DUNCAN — The Board of Stephens County Commissioners will consider a measure to establish a tax increment financing district centered on the Stephens County Refinery Property.
The commission will discuss a project plan and a resolution establishing one or more TIF districts around the refinery site during the board’s regular meeting, set for 9:30 a.m. Monday in Room 201 at the Stephens County Courthouse, according to the agenda.
The county is looking at establishing a TIF district around the refinery property, located one-half mile east of the intersection of Old U.S. 81 and Refinery Road. The site has been idle since the 1980s, when Sun Oil Co./Tosco Corp. closed its refinery.
The Edmond-based fuel producer Green Fuels Operating plans to open a plant at the site.
Economic development TIF districts spur economic development by using the tax dollars that the district generates to pay for public improvements and other eligible projects, according to the Oklahoma Department of Commerce. The governmental entity that creates the district borrows money to finance those projects, then repays the loan with part of the tax revenue from the district.
That money may only be used for publicly approved project costs within a specific area, known as a project zone, according to the Commerce Department.
The taxing jurisdictions that rely on tax revenue for funding will receive the same amount of revenue that they did before the TIF district was established,. Only the new revenue generated by the district may be used to pay off the loan.
Under state law, the government entity that establishes a TIF district must appoint a review committee to study the potential economic impact of the district and make a recommendation to the governing body.
The county commission recently appointed Commissioner Russell Morgan to serve on the review committee for the proposed TIF district around the refinery site. The committee will also include representatives from Comanche Public Schools, the Stephens County Health Department and Red River Technology Center, as well as three people representing the public at large.
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Eric Swanson has more than 20 years’ experience covering local government and criminal justice in Oklahoma, Kansas and North Dakota. He can be reached at eric.swanson@swoknews. com.