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State pledges $138.95 million to Jenks River Entertainment District under Leverage Act; council thanks staff
Summary
The city of Jenks and partner taxing jurisdictions were acknowledged by council after the Oklahoma Department of Commerce approved a $138,947,295 Leverage Act match for public infrastructure in the Jenks River Entertainment District tied to the TIF project area.
The City of Jenks on March 25 formally acknowledged and thanked the Oklahoma Department of Commerce and city staff after the state approved a Leverage Act match totaling $138,947,295 to support public infrastructure in the Jenks River Entertainment District, the council was told.
City staff and state representatives described the award as a state matching program under the Oklahoma Local Development and Enterprise Zone Incentive Leverage Act, designed to amplify local Tax Increment Financing (TIF) revenue for public infrastructure investments. City officials said the award represents an unusually large state match for a municipal TIF and will be used for a broad list of public projects identified in the TIF project plan.
City representatives said the city and other taxing jurisdictions contributed to the application and that the state reviewed a multi-jurisdictional application package. The city will dedicate a portion of local sales tax (2 percent of the city's sales tax collections) to the TIF; the Leverage Act match effectively multiplies those pledged TIF revenues by matching the state funds, officials said.
City staff described example projects in the TIF project plan that may be funded partially with the combined local and state match, including pedestrian bridges, Arkansas River bank stabilization, low-water-dam work, extension of 106th Street, sewer lift-station and force-main upgrades, public parking and parking structures, parks and streetscapes, stormwater and permitting/engineering work, and other public infrastructure projects.
Councilors and city staff repeatedly described the award as transformational for the city and praised staff and intergovernmental cooperation. One councilor said the award may be the single largest financial development in the city's 105-year history, and multiple councilors stressed that TIF revenue and the Leverage Act match must be stewarded carefully and prioritized against public infrastructure needs.
The council adopted Resolution 863, formally thanking the Department of Commerce and acknowledging staff efforts. Staff said the funds will be available for public-infrastructure projects identified in the TIF project plan and that the next steps will include project prioritization and coordination across jurisdictions.
Ending: City staff said they will continue public education about the TIF/leverage process, pursue project-level planning and coordinate with partner jurisdictions to implement prioritized improvements.
Votes at a glance - Resolution 863 (acknowledgement of state matching funds under the Leverage Act) — Approved by council vote.
