TIF is an economic tool used by cities to stimulate development in a determined area. Developers who invest in a TIF District are incentivized by an opportunity for reimbursement. The increase in property tax revenue generated from the Developer's improvements are allocated to help finance projects that align with the city's stated goals for the area and further encourage economic development.

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In October 2020, The Edmond City Council declared Downtown Edmond a TIF District. The Downtown TIF District is projected to create up to $530 million in new investment.

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Any increase in property tax revenue above the taxes collected prior to development is  referred to as the “tax increment”. The tax increments received by the city are placed in a fund to be used for the reimbursement of approved project costs or improvements. Without the TIF, the city would not have the funding to facilitate these improvements. Examples of improvements include additional parking, streetscape, landscaping and necessary utility infrastructure that paves the way for more development and increases the value of the district overall - creating a place for the community to enjoy.

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The TIF is funded exclusively from property taxes paid by the developer and future property owners within the approved project. It is not funded from existing property taxes or by sales tax or by taxpayer dollars. 

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After development has been completed, after increased property values have been assessed by the Oklahoma County Assessor, after higher taxes have been paid by the developer and received by the City of Edmond, developers will be reimbursed and only if they adhered to guidelines and timeline.

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Approved and in Process Projects:

103 Broadway - mixed use, residential, office and retail

The Oxlley - 270 unit multi family project including a parking garage

The Lark - 41 luxury modern cottages at Fretz and 1st

The Ember - 23 home pocket neighborhood at Blvd and 9th

The Campbell - two buildings, mix of 75 apartment units and commercial space

The Townsend - 23 residential units, office and retail on Stephenson Park

Broadway Lofts - up to 200 residential units on Broadway and Campbell

— Representing almost $200 Million in new development for downtown Edmond with more development in sight.

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The City of Edmond,  Edmond Public Schools, Vo-tech and libraries, Edmond residents, real estate developers and local contractors benefit from TIF.

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