It shall be the policy of the city of Eufaula to comply with the Oklahoma state statutes governing the use of tax increment finance (TIF) districts, including, and in addition to, the following principles:
A. A TIF district shall only be used in those cases where investment, development, and economic growth is difficult, but is possible if tax increment financing is available.
B. A TIF district shall not be used in areas where investment, development, and economic growth would have occurred without the use of tax increment financing.
C. The city of Eufaula shall seek to establish TIF districts that can demonstrate a substantial, quantifiable, and long term benefit to the city. The portion of public investment required should be reasonably based on the benefit received by the citizens of Eufaula.
D. The incremental funds generated within a TIF district shall be used to supplement, and not supplant, normal public functions and services.
E. The city of Eufaula has a strong preference for utilizing incremental revenue in a TIF district for infrastructure development and improvement. Applicants requesting a TIF district for noninfrastructure purposes may be required to further enhance the structure of their proposal in consideration for approval. The city of Eufaula may require that a subsequent change in ownership result in a cost to the applicant in cases when funding is used for noninfrastructure purposes.
F. The city of Eufaula shall consider capturing less than one hundred percent (100%) of the incremental revenue, allowing the affected taxing bodies some benefit as the increment increases.
G. The TIF plan shall specify a reasonable time frame for accomplishing the plan goals.
H. A review committee, appointed by the city council, shall be responsible for receiving all information required of the applicant and issuing a recommendation regarding the application to the city council.
1. A review committee shall consist of:
a. A representative of the city council as chairperson.
b. A representative of the city planning commission.
c. A representative of each taxing jurisdiction within the proposed district.
d. Three (3) members representing the public at large selected by the other committee members from a list of seven (7) names submitted by the chairperson of the review committee.
2. The review committee shall comply with all requirements of 62 Oklahoma Statutes section 855.
I. An analysis of all active TIF districts and their impact on all affected taxes, individually and in the aggregate, shall be conducted and reported to the mayor and city council within ninety (90) days of the end of each fiscal year. (Ord. 07-3-2, 3-5-2007)