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Jenks council approves nonbinding term sheet for Project Oak to advance TIF Area C planning
Summary
Council approved a nonbinding term sheet with Oak Properties LLC to move toward an economic development agreement for the Jenks River Entertainment District TIF Area C; the term sheet estimates a $250 million master development and up to $55 million in reimbursable public infrastructure.
The Jenks City Council voted 5-0 to approve a nonbinding term sheet with Oak Properties LLC that outlines the basic parameters for a proposed master development in TIF Area C of the Jenks River Entertainment District.
Nate Ellis of Public Finance Law Group told the council the term sheet contemplates implementation of “TIF Area C” — the area along Elm Street south of Polecat Creek — as part of the previously approved project plan. Ellis said the…
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