Downtown Advisory Board
Meeting of: 08-11-15
To: Chairman and Board Members
From: City Manager’s Office
Title:
title
Presentation and discussion of the Tax Increment Financing (TIF) District, including an update on 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 2014 totaled $51,255.73. Sales taxes collected in April, May, June, July 2015 totaled $77,988.48. Ad valorem taxes collected in April, May, June, July 2015 were $315,879.63. Principal paid in 2015 is $730,000.00 and Total Debt Service paid is $1,529,551.14
Cost: None
Prepared By: Norman Stephens, Assistant to the City Manager / Economic
Development Coordinator
Reviewed By: Development Services Department
Legal Department
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:
No action required.