City council approves Tax Increment Finance plan
The Chickasha City Council voted 5-4 on September 3rd to adopt the “Gateway to Chickasha” Economic Development Project Plan, which creates two tax increment finance (TIF) districts.
Council members Kea Ginn, Georgianne Hebblethwaite, Erica Alexander, Oscar Nelson, and mayor Zach Grayson voted in favor of adopting the plan. Council members John Smith, Charles Burruss, Brian Gerdes, and Kelly Boyd voted against.
The project plan designates two TIF districts: one centered on the downtown business district, the other following East Choctaw Avenue/Highway 62 and the Grand Avenue extension to the Interstate 44 interchange. A separate council action is still required to activate each district. The activation may occur at any time within the next ten years.
Once activated, 50% of new ad valorem and city sales tax from the district—above the existing value at time of activation—will be retained by the City of Chickasha to pursue major infrastructure improvements throughout the project area. Funding may also be used to reimburse private developers for a portion of public improvements. It does not increase nor decrease any tax rates. Other taxing entities, including Chickasha Public Schools, Canadian Valley Technology Center, and Grady County, will still receive the same amount or more from ad valorem taxes.
The planning process began in December 2023 with the formation of the TIF Committee, which included representation from each taxing entity and local business owners from varied industries. The project plan was unanimously approved by the committee in June, and unanimously recommended by the city Planning Commission in July.