The Jenks City Council has unanimously approved a plan to establish a tax increment-financing district. The move means a huge development is one step closer to reality. It is the success of places like the Riverwalk and King's Landing that have pushed more development forward in the Jenks area and a new plan to build along the Arkansas River is now getting big help from the city of Jenks.
The city council has approved what is called a TIF, or tax increment-financing district starting in January. It will freeze property tax revenue at its current level. All the money made above that will help fund a billion dollar business development along the Arkansas River. The city will also redirect a third of its 3 % sales tax. In total, the TIF will divert just under $300 million to the project.
Included in the plan is a new stadium for the Drillers, more than 800,000 square feet of retail space and condominiums.
The Jenks school district was not happy with the TIF because it did not provide much money for schools and future growth. However, the school district is now on board because the Jenks city council agreed to offset the school districtâ€™s losses, which would have totaled more than $5.5 million.
Even though the city is giving up some of its sales tax, Jenks is still predicted to make $74-million in sales tax revenue over the next 18 years.
The developer plans to start breaking ground in March.
Watch the video: Council Approved Tax Increament Financing District
11/7/2007 City And School District Discuss Development
11/13/2007 River District Clears A Hurdle
12/3/2007 River Development Project To Be Discussed
12/17/2007 TIF Vote Expected Monday Evening