Broken Arrow Economic Development Authority
Meeting of: 03/18/2025
Title:
title
Approval to execute Agreement for Tax Increment Finance Counsel Services with Public Finance Law Group, PLLC.
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Background:
Attached is the agreement with Public Finance Law Group PLLC in connection with the establishment of a tax increment finance district. The formation may be desirable to support certain economic development activities within the city, construction of certain retail facilities, which will encourage commerce, the retention and expansion of employment, and generate a corresponding growth in the local tax base (collectively, the “Project”); and
PFLG possesses the necessary professional capabilities and resources to provide the legal services required by Broken Arrow as described in this Agreement.
Initial Feasibility Assessment
• Provide consultation with respect to a preliminary review and evaluation of the potential benefits and practicality of the formation of a tax increment or incentive district.
Project Plan Preparation
• Provide legal advice and consultation in development, drafting, and presentation of a project plan. A project plan generally includes the following elements:
• Proposed district boundaries and improvements, including area eligibility determination
• Estimated project costs, financing timeline, and assessment of financial impact
• Existing and proposed maps of district
• Proposed zoning, master plan, and ordinance changes
• Designation of governmental entities and officials responsible for implementation
• If requested, provide assistance in negotiation and draft for approval an economic development agreement(s) with a proposed business development entity; and
Official Review and Public Participation
• Provide legal advice and consultation with respect to procedures and actions for formal consideration of a tax increment or incentive district including:
• Resolution initiating formal consideration and approval process and establishing a review committee
• Presentations and/or attendance (as requested) at meetings with individuals, groups, and public bodies
• Preparation of appropriate documents for review committee and planning commission consideration
• Preparation of notices with respect to public meetings
• Preparation of appropriate documents for formal approval and formation of district, including municipal ordinance
Implementation
• Preparation of appropriate documents for formal approval pertaining to an economic development agreement(s) with appropriate parties as contemplated by the Project Plan.
• Provide legal advice and consultation with respect to notices and communication with affected taxing jurisdictions; formulation of operating procedures and guidelines to assist the county assessor and county treasurer in the operation of the district
Staff recommends the approval of the agreement with Public Finance Law Group PLLC.
Cost: $53,000
Funding Source: TIF #6
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Agreement for Tax Increment Finance Counsel Services
Recommendation:
recommend
Approval of and authorization to execute Agreement for Tax Increment Finance Counsel Services with Public Finance Law Group, PLLC
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