Broken Arrow City Council approves TIF for Warren Theater development project

A new Tax Increment Financing (TIF) agreement is set to reshape Broken Arrow's economic landscape, as city officials announced plans for significant development near the Warren Theater. This marks the sixth TIF for the city, aimed at revitalizing vacant land that currently generates no sales tax revenue.

The TIF will allow a new company to retain 2% of their revenue taxes for a period of approximately 20 years, enabling them to invest in building projects on the west lot of the theater. While the city will temporarily forgo this portion of tax revenue, it will still benefit from the remaining 1.55% of the sales tax rate, which is 3.55% in that area. This arrangement is designed to stimulate growth and ultimately return full tax benefits to the city once the developments are completed and occupied.

In addition to the TIF, city council members highlighted another major development in the northeastern part of Broken Arrow, near the golf course. This project, known as the Plaza At Forest Ridge, received approval for a Planned Unit Development (PUD), signaling a commitment to expanding growth beyond the southern areas of the city, which have seen more development in recent years.

Council members expressed enthusiasm about these developments, emphasizing the importance of balanced growth across Broken Arrow. The discussions concluded with a positive outlook for the city's future, as officials prepare for the next council meeting on June 16.