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8.
Regular City Council
Meeting Date:
04/22/2024
Submitted For:
Mike Miller
Initiator:
Judy Villalobos, Executive Assistant
Department:
City Manager
Staff Information Source:
Information
AGENDA ITEM TITLE:
Hold a Public Hearing and consider approval of the proposed termination of Increment District No. 1, Muskogee County and the Project Plan Relating to Increment District No. 1, Muskogee County, Oklahoma (Project Faith Increment District), or take other necessary action. (Mike Miller)
BACKGROUND:
Port Muskogee, working with City and County officials have identified prospective industrial development opportunities that will create new jobs and bring economic benefits to the City of Muskogee and Muskogee County. However, certain critical infrastructure improvements to roads, utilities, and rail access are necessary to allow the development to move forward. The City proposes to create a tax increment district within the Southside Industrial Park (Increment District No. 6, City of Muskogee), and the County proposed to create a tax increment district within the John T. Griffin Industrial Park (Increment District No. 2, Muskogee County), that will provide a mechanism to capture a portion of the new ad valorem and construction sales tax revenues generated as a result of the projects. The revenues will be used to fund critical infrastructure improvements. Additionally, the County proposes to terminate its existing Increment District No. 1 within the John T. Griffin Industrial Park, which pertains to a project that never came to fruition. The termination will allow other potential economic development projects to continue to move forward.
RECOMMENDED ACTION:
Approval
Fiscal Impact
Attachments
No file(s) attached.
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