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.
Hearings scheduled for proposed TIF No. 2 and TIF No. 8 amendments
The City Council will hold public hearings Feb. 27 and March 13 regarding proposed amendments to Increment District No. 2 (Downtown/MAPS) and District No. 8 (Devon World Headquarters). Find more information in the documents below: