The City of Altus has begun the process of designating a Tax Increment Financial District (TIF) at Altus-Quartz Mountain Regional Airport to prepare for the successful landing of the Sikorsky Training Academy. Increases to ad velorem taxes from within the district can be used to pay for necessary infrastructure needs such as increased electrical, water and sewer, roads, and fencing as required to allow the incoming company to develop.
A “Review Committee” (Altus Local Development Act Review Committee) will be created per Resolution No. 2013-29, passed on July 16, during the regular City Council meeting, to review and recommend to City Council the “merits” of implementing a TIF district.
During the meeting, Attorney Dan McMahan stated the committee will be comprised representatives from the City Council and City Planning Commission, one from each taxing jurisdiction, and three members representing the public at large. During this process membership roles and appointment terms are defined and the function of the committee and statutory guidelines will be established.
According to McMahan, who was hired by the City to assist in the process, once the Review Committee has been created (in open meetings) and completes an investigation, it will present their findings and recommendations to the City Council. There will then be two public hearings followed by a recommendation from the City’s Planning Commission, and then finally a proposal will come before City Council for their consideration.
“A special type of district is used to capture increases in various types of taxes generated from new private investment which occurs in the district,” McMahan said. “This community has seen several examples where TIF Districts have worked very well.”