Broken Arrow City Council
Meeting of: 02-20-2024
Title:
title
Approval of and authorization to execute Resolution No. 1558-Corrected authorizing the submission of an application under the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act to the Oklahoma Department of Commerce
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Background:
The Oklahoma Enterprise Zone Incentive Leverage Act provides funding contributions from the State of Oklahoma to match local tax revenue dedicated to support a project located in an enterprise zone, or in support of a major tourism destination project deemed likely to significantly benefit a contiguous or nearby enterprise zone tract.
The application pertains to TIF #5 containing the “Sunset at Broken Arrow Amphitheater” project. To apply for the Oklahoma Enterprise Zone Incentive Leverage Act the governing body must authorize staff to submit an application to the Oklahoma Department of Commerce. As a prerequisite, a TIF and Project Plan must be approved and the Broken Arrow City Council resolve that the TIF project is likely to significantly benefit a nearby enterprise zone census tract as shown in the attached Exhibit A.
This item appeared and was approved on the February 6, 2024 Council meeting with an Incorrect Resolution No. of 1588 in the Title instead of the correct Resolution No. 1558. This item corrects the error.
Cost: None
Funding Source: N/A
Requested By: Jennifer Rush, Economic Development Manager
Approved By: City Manager’s Office
Attachments: Resolution No. 1558 & Exhibit A
Recommendation:
recommend
Approve Resolution No. 1558 and authorize its execution.
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