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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateOklahoma
Effected JurisdictionOklahoma City
Jurisdiction type: Municipality
Fiscal year ending In2018
Program nameEconomic development Project Plan
Program purpose: General Economic Development (TIF)
Statutory authority: Local Development Act Section 850
Abating jurisdiction(s): City of Oklahoma City
Applicable taxesProperty Tax
Method of abatement: Payment In Lieu of Taxes (PILOT)
Provisions for recapture: Developers are required to pay back the total incentive received if they sell, transfer or otherwise dispose of the property usually within three to five years after the date of completion of the project.
Gross revenue loss: $3,280,000
Reimbursement / offset: $0
Net revenue loss: $3,280,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.okc.gov/departments/finance/financial-and-budget-reports/ann...