On Monday January 27, 2024, the Pointe Vista Group participated in a meeting with the Marshal County Commissioners and the review committee for the Tax Increment Financing (TIF), wheretheydiscussedtheEconomic Impact Study. There was also a breakdown of the potential funds the project could generate in the future if this TIF was approved.
Then,laterintheday,they held the first of many public meetings at the Westbay Casino conference room to explainandanswerquestions about what a TIF is, and how it could be beneficial to the local economy. This meeting was attended by several local business owners and members of the local government.
A TIF is a way for cities or towns to encourage development in areas that need a boost, like rundown neighborhoods or places that haven’t seen much growth. When a TIF district is created, the property taxes collected in that area are 'frozen' at their current level.
Anynewmoneygenerated is set aside, and instead of this new tax money going to the usual city services right away, it’s used to pay for things like fixing roads, building parks or giving developers incentives to keep improving the area. A TIF provides a funding mechanism to encourage private investment in underdeveloped or blighted areas.
It also allows for state funds like the Oklahoma Leverage Act. The Act allows local governments to receive state matching payments corresponding to the local tax revenue allocated for qualifying projects.
This collaboration aims to stimulate private investment and economic growth in targeted areas. The Act has improved its reporting capacity, and beginning in July 2024, active Tax Increment Financing districts are required to report progress to theOklahomaDepartmentof Commerce.
It helps attract businesses, developers and investors toareastheymightotherwise avoid due to higher risks. The revenue can be used for infrastructure projects like roads, utilities, parks and public facilities, which can improve the area's appeal and functionality.
A TIF does not require an increase in existing taxes; instead, it uses future increases in property taxes generated by the area's redevelopment. By encouraging redevelopment and new businesses, TIFoftenleadstothecreation of jobs, both during construction and long-term in the revitalized area.
Once the TIF district expires, the increased property value leads to higher tax revenues for the city or county, benefiting schools, public safety and other services. It enables governments to partner with private developers, sharing the financial burden and risks associated with large redevelopment projects.
There are several more steps needed for the TIF approval. All plans and information can be found on the County Commissioners website at marshall.okcounties. org. Click on the tab for notices and resolutions.