Broken Arrow City Council
Meeting of: 10/03-2023
Title:
title
Consideration, discussion, and possible approval of Amended Resolution No. 1548, a resolution declaring the intent to consider approval of a project and creation of a tax increment district under the Local Development Act; directing preparation of a Project Plan; appointing a Review Committee; directing the Review Committee to make findings as to eligibility and financial impact, if any, on taxing jurisdictions and business activities within the district; directing the Review Committee to make a recommendation with respect to the proposed Project Plan; directing the Planning Commission to make a recommendation with respect to the proposed Project Plan; and containing other provisions relating thereto
End
Background:
The City of Broken Arrow’s Economic Development Manager has been working to promote economic development in the area in order to provide increased opportunity for residents of the area and to improve the overall standard of living.
City aspires to attract and retain business interests with the potential to invest in a large-scale entertainment venue within the City, subject to certain conditions including economic development incentives and financing and generate a corresponding growth in the local tax base, subject to certain conditions including economic development incentives and financing.
The Local Development Act (the “Act”), Title 62 O.S. Section 850 et seq. empowers the governing bodies of cities, towns and counties to apportion tax increments to help finance the public costs of economic development. The City Council is empowered by the Act to approve the creation of a tax increment district to further the public purpose of economic development within the city. The Act provides for the appointment of a Review Committee to review and make recommendations concerning the proposed district, plan or project and to report its findings and make a recommendation to the City Council.
The Review Committee shall consist of the following: a representative of the governing body who shall serve as chairperson; a representative of the planning commission having jurisdiction over the proposed district; a representative designated by each taxing jurisdiction within the proposed district whose sales taxes might be impacted by the plan; and three members representing the public at-large and selected by the other committee members from a list of seven names submitted by the chairperson of the review committee.
Council will need to appoint a representative of the Broken Arrow City Council who will serve as chairperson of the Review Committee as well as one representative of the Broken Arrow Planning Commission to the Review Committee if it decides to pass Resolution No. 1548.
Cost: TBD
Funding Source: TBD
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1548
Recommendation:
recommend
Approve Amended Resolution No. 1548 and authorize its execution.
end