On Thursday, May 21, from 6:30-8:30 p.m. at the Tower Hotel (Formerly the Marriott), 3233 NW Expressway in Oklahoma City, OKC Councilman Ed Shadid will host a town hall meeting on Tax Increment Financing in Oklahoma City.
To provide public financing of a convention center hotel, for which $70-120 million +land +parking has been asked for by private developers, the City of OKC is considering the creation of a Tax increment financing (TIF) zone within a preexisting TIF zone.
Tax increment financing is a public financing method cities use to further real estate development. Property tax is diverted from normal jurisdictions such as schools and libraries into a special fund, which is mostly distributed to private developers through grants and loans. Several other TIFs are being considered in addition to the nine already in existence.
The total amount of diverted taxpayer dollars could be so substantial (in the hundreds of millions of dollars), and is understood and managed by only a handful of people and diverts property tax for so long (all TIFs have been for a 25 year period), it is critical that the public understand best practices in cities throughout the U.S. so as to understand how to get the best development possible for OKC while minimizing impact on those whose funds have been diverted such as our schools and libraries.
Guest speakers include Greg LeRoy, Executive Director of Good Jobs First based in Washington D.C. and Peter Brzycki, Owner and Publisher of OKCTALK.COM based in Thousand Oaks, California,
LeRoy has spent decades studying state and local economic development incentives and has been dubbed “the leading national watchdog of state and local economic development subsidies.”
Brzycki manages a news website which consistently breaks OKC real estate news stories first and has tens of thousands of individuals reading and posting to the site each month.