BARTLESVILLE — The city of Bartlesville is working to create a tax increment finance district for a proposed 115-acre development known as Silver Lake Village that will house national retailers and multifamily housing on land along Adams Boulevard and Silver Lake Road.
Bartlesville City Council this week unanimously approved a resolution declaring the intention to create a TIF district that would capture property tax funds to help pay for the public costs of the proposed development.
In February, Bartlesville Development Authority approved plans for the retail center to be developed by Tennessee-based GBT Realty.
“This is a wonderful project for Bartlesville — something we have been pursuing for quite a while,” Bartlesville Mayor Tom Gorman said.
Bartlesville Development Authority trustees have given their approval to a plan that authorizes up to $4.36 million in reimbursement to Bartlesville Investment Partners LLC upon completion of 80,000 square feet of retail space at the site near Lowe’s Home Improvement Store on Adams Boulevard.
The development plan calls for purchasing 85 acres of adjacent land for $1.3 million and another 16 acres of Adams Boulevard frontage for $100,000. GBT Realty is expected to bring to Bartlesville national retailers and restaurant chains that would set up shop in the new center. The development is expected to be built in two phases.
The tax increment finance district is part of the incentive package discussed with the developers as an aid in bringing the project to fruition, Community Development Director Lisa Beeman said.
Discussions can now go forward with the city’s bond attorney, who will look at the financial needs and how long the TIF district would need to stay in place, Beeman said.
Financing through a TIF district, which can remain in place for up to 25 years, allows the money from property taxes to be captured and used to pay for improvements, including sewer and water infrastructure or parking.
“It’s a good way to provide an incentive to a development that we feel is important in our community without the citizens having to pay for it all,” Beeman said.
The Silver Lake Village project is designed to address the demand for well-known brand names in Bartlesville. Additional Silver Lake Village development plans are expected to be placed before the council for consideration in coming weeks.