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10.
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:
Consider approval of Resolution No. 2986, a resolution creating, naming, and establishing the commencement date for Increment District No. 6, City of Muskogee; ratifying and confirming Ordinance No. 4233-A of the City Council of the City of Muskogee, Oklahoma; providing for severability; and containing other provisions related thereto, 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. On October 9, 2023, the City Council voted 8-0 to appoint a TIF review committee to make findings and a recommendation on the proposed project. The Council designated Mayor Coleman as chair of the TIF committee. Since then the Committee has met three times, the most recent of which was March 15.
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 the critical infrastructure improvements. Additionally, the County proposes to terminate its existing Increment District No. 1 within the John T. Griffin Industrial Park, as it pertains to a project that never came to fruition. The termination will allow other potential economic development projects to continue to move forward.
This item and the ones that follow will review the projects and the TIF committee recommendations.
RECOMMENDED ACTION:
Approve
Fiscal Impact
Attachments
TIF #6 Commencement Resolution 04-22-2024
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