Broken Arrow Downtown Advisory Board
Meeting of: 08-09-16
To: Chairperson and Board Members
From: Office of the City Manager
Title:
title
Presentation and possible discussion of Tax Increment Financing (TIF) and Ad Valorem Revenues and Financing
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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 April, May June, 2015 totaled $56,646.44. Sales taxes collected in April, May, June, 2016 totaled $93,716.33. Ad Valorem Taxes collected in April, May, June, 2016 was $73,129.52. Ad Valorem Taxes collected in April, May, June, 2015 were $313,083.38. Principal paid in 2016 is $1,125,000.00 and Total Debt Service paid is $2,147,911.32.
Cost: $0
Prepared By: Norman Stephens, Assistant to the City Manager / Economic Development Coordinator
Reviewed By: Development Services Department
Assistant City Manager
Legal Department
Norman Stephens
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:
recommend
Informational only. No action required.
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