Marshall County proposes a Tax Increment Finance District. A Tax Increment Finance (TIF) district in Oklahoma is a designated area where property tax revenues are used to encourage economic development and revitalization.
When a TIF district is established, the current property tax revenues known as the base value from the district continue to go to the usual taxing entities, like schools, counties and cities. However, any additional property tax revenue generated from an increase in property values is set aside in a special fund.
The additional revenue, called the tax increment, is used to fund improvements or incentives within the TIF district. This can include infrastructure such as roads, sewers, utilities and public facilities. It can also be economic incentives to developers and environmental remediation. Uses for the increment can be used to spur private investment in underdeveloped or blighted areas, revitalize communities, increase property values and economic activity and offset the upfront costs of development.
Establishing a TIF district in Oklahoma involves several key steps, guided by the Local Development Act. First, they need to determine eligibility by identifying the area for the proposed TIF district. Eligible areas typically include reinvestment areas requiring public improvements to stimulate economic growth, historic preservation areas, or enterprise zones.
Then, they need to create a comprehensive plan outlining the objectives, proposed improvements, financing methods and how the TIF will stimulate economic development. This plan should detail thepublic improvements, and any development financing assistance intended for private project.
The next step is to form an Economic Development Review Committee, including representatives from taxing jurisdictions, the city, planning commission and the public. This committee evaluates the financial impacts on taxing jurisdictions and assesses the project's overall benefit.
The Planning and Zoning Commission must verify that the proposed TIF district aligns with the city's comprehensive master plan. They must provide public notices and hold hearings to inform and engage community members, allowing for transparency and public input.
They need to seek approvals from the Economic Development Review Committee, Planning and Zoning Commission and the County Commissioners. They must assign public entities, such as economic development authorities, to administer and execute the project plan, ensuring adherence to the Local Development Act. Then, they must authorize the issuance of tax apportionment bonds or notes to finance the approved project costs, with repayment sourced from the incremental tax revenues generated within the TIF district.
In Oklahoma, the establishment of a TIF district requires a recommendation by a Review Committee, which includes representatives from taxing jurisdictions, the public and local government. This means in Marshall County, there must include the Marshall County Commissioners, and a minimum of two public hearings to gather community input.
Once established, a TIF district usually has a limited lifespan, often 20-25 years. After the TIF ends, all property tax revenues, including the increment, return to the regular taxing jurisdictions.
The Pointe Vista Development Tax Increment Financing District was established in Marshall County, Oklahoma, on July 24, 2009, encompassing approximately 2,655 acres near Lake Texoma. The TIF district aimed to provide tax incentives and rebates to stimulate development, including the construction of a 250-room, four-star hotel, walking trails, infrastructure for 150 homes and one or more 25-unit condominium complexes.
However, by June 2014, the developers had not commenced construction on any of these improvements. Citing the lack of progress and concerns about the potential negative impact on the county's tax base and economic growth, the Marshall County Commissioners voted to rescind and dissolve the TIF district on June 2, 2014.
The resolution highlighted the developers' failure to meet contractual obligations and the absence of issued bonds to finance improvements within the TIF district. On December 20, 2024, the Board of County Commissioners of Marshall County held a special meeting to discuss the potential formation of TIF districts.
PointeVistaHoldingCompany, LLC, and CoAlign Group presented information related to this possibility. The Pointe Vista Development website indicates plans for a lakefront hotel, luxury RV experiences, a country club and an adventure park, suggesting ongoing or renewed development efforts in the area.