Broken Arrow Downtown Advisory Board
Meeting of: 01-09-18
To: Chairperson and Board Members
From: Office of the City Manager
Title:
title
Presentation and discussion of the Tax Increment Financing (TIF) 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 in 2016 totaled $342,966.33 Sales taxes collected in 2017 totaled $401,376.01. Ad Valorem collected in 2016 totaled $563,716.24. Ad Valorem collected in 2017 totaled $692,629.55. Debt service on the note is $3,176,450.35.
Cost: None
Prepared By: Norman Stephens, Assistant to the City Manager / Economic Development Coordinator
Reviewed By: Legal Department
Approved By: Michael L. Spurgeon, City Manager
Attachments: Charts summarizing Ad Valorem and Sales Tax Collections
Recommendation:
No Action Required.