Oklahoma’s primary economic development entity wants state lawmakers to approve broader use of a public financing method.
Tax increment financing — or TIF — districts allow a city or county to capture property tax revenue from a defined area. They’re a popular way to finance improvements businesses might want before setting up shop somewhere but won’t pay for themselves.
Oklahoma Department of Commerce Director Deby Snodgrass told lawmakers the population threshold in current law is too high.
"It means you're not going to ever get a big company to go to Okmulgee or Durant or Ardmore, because the county can't control their own incentive package," Snodgrass said.
A TIF district worth nearly $9 million was part of Tulsa County’s successful effort to land a Macy’s distribution center.
"We have since discovered ... technically, they couldn't have offered that, so it's got to be remediated," Snodgrass said of any changes to the state law allowing TIF districts. "And there's no reason not to, in my view. We believe in local control."
Snodgrass said the department of commerce is working with lawmakers to pass something this year.
