Stillwater TIF opponents launch petition drive
Supporters of establishing a Tax Increment Financing district that encompasses central and downtown
Residents opposed to the TIF, which would redirect a majority of the funding from increased property taxes on properties in the designated district to the
City Manager
The city is asking them to hold off on taking some of the projected growth and join it in making an investment in
City leaders say for years the city has sacrificed sales tax revenue under economic development agreements that also benefited local schools and county government by increasing property values and their tax bases.
The TIF is set to last for 25 years or until it generates
Major previously told the Payne County Budget Board, a body comprised of all elected county officers that decides budget issues, that MTC would have been willing to support the TIF if several large apartment complexes already under construction or in the planning stages had been held out of it.
He said MTC planned to challenge the TIF by calling for a referendum and he hoped the county would also support such an action.
The
TIFs are commonly used by cities across the country to raise money fund economic development projects and redevelop blighted areas.
Mixed use development that promotes walkable neighborhoods with a variety of services hasn't happened and smaller, local developers have had difficulty covering the cost of public improvements like sidewalks and street trees that are required in that area.
City Attorney
The petitioners have 30 days from that date to gather the signatures of 769 registered voters who reside in
The required signatures equal 25 percent of the 3,076 total votes cast in April when
The petitioners would have had 60 days if the petition fell under the standard rules governing a municipal referendum but this particular challenge falls under the state's TIF statute, Dorman said. Therefore the deadline is
The petition language was signed by proponents
The petition would ask voters to repeal Ordinance 3407 that created the TIF and prevent the city from directing a portion of increased ad valorem or property taxes in the TIF district to a special fund that would be used for economic development.
If the TIF is repealed by voters, entities that collect ad valorem taxes in the designated area, like
Twitter: @mcharlesNP
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