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Council created Hackberry Market tax-increment financing district to spur South Broken Arrow development
Summary
Officials said the council created a Tax Increment Finance (TIF) district (the city's sixth) for the Hackberry Market area, using a sales-tax-only structure that will divert a portion of city sales tax to repay development-related costs; officials said schools are not included in this TIF.
Mayor Deborah Wimping and Aaron McCulloch summarized the creation of a Tax Increment Finance (TIF) district for the Hackberry Market area, described by city officials as the city's sixth TIF.
McCulloch asked for clarification and Wimping said the city created the TIF during the May 6 meeting. The mayor explained that the city will use a sales-tax-only TIF and said "we will use 2, cents out of the 3.5, I believe it is, that we have, that we receive from sales tax, we will use to pay back that sales tax revenue." She added that the schools are not involved in this TIF.
Officials positioned the Hackberry Market TIF as a tool to bring economic development and retail options to South Broken Arrow; they said the project sits just south of the Creek Turnpike near Aspen and Tucson and is functionally an extension of Aspen Ridge. Wimping said the cityaims to retain sales-tax revenue in Broken Arrow rather than lose it to neighboring municipalities such as Bixby.
The transcript captures the councildiscussion and the mayor's explanation of how the TIF will use a portion of sales tax revenue. The record in the provided transcript did not include a formal roll-call vote or ordinance text in the excerpted remarks.
