Broken Arrow City Council
Meeting of: 01/16/2024
Title:
title
Consideration, discussion and possible approval of Ordinance No. 3816 of the City of Broken Arrow, Oklahoma (the "City") approving utilization of apportioned tax revenues authorized by statewide vote adopting Article 10, Section 6C of the Oklahoma Constitution and implemented by the Local Development Act, 62 O.S. ?850, et seq.; approving and adopting the Sunset at Broken Arrow Economic Development Project Plan and expressing intent to carry out the Project Plan; ratifying and confirming the actions, recommendations and findings of the Review Committee and the Planning Commission; creating and establishing Increment District No. 5, City of Broken Arrow; designating and adopting the Increment District boundaries and the Project Area boundaries; adopting certain findings; reserving to the City the authority to make minor amendments to the Project Plan; authorizing the City Council of the City to carry out and administer the Project Plan; establishing a Tax Apportionment Fund; authorizing directions for prospective apportionment of tax increments; establishing an allocation of use for tax increments; declaring apportionment funds to be funds of the City and limiting the pledge of apportioned increments to increments actually apportioned by the City; authorizing the City Council of the City, or a public trust designated thereby, to implement the Project Plan utilizing apportioned tax increments to pay or reimburse project costs directly and/or to issue bonds or notes, if feasible and desirable, to pay project costs and to retire said bonds or notes from apportioned tax increments; providing for severability; declaring an emergency; and containing other provisions related thereto
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Background:
Ordinance 3816 that is before for discussion and possible adoption is to form TIF #5 between the city and Sunset at Broken Arrow. Details of the agreement and actions taken thus far are below:
Develop a de...
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