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Jenks council approves Elm Street TIF and development agreement to fund up to $55M in infrastructure
Summary
The council adopted two companion resolutions to create TIF Area 7 (Elm Street) and authorize a development agreement that could reimburse up to $55 million for public infrastructure improvements tied to a mixed‑use project including retail, a condo component and sports facilities.
The Jenks City Council on Aug. 19 adopted two companion measures to support the Fields on Elm development: an initial resolution establishing Tax Increment Financing (TIF) District 7 for the Elm Street area and a development agreement that authorizes up to $55 million in reimbursable infrastructure costs.
Nate Ellis of Public Finance Law Group described the boundaries of the proposed TIF area and said it would not commence until Jan. 1, 2028; the district is planned for a 25‑year term and base assessed values will be set at commencement. The companion development agreement authorizes the Jenks Economic Development Authority to…
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