Broken Arrow City Council
Meeting of: 10/03-2023
Title:
title
Consideration, discussion, and possible approval of Amended Resolution No. 1548, a resolution declaring the intent to consider approval of a project and creation of a tax increment district under the Local Development Act; directing preparation of a Project Plan; appointing a Review Committee; directing the Review Committee to make findings as to eligibility and financial impact, if any, on taxing jurisdictions and business activities within the district; directing the Review Committee to make a recommendation with respect to the proposed Project Plan; directing the Planning Commission to make a recommendation with respect to the proposed Project Plan; and containing other provisions relating thereto
End
Background:
The City of Broken Arrow's Economic Development Manager has been working to promote economic development in the area in order to provide increased opportunity for residents of the area and to improve the overall standard of living.
City aspires to attract and retain business interests with the potential to invest in a large-scale entertainment venue within the City, subject to certain conditions including economic development incentives and financing and generate a corresponding growth in the local tax base, subject to certain conditions including economic development incentives and financing.
The Local Development Act (the "Act"), Title 62 O.S. Section 850 et seq. empowers the governing bodies of cities, towns and counties to apportion tax increments to help finance the public costs of economic development. The City Council is empowered by the Act to approve the creation of a tax increment district to further the public purpose of economic development within the city. The Act provides for the appointment of a Review Committee to review and make recommendations concerning the proposed district, plan or project and to report its findings and make a recommendation to the City Council.
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