The Stillwater (Re)Investment Plan (A Stillwater Downtown/Campus Link Project Plan) will create an ad valorem and a sales tax increment district in Stillwater pursuant to the Oklahoma Local Development Act.
The Project Area consists of the downtown area and those areas linking downtown to the Oklahoma State University campus; more specifically the Project Area is bounded as follows: West Hall of Fame Avenue on the north, South Lowry Street on the east, 15th Street on the south, and South Washington Street on the west.
Affected taxing jurisdictions include Stillwater Public Schools, Meridian Technology Center, Payne County, Payne County Health Department and the City of Stillwater.
This is not a new tax or a plan to increase property taxes city-wide. If the redevelopment Plan does not generate new development projects, it can be modified or cancelled by the City Council at any time—without any impact. Nobody loses.
This Plan encourages a cooperative effort from the affected taxing jurisdictions to benefit the community as a whole. Each jurisdiction will continue to receive the ad valorem taxes as currently distributed. However, new ad valorem revenue increases (the “increment”) will be deferred and reinvested in the project area for twenty five years or until $32.5 million is reached, whichever comes first. The Project Plan provides that each taxing jurisdiction except the City will split the first 12% of increment increase realized.
Oklahoma City used a series of tax increment financing reinvestment projects to develop Bricktown and transform its Downtown area. Similar reinvestment projects in Tulsa (Brady District), Broken Arrow (Bass Pro, Rose District) and Jenks (Riverwalk) have significantly redeveloped these areas. Establishment of a sales tax based increment district (Academy) and sales tax rebate programs (Downtown BID, Bradford Place) have provided a significant return on investment for the City. The ad valorem revenues generated by these projects went to Stillwater Public Schools, Meridian Technology Center, Payne County, the Payne County Health Department and the City of Stillwater based on millage requirements.
The City has also made significant investments in infrastructure such as Water 2040 and development agreements within the Southeast Corridor that have facilitated development and enhanced property values. The ad valorem revenues generated by these projects went to Stillwater Public Schools, Meridian Technology Center, Payne County, the Payne County Health Department and the City of Stillwater based on millage requirements.
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.
Reinvestment areas in Oklahoma City and Tulsa have generated growth on properties outside of their boundaries.