The Enid News and Eagle, Enid, OK

February 24, 2014

County hires attorney for TIF project

Dale Denwalt, Staff Writer
Enid News and Eagle

ENID, Okla. — Garfield County commissioners have obtained legal services in advance of talks to create a tax increment finance district on the site of Koch Nitrogen's plant on the outskirts of Enid.

Koch has requested the TIF district to help diminish the cost of a large construction project they have that would expand output of their current facility and reduce its daily potable water usage to about one-fifth its current level.

A TIF is a tool used by government subdivisions to take a portion of the incremental increase on property taxes for a period of time to put back into the facility to help defray costs associated with substantial construction. Similar TIF districts were created for the planned Oakwood Mall renovation, a new canola plant and other large projects completed recently.

The Public Finance Law Group PLLC will offer legal expertise on handling the intricacies of the TIF. A review committee is being created to study the financial impacts of the TIF. The committee has not met yet.

During their regular meeting Monday, commissioners also approved an agreement between the county and Koch that will allow the company to pay for the initial costs of creating a tax increment district. Commissioners said these costs will be for hiring Public Finance Law Group.