The City of Oklahoma City and Historic Capitol Hill send this information as posted below:
Business owners, residents and community organizers are invited to attend a community meeting to learn about the possibility of creating a new Tax Increment Financing (TIF) district to support development in the historic Capitol Hill area.
The town hall will be held at 5:30 p.m. on May 12 at the Yale Theater, 227 SW 25th St.
Hosted by Ward 6 Councilwoman JoBeth Hamon, the meeting is an opportunity to learn how TIF districts work, the new district’s TIF boundaries, and the proposed timeline.
“I hope this meeting can be a chance for area residents and businesses to gain knowledge about this development tool, ask questions about how this may impact them, and share with city staff what kind of development and public investment they’d like to see in the proposed TIF boundaries,” Councilwoman Hamon said.
There are 17 TIF districts in Oklahoma City. TIFs are economic tools cities use to promote development. They allow cities to use a portion of property taxes generated within the district to invest in its growth and development.
When private investments within a TIF district lead to higher property values, the resulting increase in property tax revenue is reinvested within the district.
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