January 20, 2016
- By Paul Joseph, Paragon Communications News Director -
Elk City commissioners were busy Wednesday afternoon approving a resolution regarding a TIF, tax incremental financing revenues.
The commission met in their regular bi-monthly session at 2 pm and Elk City’s Community and Economic Development Director Jim Mason says the commissioners approved the redirection of some financing for a possible new business interested in coming to the area.
The first agenda item on the agenda was the approval of Resolution 2016-1 that will authorize City Hall to administer the city’s Economic Development Project Plan and ratify a Security Agreement between the public works authority and the city pertaining to tax increment revenues and develop financing.
Mason says the resolution was basically requesting the Commission to approve the plan to use accrued and pledged TIF (Tax Increment Funds) funds to install additional infrastructure – street, water, sewer, and drainage to the retail area north of Walmart.
The measure that will possibly accommodate a new big retail client was approved by commissioners.
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