Broken Arrow Economic Development Authority
Meeting of: 05-07-2019
Title:
title
Approval of and authorization to execute an Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC by and among, the City of Broken Arrow, the Broken Arrow Economic Development Authority and the Public Finance Law Group, PLLC
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Background:
Staff recommends that the Authority engages the Public finance Law Group, PPLC (“PPLC”), as tax increment finance counsel (“TIF Counsel”) in connection with the establishment of a tax increment district pertaining to the Creek 51 Business Park 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 as described in this Agreement.
The total proposed fee amount is $53,000, broken down as follows: $30,000 would be non-contingent, payable $7,500 each month beginning in May. $20,000 would be contingent, payable $10,000 at the time the TIF is formally adopted, and $10,000 at the time an economic development agreement is approved relating to the implementation of the TIF. $3,000 would be a flat reimbursement amount to cover travel, document production, transcript of proceedings, etc. If a TIF financing is proposed then we would enter into a separate engagement to cover that.
Cost: $53,000
Funding Source: Broken Arrow Economic Development Authority
Requested By: Trevor Dennis, City Attorney
Approved By: City Manager Office
Attachments: Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC
Recommendation:
recommend
Approve the Agreement for Tax Increment Finance Counsel Services with the Public Finance Law Group, PLLC and authorize its execution.
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