Broken Arrow Economic Development Authority
Meeting of: 09/19/2023
Title:
title
Consideration, discussion, and possible approval of and authorization to execute an Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC
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Background:
Staff recommends that the Authority engages the Public Finance Law Group, PPLC (“PFLG”), as Tax Increment Finance Counsel (“TIF Counsel”) in connection with the establishment of a tax increment district pertaining to the Adams Creek Town Center development area within the City (the “Formation”). The Formation is desirable to support certain economic development activities within the City. PFLG possesses the necessary professional capabilities and resources to provide the legal services required by the Authority as described in this Agreement.
The total proposed fee amount is $48,000, broken down as follows: $30,000 would be non-contingent, payable $7,500 on the 20th of each month beginning on October 1 , 2023. An additional $15,000 would be contingent upon formal action by City Council and $3,000 would be a flat reimbursement amount to cover travel, document production, transcript of proceedings, etc. There will be an additional fee billed hourly to negotiate the economic development agreement.
Cost: $68,000
Funding Source: Broken Arrow Economic Development Authority
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager Office
Attachments: Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC
Recommendation:
recommend
Approve and authorize execution of an Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC
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