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 valorem capture. “This initial resolution … will stick the start date out into the future to coincide with expected completion of projects,” Ellis said.

Council then considered a companion agreement with Fields on Elm Street LLC that the city would administer through JEDA. The development agreement provides for public‑infrastructure reimbursements not to exceed $55 million to support streets, utilities and public spaces needed for the project. Staff and the developer represented projected private investment of approximately $258 million and forecasted new annual retail sales of about $40 million — yielding an estimated $1.4 million in new city sales tax and about $2.2 million in new annual ad valorem taxes (a portion of which would be captured by the TIF).

The reimbursement plan is phased: roughly $49.5 million is associated with Phase 1 (mainly development north of A Hundred and 106th Street) and an additional approximately $5.5 million could be available if Phase 2 (including ballfields) is initiated. The developer would submit documentation of completed improvements and be reimbursed from TIF revenues generated by the project; the agreement contemplates use of leverage‑act funds in early years to supplement reimbursements if needed.

Council voted unanimously on both items. Resolution 8778 passed on a recorded vote (Short yes; Emmons yes; Abel yes; Murray yes; Vice Mayor Brown yes). Council then approved Resolution 8779 authorizing JEDA assistance and the development agreement on the same roll call.

City staff emphasized the infrastructure elements the TIF would support, including the extension of A Hundred and 106th Street, stormwater and drainage work, water and sewer extensions, surface parking, pedestrian connections and right‑of‑way acquisition. Staff said many of these elements were improvements the city would likely need irrespective of private development; the development agreement allows the developer to advance those costs and seek reimbursement from incremental taxes generated by the Fields project.

Nate Ellis and other staff clarified that the developer bears risk: reimbursements are capped at the amounts in the agreement and are payable only from applicable incremental tax revenues; if generated revenues are insufficient, the developer may not recover the full requested reimbursement. The agreement also contemplates future steps, including potential JEDA‑issued debt, subject to separate approvals.

Following council approval, related JEDA consent items were considered at the JEDA meeting that immediately followed the council meeting.

Votes at a glance - Resolution 8778 (create/establish commencement date for Increment District 7): passed, roll call recorded (Short yes; Emmons yes; Abel yes; Murray yes; Vice Mayor Brown yes). - Resolution 8779 (authorize JEDA to assist and approve development agreement for Fields on Elm Street LLC, up to $55M): passed, roll call recorded (Short yes; Emmons yes; Abel yes; Murray yes; Vice Mayor Brown yes).