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Moore council adopts Vernor tax-increment financing project plan
Summary
The Moore City Council approved an ordinance adopting the Vernor Economic Development Project Plan to establish three tax-increment financing districts (A, B and C), authorizing the Moore Economic Development Authority to administer the plan. Council noted the developer had already broken ground.
The Moore City Council on May 4 approved an ordinance adopting the Vernor Economic Development Project Plan and establishing three ad valorem tax-increment financing (TIF) districts, A, B and C, under the Oklahoma Land Development Act.
Staff had held a second public hearing on the plan; no members of the public signed up to speak. Staff (speaker 5) told the council that special counsel Emily Pomeroy was present to answer legal questions and confirmed the developer "broke ground last week," a point staff said supports moving ahead with TIF A as the first district. Council members asked whether each district could operate independently; staff confirmed each TIF can stand alone and that TIF A can fund project costs even if B and C are not occupied during the term.
The ordinance—read as item 4 on the agenda—directs establishment of the project area and authorizes the Moore Economic Development Authority to carry out the plan and to create a tax increment fund to pay eligible project costs. A motion to adopt the ordinance was made, seconded and carried by roll call vote. The chair announced the ordinance passed.
Because the plan establishes an authorization mechanism for increment financing and names a local development authority to administer it, the council’s action clears the way for the city to use tax-increment proceeds to reimburse qualifying infrastructure and development costs as outlined in the project plan.
