ALTUS – A pair of tax increment financing districts (TIF) will fund two projects for the industrial and residential areas of Altus.
The city council approved the TIFs without opposition, City Manager Gary Jones said.
One TIF will fund the infrastructure of a housing development that will be built adjacent to Altus Air Force Base.
“This is being done to get more housing in Altus, especially for the people who are in the military,” Jones said.
A builder has already been selected and officials should break ground sometime this summer.
“We already have the engineer working on it and once that’s finished we’ll get the planning commission’s approval and go from there,” Jones said.
The housing development will include 56 single-story townhouses.
Both tax increment financing districts will be based on property taxes. The difference between the current value of property and the value of properties in that area after the improvements are made will pay for the in- infrastructure work, Jones said.
The city will work jointly with the county on the second TIF, which will be an industrial access road that leads to Ridgecrest, Market and Carver roads.
“There is a tremendous amount of truck traffic going to the gin and the cotton complex,” Jones said.