Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council adopts resolution to commence Increment District No. 2 (downtown TIF)
Summary
The council approved Resolution No. 202428‑R to commence Increment District No. 2 (a downtown TIF) with an effective baseline date of Jan. 1, 2025; staff explained how the baseline and revenue lag work and discussed potential uses for captured increment including infrastructure upgrades or developer incentives.
The Chickasha City Council adopted a resolution creating and establishing the commencement date for Increment District No. 2 (the downtown Tax Increment Financing district), which references Ordinance No. 220405.
Staff and the city’s advisor explained the mechanics: the district’s baseline valuation will be set as of Jan. 1, 2025; incremental ad‑valorem revenue would not be realized until tax collections are processed (city could begin to receive incremental ad‑valorem revenues in mid‑2027 if increments occur). Sales and hotel tax baselines were described as being set from prior calendar year collections and could produce revenue sooner. Staff noted the TIF funds can be used either to support developer incentives or to invest directly in city infrastructure, and minor amendments to the TIF ordinance are possible under limited conditions.
Council members asked detailed questions about assessment timing, whether redevelopment would drive valuation above baseline and how the city would seed infrastructure if developer investment does not materialize. The council conducted a roll call and approved the resolution, with several members recorded as voting no and others yes.
