Jenks City Council has taken significant steps towards economic development with the approval of two key resolutions during their recent meeting. The council unanimously passed Resolution 878, which establishes Tax Increment Financing (TIF) District 7, aimed at supporting future development along Elm Street, just south of Polcat Creek. This TIF will officially commence on January 1, 2028, and will last for 25 years, concluding in December 2052. The TIF is designed to enhance the area’s infrastructure, paving the way for new projects that will ultimately benefit the community.

In a related move, the council approved Resolution 879, authorizing the Jenks Economic Development Authority to assist in the Jenks River District economic development project. This resolution includes a development agreement with Fields on Elm Street LLC, which will provide up to $55 million in financing for public infrastructure improvements. These improvements are expected to support a substantial development project, which includes a 270-unit condominium, an interactive sports facility, and approximately 128,000 square feet of retail space. The projected investment from the developer is around $258 million, anticipated to generate approximately $40 million in new retail sales annually, translating to about $1.4 million in new sales tax revenue for the city.

The council emphasized that the TIF funding is not a blank check for the developer; rather, it is a structured reimbursement plan based on the tax revenues generated by the new developments. This approach ensures that the financial risk remains with the developer while facilitating necessary infrastructure improvements that the city would need to undertake regardless of the project.

Additionally, the city manager reported a 36% increase in sales tax collections for August compared to the previous year, highlighting the positive economic impact of recent developments, including the new mall. The council's decisions are expected to stimulate further growth and enhance the quality of life for Jenks residents, setting the stage for a vibrant economic future.