Action Alert! SB 1279

Action Alert!

Economic Development: Tax Increment Financing (TIF) Under Attack

IMMEDIATE ACTION NEEDED -

THIS BILL IS SCHEDULED TO BE HEARD IN SENATE APPROPRIATIONS COMMITTEE TOMORROW AT 1:30 P.M.

Committee Substitute version of SB 1279 by Sen. Jason Smalley makes a major change in the role of the Review Committee in approving TIF project plans: it imposes a requirement that 60% of the persons representing the affected taxing jurisdictions assent to the proposed project plan. The bill sets up formal procedures for the taxing jurisdictions to demonstrate their assent - including having the representatives physically present at the city council meeting at which the approval of the plan is considered or requiring them to provide their signatures within thirty days prior to the city council meeting.

The current law brings all taxing entities together to negotiate an incentive package to recruit or expand a business. Negotiations are based not only on the detailed economic projections, but on the short term consequences to each entity.

In addition, 62 O.S. Section 851 is amended to remove "blighted" areas in the current legislative finding for "historic preservation, reinvestment or enterprise areas" and uncertainty is created by the removal of the word "are" with "may be" provided in substitution. The changes to Section 851 are:

The Legislature hereby finds that historic preservation, reinvestment or enterprise areas as defined under this act are may be unproductive, underdeveloped, or underdeveloped or blighted areas pursuant to subsection C of Section 6 6C of Article X of the Oklahoma Constitution.

Please contact the members of the Senate Appropriations Committee by clicking here and ask them to vote NO on SB 1279.

Send copies of any correspondence you have with your legislators to

[email protected] or fax to 405-528-7560, attn: Missy for our records. If you need additional information, please call Missy at 405-209-4328 (cell) or at the OML offices at 405-528-7515.

About Oklahoma Municipal League

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Oklahoma Municipal League

201 N.E. 23rd, Oklahoma City, OK 73105
(405) 528-7515; (800) 324-6651

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