Broken Arrow City Council
Meeting of: 05-21-2019
Title:
title
Consideration, discussion and possible appointment of one representative of the Broken Arrow Planning Commission to the Creek 51 TIF Review Committee, appoint one representative of the Broken Arrow City Council who will serve as chairperson of the Review Committee and possible approval of a Resolution, Resolution No. 1224, 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 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 Creek 51 Business Park is located west of the Creek Turnpike, south of State Highway 51 in Wagoner County. The owner of the property is Rex F. Robertson, owner of Ford Development Corporation in Dallas, Texas. It is anticipated that the Creek 51 Business Park will ultimately consist of 90 acres, subdivided into 8 tracks.
Norman Stephens, Economic Development Manager with the City of Broken Arrow, began discussions with Mr. Robertson and Ricky Jones with Tanner Consulting regarding potential economic development for the Creek 51 Project. In early 2019, Mr. Stephens and Mr. Robertson began exploring the possibility of a Tax Increment Financing District for the 90-acre site.
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...
Click here for full text