Jenks council approves nonbinding term sheet for Project Oak to advance TIF Area C planning

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 developer anticipates a master development containing retail, athletics, entertainment, dining and residential units and estimated total private investment on the order of $250 million.

The term sheet would direct staff and the city’s consultants to negotiate a more detailed economic development agreement. Ellis said the term sheet is nonbinding and that any reimbursable public infrastructure costs would require the developer to incur the costs and provide validation before city reimbursement.

Under the outline presented, the developer anticipates up to $55 million of public infrastructure costs that could be eligible for reimbursement from TIF revenues over the life of the project, subject to detailed review and the eventual economic development agreement. Council members discussed whether portions of the existing TIF boundary and previously designated project areas — including acreage sometimes called “the ranch” — should be revisited to reflect changed uses or ARPA-funded property priorities.

After council discussion, a motion to approve the term sheet passed by a 5-0 vote (Brown — yes; Short — yes; Emmons — yes; Murray — yes; Mayor Corey Box — yes). The approval authorizes staff to proceed with drafting a full economic development agreement and continuing negotiations; the term sheet itself does not create a binding financial obligation for the city.