Broken Arrow City Council
Meeting of: 03/18/2025
Title:
title
Approval of and authorization to execute Agreement for Tax Increment Finance Counsel Services with Public Finance Law Group, PLLC.
End
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 establishi...
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