Jenks adopts TIF District 7 and OKs development agreement to support Fields on Elm Street project

The Jenks City Council on Aug. 19 approved two resolutions to support the proposed Fields on Elm Street development: creation of Increment District Number 7 and authorization for the Jenks Economic Development Authority (JEDA) to assist the city in administering a development agreement that could provide up to $55 million in reimbursements for public infrastructure tied to tax increment financing (TIF).

Resolution 8778 establishes the commencement date for Increment District 7 as Jan. 1, 2028, with a 25‑year term that would end in December 2052. Staff said the district’s base assessed value will be fixed at the commencement date. The green area labeled TIF 7 in the staff packet includes property along Elm Street south of Polecat Creek, opposite the Tulsa Premium Outlets.

Nate Ellis of Public Finance Law Group summarized the financing approach and timetable for council, noting the allotment of projects and that the TIF would rely on incremental sales taxes, hotel taxes (if any), and ad…