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HomeMy WebLinkAbout2016 15_Tax Increment (TIF)_2016.09.20CITY OF OWASSO RESOLUTION 2016 -15 A RESOLUTION OF THE CITY OF OWASSO, OKLAHOMA, DECLARING THE INTENT TO CONSIDER APPROVAL OF A PROJECT PLAN AND CREATION OF A TAX INCREMENT DISTRICT UNDER THE LOCAL DEVELOPMENT ACT; DIRECTING PREPARATION OF A PROJECT PLAN; APPOINTING A REVIEW COMMITTEE; DIRECTING THE REVIEW COMMITTEE TO MAKE FINDINGS AS TO ELIGIBILITY AND FINANCIAL IMPACT, IF ANY, ON TAXING JURISDICTIONS AND BUSINESS ACTIVITIES WITHIN THE DISTRICT; AND DIRECTING THE REVIEW COMMITTEE TO MAKE A RECOMMENDATION WITH RESPECT TO THE PROPOSED PROJECT WHEREAS, it is an objective of the City of Owasso, Oklahoma ( "City "), to promote economic development within its boundaries in order to attract major investment, enhance the tax base, stimulate economic growth, and improve the quality of life in and around the City; and WHEREAS, the City envisions the development of its Redbud District as a new destination area for the City, consisting of infill development with commercial, residential, and office components, and improved streetscapes and pedestrian accessibility ( "Project'); and WHEREAS, in order to promote and stimulate economic development, it is necessary and desirable to establish a legal framework and funding mechanism to provide public assistance to the Project; and WHEREAS, a key objective of the Project is the development of a retail component; and WHEREAS, for the health, safety, and public welfare of the residents of the City, it is appropriate and desirable to consider and adopt a project plan and an increment districts for the Project pursuant to the Oklahoma Local Development Act, 62 O.S. §850, et seq. ( "Act'); and WHEREAS, the Act was passed by the Oklahoma Legislature to implement Section 6C of Article X of the Oklahoma Constitution, which empowers the governing bodies of cities, towns, and counties to apportion tax increments to help finance the public costs of economic development; and WHEREAS, the development of the area depends upon the utilization of tax increment financing to help finance the public costs of the development; and WHEREAS, without the development of a Project, the preparation of a project plan, the establishment of an increment district, and other authorizations provided for in the Act, economic growth in and surrounding the Redbud District would be difficult or impossible; and WHEREAS, the Act requires the appointment of a Review Committee to review and make a recommendation concerning a proposed district, plan, or project, to consider and make findings and recommendations with respect to the conditions establishing the eligibility of the proposed district, and to consider and determine whether a proposed plan and project will have a financial impact on any affected taxing jurisdiction and business activities within a proposed district and to report its findings and make its recommendations to the governing body;and 1 WHEREAS, the Act provides that the membership of the Review Committee shall consist of the following: a representative of the governing body who shall serve as chairperson; a representative of the planning commission having jurisdiction over the proposed increment district; a representative designated by each taxing jurisdiction within the proposed district whose taxes might be impacted by the plan; and three members representing the public at large as selected by the other committee members from a list of seven names submitted by the chairperson of the Review Committee; and WHEREAS, the taxing jurisdictions within the proposed district whose taxes might be impacted by the establishment of an increment district within the City are (1) Tulsa County; (2) City- County Library; (3) City- County Health Department; (4) Tulsa Technology Center; (5) Tulsa Community College; and (6) Owasso Public Schools. WHEREAS, at least one of the Review Committee members representing the public at large shall be a representative of the business community and, because a key objective of the Project may be the development of a significant retail component, such member shall be a retailer or a representative of a retail organization; and WHEREAS, consistent with the Act, the membership of the Review Committee shall consist of the following: one representative of the City of Owasso City Council, who shall serve as chairperson of the Review Committee; one representative of the Owasso Planning Commission to be designated by that body; one representative of Tulsa County to be designated by that body; one representative of the City- County Library to be designated by that body; one representative of the City- County Health Department to be designated by that body; one representative of the Tulsa Technology Center to be designated by that body; one representative of the Tulsa Community College to be designated by that body; one representative of the Owasso Public Schools to be designated by that body; and three members representing the public at large, at least one of whom is a representative of the business community in the City and is a retailer or a representative of a retail organization, selected by the other Review Committee members from a list of seven names submitted by the chairperson of the Review Committee. WHEREAS, the Review Committee shall review and make a recommendation concerning a proposed project plan including a potential increment district, consider and make findings and recommendations with respect to the conditions establishing the eligibility of the proposed increment district, and to consider and determine whether the proposed Project and project plan will have a financial impact on any taxing jurisdiction and business activities within the proposed increment district and to report its findings and make its recommendations to the City. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF OWASSO, THAT: Section One: The Council of the City of Owasso intends to consider approval of a project plan and creation of a tax increment district to facilitate the financing of eligible project costs and hereby directs the preparation of a project plan to be submitted for consideration in accordance with the Act. Section Two: A Review Committee is hereby appointed whose membership shall consist of the following: one representative of the City of Owasso City Council, who shall serve as chairperson of the Review Committee; one representative of the Owasso Planning Commission to be designated by that body; one representative of Tulsa County to be designated by that 2 body; one representative of the City- County Library to be designated by that body; one representative of the City- County Health Department to be designated by that body; one representative of the Tulsa Technology Center to be designated by that body; one representative of the Tulsa Community College to be designated by that body; one representative of the Owasso Public Schools to be designated by that body; and three members representing the public at large, at least one of whom is a representative of the business community in the City and is a retailer or a representative of a retail organization, selected by the other Review Committee members from a list of seven names submitted by the chairperson of the Review Committee. Section Three: Mayor Lyndell Dunn shall serve as the City of Owasso City Council's representative and chairperson of the Review Committee. Section Four: The chairperson of the Review Committee shall request that each of the following entities designate a representative to serve on the Review Committee: (1) Owasso Planning Commission; (2) Tulsa County; (3) City- County Library (4) City- County Health Department; (5) Tulsa Technology Center; (6) Tulsa Community College; and (7) Owasso Public Schools. Section Five: The chairperson of the Review Committee shall submit a list of seven names, at least one of whom is a representative of the business community in the City and is a retailer or a representative of a retail organization, to represent the public at large on the Review Committee, Section Six: The other Review Committee members shall select three people from the list submitted by the chairperson who shall represent the public at large on the Review Committee; at least one of the three people selected to represent the public at large shall be a representative of the business community in the City and a retailer or a representative of a retail organization. Section Seven:The Review Committee shall consider and make its findings and recommendations to the City of Owasso City Council with respect to the conditions establishing the eligibility of the proposed increment district and the appropriateness of approval of the proposed project plan and Project. Section Eight: The Review Committee shall consider and determine whether the proposed project plan and Project will have a financial impact on any taxing jurisdiction and business activities within the proposed increment district and shall report its findings to the City of Owasso City Council. Section Nine: The Owasso Planning Commission shall review the proposed project plan and shall make its recommendation regarding the project plan to the City of Owasso City Council. PASSED AND APPROVED this 20th day of September, 2016. APPROVED AS TO FORM: �0 Ju Lombardi, City Attorney L de Dunn, Mayor lgppfR p 0—A-c—oxwon- TO: O� The Honorable Mayor and City Council Sop 2 UIV C14 City of Owasso 2016 FROM: Bronce L. Stephenson, MPA Director of Community Development SUBJECT: Resolution 2016 -15 - Creation of a Tax Increment Financing (TIF) District in Owasso's Redbud District DATE: September 16, 2016 BACKGROUND: The City of Owasso has looked into the development of a Tax Increment Financing (TIF) District covering the downtown Redbud District area. The Council approved an engagement letter with the Center for Economic Development Law (CEDL) to allow staff to work with the firm in exploring the viability of a TIF in the Redbud District area. This item was brought before the City Council at the August work session for initial discussion. A possible TIF in the Redbud District was discussed by the Owasso Economic Development Authority during their August meeting and this item will be presented to the Planning Commission for discussion. TIMELINE: Oklahoma State Statutes outline a specific process for the creation of a TIF District. The following outlines the process and target date for the creation of the TIF: Steps for Considering and Creating a TIF District: 1. Governing Body Initiation of Process. a. Governing body resolution establishes the review committee and appoints its representative. b. The Review Committee consists of: 1. A representative of the governing body, to serve as chairperson; 2. A representative of the planning commission, if applicable; 3. A representative designated by each taxing jurisdiction within the proposed TIF district whose ad valorem taxes might be impacted by the project; and 4. Three members (at least one of which represents the business community) representing the public at -large and selected by the other Review Committee members from a list of seven names submitted by the chairperson of the committee. 2. Review Committee Consideration. a. Committee elects at -large members. b. Committee studies proposed project and makes findings on eligibility of proposed project area and TIF district. c. Committee makes findings on financial impacts of proposed project upon affected taxing jurisdictions and business activities in the proposed TIF district. d. Committee makes a recommendation regarding approval of proposed project and creation of TIF district. 3. Planning Commission Review. a. Planning commission determines whether proposed project plan conforms with comprehensive (master) plan, if applicable. b. Planning commission makes a recommendation regarding approval of proposed project plan. 4. Governing Body Consideration and Approval. a. Governing body must hold two public hearings before adoption of a project plan - one to provide information, including an analysis of potential impacts, and to answer questions, and a second to give interested persons the opportunity to express their views on the proposed project plan. b. Governing body considers the findings and recommendation of the review committee and the resolution and recommendation of the planning commission, if applicable. c. Governing body makes final determination that the proposed TIF district meets the eligibility criteria of the statute, including that the project area is an enterprise area, a historic preservation area, or a reinvestment area. d. Governing body makes finding that the improvement of the area is likely to enhance the value of other real property in the area and to promote the general public interest. e. Governing body adopts ordinance (or resolution) approving the project and establishing the TIF district. Staff would ask the TIF Review Committee to provide a recommendation to the City Council by December 12, 2016. That would allow the Council to hold a worksession discussion prior to voting on the creation of a TIF at the December 20, 2016, regular meeting. A proposed schedule is attached to this memo. ACTION: Staff is requesting the City Council approve a resolution at the September 20, 2016 City Council meeting that would create a TIF Review Committee, appoint a representative to the TIF Review Committee, and authorize the preparation of a project plan for consideration by the TIF Review Committee. This action does not create a TIF District, it is simply the first step in the process of exploring if a TIF District is a viable option to assist in the redevelopment of downtown Owasso. RECOMMENDATION: Staff recommends Council approval of Resolution 2016 -15, which does the following: • Declare the intent to consider approval of a project plan and creation of a Tax Increment district under the Local Development Act; • Direct preparation of a project plan; • Appoint a Review Committee; • Direct the Review Committee to make findings as to eligibility and financial impact, if any, on taxing jurisdictions and business activities within the district; • Direct the Review Committee to make a recommendation with respect to the proposed project. ATTACHMENTS: Resolution 2016 -15 Proposed TIF Schedule Memo dated August 5, 2016, Council Worksession TIF Map TIF Presentation from CEDL- August 9, 2016 Council Work Session TIF Creation Procedure Document from CEDL DATE September 20, 2016 September 22, 2016 October 13, 2016 October 25, 2016 October 27, 2016 November 1, 2016 November 3, 2016 November 8, 2016 November 10, 2016 November 14, 2016 November 21, 2016 OWASSO REDBUD DISTRICT PROJECT Proposed Adoption Schedule Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 910 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Sun Mon Too Wed Thu FN Sal 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 27 28 29 EVENT Sun Mon Too Wed Thu Fri Sat 1 2 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17. 18 19 20 21 22 23 24 25 26 27 28 29 Sun Mon Tho Wed Tiro Fri Sat 1 2 3 5 6 7 8 9 to 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 F City Council resolution declaring intent to consider Project Plan and appointing Review Committee Letters to affected taxing jurisdictions requesting Review Committee member selections Economic Development Authority — presentation of tax increment financing Post Agenda of Review Committee first meeting Review Committee first meeting Post Agenda of Review Committee second meeting Review Committee second meeting Post Agenda of Review Committee third meeting Review Committee third meeting Planning Commission meeting — resolution re: conformance with Comprehensive Plan Newspaper publication and website posting of notice of public DRAFT 9 -12 -16 Subject to review and update hearings; Project Plan and Economic Impacts Report on City Website and at City Clerk's office November 21, 2016 Notice of Hearings Mailed/Emailed to Registrants December 6, 2016 City Council First Public Hearing of Ordinance Establishing TIF December 20, 2016 City Council Second Public Hearing of Ordinance Establishing TIF December 22, 2016 Request for determination of Base Assessed Value by County Assessor; request for determination of sales tax base December 22, 2016 Notice to Oklahoma Tax Commission and Oklahoma Department of Commerce Spring, 2017 Notice to School District of opportunity to protest Base Assessed Value (send immediately after County Assessor certifies Base Assessed Value) DRAFT 9 -12 -16 Subject to review and update OTe City Wit out Limits. TO: The Honorable Mayor and City Council City of Owasso FROM: Bronce L. Stephenson, MPA, Director of Community Development Julie Trout Lombardi, City Attorney Chelsea M.E. Levo, Director of Economic Development SUBJECT: Presentation and Discussion of a Tax Increment Financing (TIF) District with Center for Economic Development Law DATE: August 5, 2016 BACKGROUND: The City of Owasso's roots are firmly set in the downtown area around Main Street as this was where the City began around the rail depot. As this City has grown, developed and sprawled away from its core, the downtown area has seen little reinvestment and has been somewhat of a forgotten area anchored only by public services and light commercial activity. A downtown is the heart of a City and across the State of Oklahoma and the Country, Americans have been re- discovering and redeveloping their downtowns. The City of Owasso and its citizens have long seen a desire to redevelop the Main Street area as evidenced by the Downtown Master Plan that was developed in 2001. This Master Plan was the result of hundreds of hours of input from staff, the community and elected officials. Unfortunately, not much came out of this plan. The City saw the creation of the Quality of Life Plan in 2011, which involved citizens designing their ideal Owasso. Much of the input from this document discussed the redevelopment of the downtown area and creating that "special place" that Owasso was missing. In 2013, the City finished the GrOwasso 2030 Land Use Master Plan, which took a great deal of input from Owasso's.citizens. Again, the direction was that this community wanted to redevelop and enhance Owasso's downtown. The document called for a downtown development district to create development standards that would create a special place in Owasso. On the heels of the GrOwasso Plan, Community Development staff created a Downtown Overlay District, which was reviewed and approved by the Planning Commission and City Council. The Downtown Overlay District created special requirements for development in the area, restricted incompatible uses, removed costly development standards and set the table for redevelopment of the area. The Overlay was a way to show potential developers that Owasso was serious about the redevelopment of the downtown and set a new standard for quality development. The issue of Downtown redevelopment was the topic of the 2015 Owasso Economic Summit. Staff, along with guests from other successful communities, presented on the vision and how to successfully transform downtown areas. One of the key takeaways is that downtown areas do not see success without public- private partnerships to create opportunities for new development. These partnerships allow new development to be successful in areas where they would otherwise fail. After the Economic Summit, multiple investors approached staff wanting to be a part of downtown's redevelopment, but were faced with the daunting reality of investing new development dollars into an area that had not seen any public or private dollars invested in years. Since the summit, staff has had multiple opportunities to speak to citizen, business and civic groups about Owasso's downtown, with great public support and interest. Staff worked with the community and stakeholders to develop a brand for the redevelopment of downtown, with the Redbud District as the chosen name. By letting the community help to name and choose the logo, interest in the redevelopment of downtown is more popular than ever. CENTER FOR ECONOMIC DEVELOPMENT LAW: Recently, Economic Development Director Chelsea Levo, Community Development Director Bronce Stephenson, Assistant City Manager Sherry Bishop and City Attorney Julie Lombardi met with the Center for Economic Development Law (CEDL) of Oklahoma City to discuss utilizing their services and expertise of incentive districts for the development of downtown Owasso. As Owasso's Redbud District is on the cusp of redevelopment, the creation of an incentive district increases options for making the downtown revitalization a success. Tax Increment Financing (TIF) Districts have been successfully utilized in transforming areas such as El Reno, Ardmore, Norman, Lawton, Enid, Midwest City, Oklahoma City, Tulsa, Broken Arrow and numerous other communities across the state. An engagement letter with the CEDL was approved by the City Council. 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Batdidm Oklahoma City, Oklahoma _ Emily K. Pomeroy 7;702 -3421 '. CENTER FOR ECONOMIC Lisa M. Harden DEVELOPMENT LAW Jcti Sabin '• � 405 232 4606 re,.uvxo e OF COUNSEL 405 232 5010 FACSIMILE John C, ylchfurry et•wm.econlmv.com CONSIDERATIONS AND PROCEDURE FOR CREATING A TAX INCREMENT FINANCE DISTRICT UNDER THE LOCAL DEVELOPMENT ACT I. Background: Redevelopment Using Tax Increment Financing The Oklahoma Constitution authorizes the development or redevelopment of areas determined by a city, town, or county to be unproductive, undeveloped, underdeveloped, or blighted. The Local Development Act provides tools to be used in cases where investment, development, and economic growth in an area are difficult but possible if the Act is used. One of the Act's tools is tax increment financing (TIF), which allows a city, town or county to direct the apportionment of an increment of certain local taxes and fees to finance public project costs in order to stimulate development in an area (the TIF district and the project area). The increment is (a) the portion of ad valorem taxes produced by the increased value of the property in the TIF district, measured from the date the ordinance creating the district is passed, and /or (b) the portion of sales taxes collected each year that are generated by the projects in the TIF district, as determined by a formula approved by the governing body. The TIP district is established by the development and approval of a project plan, which specifies the project area, the boundaries of the increment district, the objectives for the project area, the activities to be carried out in furtherance of those objectives, and the costs. TIF districts have been validated by court proceedings involving the two TIF districts in Oklahoma City (for economic development projects at the Oklahoma Health Center and for the Downtown /MAPS project) and the TIF district in Guymon (for the Guymon- Seaboard Economic Development project). II. Steps for Considering and Creating a TIF District: 1. Governing Body Initiation of Process. a. Governing body passes resolution establishing review committee and appoints its representative. i. The Review Committee consists of: 1. A representative of the governing body, to serve as chairperson; 2. A representative of the planning commission, if applicable; A representative designated by each taxing jurisdiction within the proposed TIF district whose ad valorem taxes might be impacted by the project; and 4. Three members (at least one of which represents the business community) representing the public at -large and selected by the other committee members from a list of seven names submitted by the chairperson of the committee. 2. Review Committee Consideration. a. Committee elects at -large members. b. Committee studies proposed project and makes findings on eligibility of proposed project area and TIF district. c. Committee makes findings on financial impacts of proposed project upon affected taxing jurisdictions and business activities in the proposed TIP district. d. Committee makes a recommendation regarding approval of proposed project and creation of TIF district. 3. Planning Commission Review. a. Planning commission determines whether proposed project plan conforms with comprehensive (master) plan, if applicable. b. Planning commission makes a recommendation regarding approval of proposed project plan. 4. Governing Body Consideration and Approval. a. Governing body must hold two public hearings before adoption of a project plan — one to provide information, including an analysis of potential impacts, and to answer questions, and a second to give interested persons the opportunity to express their views on the proposed project plan. b. Governing body considers the findings and recommendation of the review committee and the resolution and recommendation of the planning commission, if applicable. c. Governing body makes final determination that the proposed TIF district meets the eligibility criteria of the statute, including that the project area is an enterprise area, an historic preservation area, or a reinvestment area. d. Governing body makes finding that the improvement of the area is likely to enhance the value of other real property in the area and to promote the general public interest. e. Governing body adopts ordinance (or resolution) approving the project and establishing the TIF district.