Owasso council adopts amendment extending 10% development assistance throughout life of Redbud District TIF

The Owasso City Council approved Resolution 2025‑03 to amend the policy guide for implementation of the Redbud District project plan (Tax Increment Financing District No. 1), extending a 10% development assistance level in hard construction costs through the remainder of the TIF's term.

Chris Garrett, speaking for staff, said the TIF was approved in December 2016 to help revitalize downtown. He told council that actual collections have lagged original expectations: staff estimated the plan would collect $17 million over the life of the district but reported that as of March the district had collected $2.8 million. Garrett said staff is working with a developer whose request sits outside the current incentive schedule and that developers may not find the existing 8% or 6% assistance levels attractive enough.

Under the amendment approved by council, the 10% assistance level would apply for the remainder of the TIF term. Garrett said finance staff ran the numbers and believe the TIF can support the higher assistance without requiring ad hoc extensions; he said the change would avoid the appearance of the council granting special consideration to individual projects. Councilors discussed the remaining term (Garrett said 16 years remain, and the council is nine years into the TIF) and trading off an incentive cliff versus a consistent rate for the district's remainder.

After discussion expressing support for a predictable incentive, the council voted to adopt the resolution. Staff said the amendment aims to make downtown development more predictable and to reduce the need for case‑by‑case extensions of assistance.