FOR IMMEDIATE RELEASE
Darla Heller, Director Economic Development
918 636-9293 [email protected]
Wagoner County to Boost Economic Development Through Participation in Tax Increment Financing (TIF) District
Broken Arrow, OK – Wagoner County officials have announced their commitment to fostering economic growth and community development through participation in the City of Broken Arrow Tax Increment Financing (TIF) District #5 in the public-private partnership with The Sunset of Broken Arrow. This strategic decision aligns with the county’s vision for a prosperous and vibrant future.
Tax Increment Financing is a powerful economic tool that allows municipalities to leverage future tax revenues to fund current improvements and infrastructure projects. By earmarking a designated area as a TIF district, Broken Arrow and Wagoner County aim to attract new businesses, enhance public infrastructure, and create a more attractive environment for residents and visitors alike.
“Wagoner County recognizes the importance of collaboration between the public and private sectors. The TIF district will provide opportunities for partnerships that align with the county’s goals, fostering a collaborative approach to sustainable development,” said Darla Heller, Economic Development Director of Wagoner County.
The sales-tax only TIF district will serve as a catalyst for economic development, attracting businesses and investors to the area. This initiative is expected to create jobs, stimulate commerce, and contribute to the overall economic vitality of Wagoner County. The Sunset at Broken Arrow will be a state-of-the-art outdoor amphitheater located inside the Broken Arrow Events Park, OK (Tulsa Market), projected to break ground in Spring of 2024 with a total capacity of 12,500, comprised of 6 VIP 10-person luxury fire pit suites, 58 VIP 8-person luxury fire pit suites, 138 VIP 4-person luxury fire pit suites, and an Owner’s Club Suite with lifetime ticket access for 156 memberships.
The funds generated through the TIF district will be utilized to enhance public infrastructure, including roads, utilities, and other essential amenities. These improvements are crucial for supporting the project needs in order to grow the community and the county.
“We are optimistic about the positive impact this decision will have on the local economy and the overall well-being of Wagoner County residents. This partnership with Broken Arrow in the TIF district reflects a forward-thinking strategy to address current challenges and build a resilient foundation for the future,” said Commissioner Tim Kelley, Chair Wagoner County Board of Commissioners. “We realize the importance of partnership in growing our county.”
“Wagoner County’s participation to include its sales tax revenue to be collected as part of the increment of TIF #5, is definitely a big win for our shared community. I could not be happier that the Commissioners understand the opportunity and prosperous impact this project will have for the city, county, and entire region. The futures of Broken Arrow and Wagoner County are so closely tied together, this partnership is further proof that local governments can work together to enhance the quality of life for their citizens,” said Broken Arrow City Manager Michael Spurgeon.
Wagoner County is dedicated to seeing projects advance in Broken Arrow as well as the other communities in the county. The County has dedicated staff, funding and commitment by the Board of County Commissioners to economic development efforts. For more information contact Darla Heller, Economic Development Director.
The second hearing of the creation of TIF #5 is Tuesday, January 16, 2023, at 6:30 p.m. during the Broken Arrow City Council Meeting.
