McAlester downtown TIF plan to utilize property, sales taxes
It calls for the money to come from portions of both ad valorem property taxes and city sales tax revenues in the district to be redirected to help finance projects in the
It's designed to make a portion of those ad valorem property taxes and sales taxes -- which are to be collected above a pre-designated base line available -- for both public and private investment in the downtown area, which is called Increment District No. 2 in the plan.
Those are a few of the provisions in included in the Downtown TIF project plan, which barely passed the Downtown McAlester Reinvestment Review Committee by a split 5-to-4 vote on Tuesday. The four members who voted against the measure felt it was too broad in scope and lacked information about any specific projects.
"We're hoping it's on the
If it passes through the
In the beginning, discussions had centered on only using ad valorem taxes to help finance the downtown
Now, the new plan calls for them both to be utilized.
"The project will be financed from a combination of public and private sources, including apportionment of the ad valorem and sales tax increments from Increment District No. 2. city of
Ridenour doesn't expect the base lines -- which are supposed to freeze the amount the taxing entities in the
"Once it's passed, there will have to be an assessment," he said.
The plan states it is an economic development project, which contemplates the revitalization of downtown
It designates and authorizes the city of
While
"It's a cap," he said -- saying it means that no more than
The
--Infrastructure improvements --
--Redevelopment --
--Project implementation --
--Public school facilities for
--Miscellaneous and contingencies --
Several TIF Review Committee members have questioned designating
Property owners within the Downtown TIF boundaries, including owners of business property as well as public property, could apply to access the funds, either through applying for a grant, a low-interest loan or a no-interest loan, according to previous discussions.
Approved boundaries for the proposed
--It starts at
--
--
--
--
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If the proposed project plan is indeed heard and passed by the
Contact
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