Trinity Mixed Use Development at I-35 & Waterloo Rd. logancountyforward/ Thursday, October 2, 6:30 p.m. Territorial Capital Sports Museum 315 West Oklahoma Guthrie, OK 73044 RSVP is not required. We Want Your Input—Be Heard • Public opinion is of great importance in a project like this, and area residents will be able to share their thoughts and have their questions answered during several public meetings. • Developers have presented to the Logan County Commission and will host two public meetings, during which they will answer all questions relating to the project and TIF. • Community meetings will be held Sept. 22 and Oct. 2 at 6:30 p.m at Waterloo Church of the Nazarene and Territorial Capital Sports Museum. • The Logan County Commission will be asked to appoint a Review Committee to make a recommendation; if approved, the County Commission will hold two additional public meetings. Receive Continuous Project Updates Visit LoganCountyForward for continued project updates and public meeting opportunities. The proposed development site is located on 147 acres of vacant property in Logan County, Oklahoma, on the northwest corner of the intersection of I-35 and Waterloo Road; the project itself is a mixed-use development that will bring countless new jobs and services into the community. Nueterra Properties Group, LLC is the developer. While the 147-acre site will be developed in phases, the first 30-acre phase will feature a hospital, medical office building, convenience store, restaurant and a senior living facility, all of which will serve the entire community. Future phases may include additional retail and restaurants, a skilled nursing facility, urgent care center, offices and a hotel. Currently, the proposed site lacks the necessary utilities and infrastructure to move forward, and the county, city and utility providers have no resource to provide these services. These needs include: • Water supply, storage, treatment and distribution • Sanitary sewer service • Storm water detention • Streets and roads including widening Waterloo Road to relieve existing congestion Benefits for Logan County The Phase I development will create hundreds of long-term, high-paying jobs and generate more than $100 million of new construction. Construction activity for Phase I alone will generate at least $184 million dollars of spin-off economic activity; completed Phase I projects will generate more than $80 million annually in associated economic activity. By constructing a new hospital and medical office buildings, the residents of Logan County and the surrounding areas will have faster access to emergency medical services and other modern, convenient health services. Additional benefits will include improvements to Waterloo Road, which today is frequently congested. The infrastructure improvement plans add two new lanes between I-35 and Sooner Road and include a new center turn lane, a through lane and a right turn lane; the developers will also work with the Oklahoma Department of Transportation to tie its plans for Waterloo Road into the state’s design of the new Waterloo and I-35 interchange. Infrastructure for the site will improve area traffic and lay the foundation for future business owners and retail services, as all utilities can be expanded for use by others. The proposal also relieves the county and its constituents of the economic burden of providing the utilities. Finally, the project overall will generate more than $30 million in new tax revenues for Logan County, the fire district, school district and the voc-tech school. Financing for This Project Typically, governments and utility companies provide the infrastructure for these types of projects. However, with estimated infrastructure improvement costs upward of $12 million—resources not available from local entities—developers would have to cover all infrastructure costs themselves, making the project too expensive to be financially feasible. For this reason, the developer is proposing the use of Tax Increment Financing (TIF), which would relieve the public from the burden of financing these improvements while keeping the project feasible. How will the TIF Work? • The developer will pay for the infrastructure up front • When phase-one buildings are complete, the new taxes they generate will be used to pay off the infrastructure costs over several years • When infrastructure costs are paid off, the taxes are paid as they normally would be to the taxing jurisdictions: the County, fire district, school district, and Vo-tech • Taxes generated by new construction in future phases will be paid to the taxing jurisdictions (estimated at over $30 million in new taxes) Use of TIF ensures: • No taxpayer dollars will be used for the infrastructure • Logan County tax payers will never be at risk for the TIF payments • Hundreds of new jobs will be created • New goods and services will more readily available and accessible • Congestion on Waterloo road will be reduced • Completed project will generate millions of dollars in spin-off economic activity TIF was created by the state as an economic development tool to help local governments offset the development and redevelopment costs of projects like utilities, roads, etc.; essentially, it involves a project developer borrowing against future tax revenues without triggering any kind of tax hike.
Posted on: Thu, 02 Oct 2014 01:36:37 +0000
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