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Council creates Citizens TIF Oversight Committee to increase transparency
Summary
Council approved a revised Edmond TIF policy guide and established a five-member Citizens TIF Oversight Committee (CTOC) that will meet quarterly and be briefed by finance and downtown staff to provide public review of project finances and increase transparency.
Councilman Moore introduced a resolution adopting a revised tax-increment financing (TIF) policy guide and creating a Citizens TIF Oversight Committee (CTOC). The CTOC will consist of five members — one appointed by the mayor and one by each council member — who will meet quarterly and be briefed by the director of finance and the downtown transformation manager.
"It's the transparency committee for our TIF district," Councilman Moore said during the public hearing, adding that the committee's role is to provide a public quarterly review of financial conditions related to TIF projects rather than to approve projects directly.
Council members spoke in favor of the oversight measure as a tool for education and transparency for complex TIF projects. The resolution was moved, seconded and approved by the council as part of the public hearing items.
