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HomeMy WebLinkAbout2025.07.15_TIF Joint Resolution_OPWA City County Library of TulsaJOINT RESOLUTION OWASSO PUBLIC WORKS AUTHORITY AND CITY -COUNTY LIBRARY COMMISSION OF TULSA COUNTY TRANSFERRING $150,000.00 OF AVAILABLE INCREMENTAL REVENUE FROM INCREMENT DISTRICT NO. 1, CITY OF OWASSO, FOR PUBLIC INFRASTRUCTURE IMPROVEMENTS IN CONNECTION WITH A PROJECT CONSISTENT WITH THE OWASSO REDBUD DISTRICT PROJECT PLAN WHEREAS, the City of Owasso, Oklahoma ("City"), pursuant to the Oklahoma Local Development Act, 62 O.S. §850, et seq. ("Act"), adopted Ordinance 1093, effective December 20, 2016, approving the Owasso Redbud District Project Plan ("Project Plan") and establishing Increment District No. 1, City of Owasso, a sales tax and ad valorem increment district ("Increment District"); and WHEREAS, the purpose of the Project Plan is to help the City achieve its development objectives by authorizing the appropriate and necessary public support and assistance for the development and enhancement of the area surrounding Main Street, known as the Redbud District, as a special and unique place within Owasso, a place to live, work, shop, and play ("Project"); and WHEREAS, the Project Plan supports the City's efforts to achieve its development objectives, improve the quality of life for its citizens, stimulate private investment, and enhance the tax base, thereby making possible investment that would be difficult without the adoption of the Project Plan and the apportionment of incremental ad valorem and sales tax revenues; and WHEREAS, objectives of the Project Plan include (1) support for the creation of mixed - use developments to draw residents and visitors and (2) construction of public infrastructure and improvements to allow for development in the area; and WHEREAS, the Project Plan authorizes the allocation of incremental revenues to an apportionment fund to be used to pay authorized project costs, including Public Infrastructure Facilities, and Improvements; and WHEREAS, the Project Plan authorizes the Authority to carry out implementation actions in accordance with approvals; and WHEREAS, the City -County Library Commission of Tulsa County ("Library") is partnering with West Family Development, LLC ("Developer") for the development of a unique mixed -use building that includes construction of a new 20,000 square foot public library on the lower floor and 50,000 square feet of residential apartments on the upper floor, and associated parking, access, and necessary public improvements ("Library Project"); and WHEREAS, the Library intends to enter into a Ground Lease and Development Agreement and Condominium Purchase Agreement with the Developer to construct the Library Project on certain property owned by the Library (the "Library Project Site") that lies within the Project Area and Increment District, as defined in the Project Plan, and proposes to construct and develop the Library Project on the Library Project Site; and WHEREAS, the Library Project requires the relocation of a sanitary sewer line on the Library Project Site in order to construct the Library Project ("Utility Relocation"), which the Library shall cause the Developer to construct; and WHEREAS, the Library Project is consistent with the Project Plan and the development objectives of the City and the Authority for the enhancement of the Redbud District will be advanced by the Library Project; and WHEREAS, in order to facilitate the development of the Library Project on the Library Project Site, upon completion of the Utility Relocation, evidenced by verification by the Public Works Department of the City of Owasso that the Utility Relocation has been completed in accordance with required permits and approvals, the Authority agrees to transfer to the Library $150,000.00 in available incremental revenue from the Increment District; and WHEREAS, the Increment District apportionment fund includes available incremental revenue sufficient for the contemplated transfer, which is authorized by the Project Plan as a Public Infrastructure, Facilities, and Improvements project costs expenditure; and WHEREAS, the Library agrees to use the incremental revenues provided by the Authority solely for the purpose of reimbursement for the costs of causing the Utility Relocation necessary for the Library Project to be constructed; and WHEREAS, the Library agrees that it will provide quarterly updates, in writing, to the Authority regarding the progress of the Utility Relocation and the expenditure by the Library of the costs of the Utility Relocation, and the Library further agrees to provide update presentations to the Authority's Board of Trustees if requested. NOW, THEREFORE, BE IT JOINTLY RESOLVED by the Board of Trustees of the Owasso Public Works Authority and the Board of Commissioners of the City -County Library Commission of Tulsa County that: Section One: Upon completion of the Utility Relocation, evidenced by verification by the Public Works Department of the City of Owasso that the Utility Relocation has been completed in accordance with required permits and approvals, the Authority agrees to provide to the Library $150,000.00 in available incremental revenue from the Increment District. Section Two: The Library agrees to use the incremental revenues provided by the Authority solely for the purpose of reimbursement of the costs of causing the Utility Relocation necessary for the Library Project to be constructed. 2 Section Three: The Library agrees that it will provide quarterly written updates to the Authority regarding the progress of the Utility Relocation and the expenditure by the Library of the costs of the Utility Relocation, and the Library further agrees to provide update presentations to the Authority's Board of Trustees if requested. PASSED AND APPROVED by the board of trustees of the owasso public works authrority 15 day of july, 2025 ATTEST: By: Juliann M Stevens, Authority Clerk APPROVED AS TO FORM Julie :ombardi, Authority Attorney Alvin Fruga, Chair PASSED AND APPROVED by the Board of Commissioners of the City -County Library Commission of Tulsa Countythis 18 day of September 2025 (SEAL) ATTEST: Bv. Secretary au,.d fiarsan 3 Lea ne Helmerich, Chair