Broken Arrow Downtown Advisory Board
Meeting of: 10-10-17
To: Chairperson and Board Members
From: Office of the City Manager
Title:
title
Presentation and possible discussion of the Tax Increment Financing (TIF) Sales Tax 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 July through September 2016 totaled $91,998.92. Sales taxes collected July through September 2017 totaled $100,121.89. Ad Valorem tax collected July through September 2017 totaled $192,060.72 and for the same three months in 2016 totaled, $183,037.66. Total debt service paid to date is $3,176,450.35.
Cost: $0
Prepared By: Norman Stephens, Assistant to the City Manager / Economic Development Coordinator
Reviewed By: 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 Report
City of Broken Arrow Tax Increment District Ad Valorem Report
Recommendation:
recommend
Informational only, no action required.
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