,000, or 40 percent more, for the larger one.

“It seems to me that property values have been flat or decreased this past year,” Susanne said, noting the large margin of profit in store for the sellers.

Ward II Councilor Shawn Raper, a local Realtor, said while he doesn’t track commercial property sales, average home prices this quarter in the Muskogee area are up 11 percent from this time last year.

“While you hear gloom and doom on the national market, that has not been the case in Muskogee,” Raper said. “And this property was not on the market — oftentimes land not on the market will cost more.”

Raper and others on the City Council said they were willing to pay a little more because of the economic opportunities they hope the acquisition will bring. Ritchey said he thinks the move will pay off.

“Sometimes it’s hard to see the big picture,” Ritchey said. “And it will take some time, but not far from now Muskogee will have an industrial park second to none.”

City Clerk Pam Bush said she cannot recall the last time the city was the recipient of a $1.5 million grant. The grant also was a first for the foundation, a charitable arm of the city of Muskogee funded by the lease of Muskogee Regional Medical Center to Capella Healthcare.

City officials, in setting up the framework for the foundation and its governing body, intended for the nonprofit organization to work for the benefit of all Muskogee residents and to improve the collective quality of life.