Downtown Advisory Board
Meeting of: 05-09-17
To: Chairman and Board Members
From: City Manager’s Office
Title:
title
Presentation and possible discussion of Tax Increment Financing (TIF) Sales Tax and Ad Valorem Revenues and Financing
End
Background:
The City is responsible for a $13,500,000 Tax Increment Financing (TIF) District that encompasses the square mile from Kenosha to Houston and Elm Place to 9th Street. This TIF will be paid off by a combination of new property taxes generated by the TIF and new sales taxes in the TIF area.
Downtown area sales taxes collected for January, February and March, 2016 totaled $81,239.74. Sales taxes collected in January, February and March, 2017 totaled $98,885.06. Ad Valorem Taxes collected in January, February and March, 2017 was $353,793.86 and Ad Valorem Taxes collected in January, February and March 2016 were $275,315.79.
Interest paid in Fiscal Year 17 is $257,040.55, and the Principle paid in Fiscal Year 2017 is $210,000. Loan Principal paid to date is $1,540,000.00, Interest paid to date is $1,279,951.87and Total Debt Service paid is $2,819,951.87.
Cost: $0
Prepared By: Norman Stephens, Assistant to the City Manager / Economic
Development Coordinator
Reviewed By: Development Services Department
Legal Department
Norman Stephens, Assistant to the City Manager / Economic
Development Coordinator
Approved By: Norman Stephens, Assistant to the City Manager / Economic
Development Coordinator
Attachments: City of Broken Arrow Tax Increment District #1 Sales Tax
City of Broken Arrow Ad Valorem Tax - TIF District
Recommendation:
Informational only, no action required.