Yukon Economic Development Authority approves resolution to pursue TIF- and P3-backed financing for Yukon Parkway development

At its May 6 meeting, the Yukon Economic Development Authority voted to approve Resolution 2026-11, authorizing the authority to accept responsibility for the Yukon Parkway economic development project, to execute an economic development agreement with Patriot Land Company LLC, to approve a security agreement concerning certain tax‑increment financing (TIF) revenues, and to authorize an application to the Oklahoma Department of Commerce for P3 funding. The roll‑call vote recorded five affirmative votes and the resolution was adopted.

The authority heard a detailed presentation from Nate Ellis of Public Finance Law Group, who said the development agreement creates a reimbursement obligation tied to future TIF revenues totaling “approximately 52 and a half million dollars in total improvements,” including “30,000,000 relative to the sports facility that will be built.” Ellis described roughly $2.5 million of city improvements outside the TIF district, about $20 million of site improvements, and estimated that about $5.5–6 million of infrastructure would be dedicated to the city for ongoing maintenance. He said the P3 application envisions a short‑term loan of about $8 million to advance public infrastructure costs.

Ellis explained how the financing is intended to work: “The loan gets secured by and paid back from income tax withholding that’s collected on a number of participants in the project process,” he said. Under the leverage‑act mechanics Ellis described, the state would flag withholding payments and transfer them to commerce to repay the advance over roughly two and a half to three years; matching state sales‑tax funds would be used in the broader TIF repayment structure. Ellis cautioned the board that the state would bear risk if the project failed after an advance had been made.

On the security agreement, Ellis said the city receives TIF revenues and the security agreement pledges those revenues to the authority, which in turn can pledge them to the developer to secure reimbursement obligations and other project costs. He also noted the project plan identifies about $10 million of potential development incentives that would be considered separately and could take the form of targeted sales‑tax rebates or similar arrangements.

Several trustees pressed for clearer documentation before finalizing implementation steps. One trustee said they had not received the economic development agreement or the security agreement in advance and had pulled the city council materials from the city website for review. Trustees asked about assignment language in the agreement and whether the city would have notice or approval rights if the developer assigned its obligations; Ellis said assignment and notice provisions are part of the agreement and would be evaluated if an assignment occurred.

Board members were also given a timeline for construction and financing steps. Ellis said the parties are aiming for substantial completion of the sports facility around late 2027 to 2028 and that the authority would likely need to return within the next month to month and a half with additional formal action tied to the P3 financing application or closing.

Votes at a glance • Approval of minutes (04/07/2026): motion carried by roll call (recorded yes votes). • Resolution 2026‑11 (Yukon Parkway development agreement, security agreement, P3 application): approved by roll call (recorded yes votes).