Tax increment finance (TIF) districts are economic tools used by cities around the world to promote development. TIFs allow cities to use a portion of property taxes generated within the district to invest in the district's infrastructure, providing an incentive for private investment.
When private investments within a TIF district lead to higher property values, the resulting increase in property tax revenue is reinvested within the district. That funds improvements promoting the success of the private investments, benefiting the district and the City through job creation and economic prosperity. It can also help retain businesses and their employees, along with attracting new ones.
The state constitution and Local Development Act authorize Oklahoma cities to use TIFs. The Oklahoma City Council approves TIFs by creating a new ordinance to define the district and the management of the funds.
Contact: Joanna McSpadden, Economic Development Program Manager, (405) 297-3879 or firstname.lastname@example.org.
- The amended and restated project plan for these districts was adopted March 13, 2018.
- Increment District #2: Downtown/MAPS Tax Increment District
- Created to capitalize on the original MAPS projects investments by promoting redevelopment in and around downtown. Created in 2000 and expiring in 2027.
- Increment District #3: Skirvin Hotel Sales Tax Increment District
- Helps to promote the redevelopment of the historic Skirvin Hotel downtown, now operated by Hilton. The renovated hotel is a jewel of the City's hospitality industry. Created in 2004 and expiring in 2030.
- Increment District #6: Las Rosas Residential Tax Increment District
- Increment District #8: Devon World Headquarters Tax Increment District
- Infrastructure improvements funded by District 8 helped make possible the towering Devon Energy Center, the global headquarters of a key Oklahoma City employer. Created in 2008. The sales tax portion expired in 2013, and the ad valorem portion expires in 2034.
- Increment District #10: First National Center Tax Increment District
- Created in 2016 to facilitate renovation of the historic First National Center building downtown. Expires in 2041.