Oklahoma § 62-866 - Agreements between governing body and property owners

§ 62-866. Agreements between governing body and property owners

A. There shall be a written agreement between the governing

body and the property owners who are granted tax incentives or

exemptions pursuant to Section 860 of this title. The written

agreement may include, but shall not be limited to, the following:

1. A description of all proposed improvements to the property;

2. Provide access to and authorize inspection of the property

by city, town or county employees to ensure that the improvements or

repairs are made according to the specifications and conditions of

the agreement;

3. Limit the uses of the property consistent with the general

purpose of encouraging development or redevelopment of the area

during the period that the tax incentives or exemptions or the

increment financing are in effect;

4. Provide for recapturing the local tax revenue lost as a

result of the agreement if the owner of the property fails to make

the improvements or repairs as provided by the agreement; and

5. Include any other requirement deemed by the governing body

necessary to carry out the agreement.

B. There shall be a written agreement between the governing

body and the property owners in historic preservation areas who are

granted ad valorem tax exemptions pursuant to subsection D of

Section 860 of this title. The written agreement shall include the

following:

1. List the location of the property;

2. Provide access to and authorize inspection of the property

by city, town or county employees to ensure that the property is

being maintained according to the specifications and conditions of

the agreement;

3. Limit the uses of the property consistent with the general

purpose of encouraging neighborhood commercial preservation of the

area during the period that the ad valorem tax exemptions are in

effect;

4. Provide for recapturing the ad valorem tax revenue lost as a

result of the agreement if the owner of the property fails to

maintain the property as provided by the agreement;

5. Specify the time frame of the agreement including whether

renewals can occur, at what time such renewals can occur and under

what conditions renewals can occur;

Oklahoma Statutes - Title 62. Public Finance

6. Specify rehabilitations, preservation efforts and other

specific actions that should be taken by the property owners on an

individual or collective basis;

7. Provide for reciprocal actions by public entities to

protect, enhance and improve the commercial historic preservation

area and the surrounding residential areas served by such districts;

8. Provide review and approval procedures that may be used when

usage or ownership of the property changes; and

9. Include any other requirement deemed by the governing body

necessary to carry out the agreement.

C. The governing body shall enter into written agreements with

active project participants of increment projects. The written

agreement may include, but shall not be limited to, the provisions

specified in paragraphs 1 through 5 of subsection A of this section.

Added by Laws 1992, c. 342, § 17. Amended by Laws 2000, c. 351, §

7, emerg. eff. June 6, 2000; Laws 2001, c. 382, § 2, eff. Nov. 1,

2001; Laws 2021, c. 571, § 3, eff. Nov. 1, 2021.