Bixby board hears pitch to amend TIF for 90‑unit downtown project; no board action required
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Summary
Consultant Kathy O'Connor told the Bixby Board of Education a Vertex Group proposal would add 90 apartment units and about $22 million in private investment to a downtown Tax Increment Finance (TIF) district, with roughly $1 million in infrastructure costs to be reimbursed via an 80/20 increment split; the presentation was informational and any decision will be made by the city.
BIXBY, Okla. — The Bixby Board of Education on Thursday heard a presentation on a proposed minor amendment to Tax Increment Finance District No. 3 that would add parcels near 151st and 100 and make room for a new 90‑unit multifamily development.
Kathy O'Connor, a consultant working with the Vertex Group, told the board the project would add "90 new residential units that will be multifamily" — a mix she described as 36 one‑bed, 36 two‑bed, six two‑bed/two‑bath townhomes and 12 three‑bed units — plus about 5,000 square feet of commercial space. O'Connor estimated the private investment at roughly $22,000,000 and said the developer expects about $1,000,000 in infrastructure improvements (drainage, utility relocation and street work) that would be reimbursed through the TIF.
Under the developer's draft project plan, 80% of the incremental property tax revenue would be captured by the TIF project and 20% would go to other taxing jurisdictions. O'Connor said the city's TIF attorney proposed beginning the TIF increment "upon adoption of the amendment" and that the developer expects the amendment to run for about seven to eight years for the infrastructure reimbursement rather than the full 25‑year TIF maximum allowed under state law.
Board members asked whether the development would add students to the district. O'Connor said the product is aimed at young adults and first apartments and that the developer does not expect substantial numbers of children in the units. She also described preliminary interest from potential small commercial or boutique tenants for the limited retail space.
Because the city invited the district to the presentation, the board did not vote on the amendment; O'Connor said the City of Bixby will process the formal minor‑amendment request under state law. District staff said they had received the presentation materials and would continue to evaluate the fiscal implications, including the estimated incremental payments the district would receive under the 20% share during the first year after construction (about $27,500 in year one under the developer's estimate) and projected annual distributions after the TIF expires.
The presentation and supporting slides were provided to district staff. The next step for the project is city action on the minor amendment; the school district will be a participating taxing jurisdiction during that process.