» Read "Why Downtown Development is Crucial for American Cities" from National League of Cities
Oklahoma residents approved the process for creating tax increment (TIF) districts in 1998. This law granted city councils the authority to create TIFs in areas that are unproductive, undeveloped, underdeveloped or blighted.
Local governments can use tax increment financing to publicly finance needed structural improvements and enhanced infrastructure within a defined area to promote the viability of existing businesses and to attract new commercial enterprises to the area. Any funds the TIF generates would only be allocated for investment in the identified project district. These funds would not go into the City’s general fund.
In addition to generating much-needed funds, reinvestment in our community’s infrastructure will create jobs, hence the need for more workforce development and attendant earning potential.
The idea of growth encouraged by tax increment financing is not a new concept. In the Stillwater's 2005 P.U.M.A. Plan, it states: "Incentives and development policies are proposed ... Potential incentives include enhanced streetscape and signage ... and financial incentives including revolving loan funds and tax increment financing."
TIF districts serve as a catalyst in their region to achieving the City's goals of promoting economic development, stimulating private investment, and enhancing the tax base, with the goal of making possible investment that would be difficult or impossible without the project and the apportionment of incremental ad valorem and sales tax revenues from within the increment district.
All project plans support the City’s efforts to achieve its development objectives and improve the quality of life for its residents.
If a project plan does not generate new development projects, the City Council can modify or cancel it at any time—without any impact.
If you have specific questions or would like to submit input regarding any of Stillwater's TIF districts, fill out the online form linked below. Your submissions will be directed to a city staff member or city councilor.
The project plan (Ordinance No. 3277) for this district was adopted Aug. 25, 2014.
The project plan (Ordinance No. 3339) for this district was adopted May 16, 2016.
Implementation Policy Guide for Assistance in Development Financing (Adopted Aug. 6, 2018)
The project plan (Ordinance No. 3407) for this district was adopted June 18, 2018.
The purpose of this project is to help the City achieve its development objectives by authorizing the appropriate and necessary public support and assistance for the development and enhancement of downtown Stillwater and the Corridor Redevelopment Area, as a special and unique place within Stillwater to live, work, shop, and play.
Throughout the years, the City has adopted a number of plans including the Stillwater Corridor Redevelopment Plan (2012), the C3 Plan: Comprehensive Plan: 2030 and with input from Stillwater residents, the Core Commercial Districts Master Plan or P.U.M.A. Plan. Though numerous pieces from the plans have been put in place, the Stillwater (Re)investment Plan is the funding mechanism to move these plans from the planning phase and into the implementation phase.
Expiration | New ad valorem revenue increases will be deferred and reinvested in the project area for 25 years (from adopted date) or until $32.5 million is reached, whichever comes first.