Oklahoma § 62-874 - Establishment of incentive district - Project plan for

§ 62-874. Establishment of incentive district - Project plan for

development or redevelopment – Resolution - Public hearing - Notice.

A. Upon receipt of the approval of the Executive Director of

the Oklahoma Housing Finance Agency as provided in subsection C of

Section 4 of this act, the governing body may proceed with the

establishment of the district. Before doing so, the governing body

shall adopt a project plan for the development or redevelopment of

housing and public facilities in the proposed district. Such

project plan may include plans for one or more projects, and the

length of any individual project shall not exceed fifteen (15)

years. The project plan shall include, but not be limited to, the

following:

1. The legal description and map required by subsection A of

Section 4 of this act;

2. The existing assessed valuation of the real estate in the

proposed district, listing the land and improvement values

separately;

3. A list of the names and addresses of the owners of record of

all real estate parcels within the proposed district;

4. A description of the housing and public facilities project

or projects that are proposed to be constructed or improved in the

proposed district, and the location thereof;

Oklahoma Statutes - Title 62. Public Finance

5. A listing of the names, addresses and specific interests in

real estate in the proposed district of the developers responsible

for development of the housing and public facilities in the proposed

district;

6. The contractual assurances, if any, the governing body has

received from such developer or developers, guaranteeing the

financial feasibility of specific housing tax incentive projects in

the proposed district; and

7. A comprehensive analysis of the feasibility of providing

housing tax incentives in the district as provided in the Oklahoma

Rural Housing Incentive District Act, which shows that the public

benefits derived from such district will exceed the costs and that

the income therefrom, together with other sources of funding, will

be sufficient to pay for the public improvements that may be

undertaken in such district. If other sources of public or private

funds are to be used to finance the improvements, they shall be

identified in the analysis.

B. Prior to the adoption of the project plan and designation of

the district, the governing body shall adopt a resolution stating

that the governing body is considering such action. The resolution

shall provide notice that a public hearing will be held to consider

the adoption of the project plan and the designation of the district

and contain the following elements:

1. The date, hour, and place of the public hearing;

2. The contents of paragraphs 1 through 4 of subsection A of

this section;

3. A summary of the contractual assurances by the developer and

comprehensive feasibility analysis as specified in paragraphs 6 and

7 of subsection A of this section; and

4. A statement that the project plan is available for

inspection at the office of the clerk of the municipality or county

during normal business hours; and

5. A statement inviting members of the public to review the

project plan and attend the public hearing on the date announced in

the resolution.

C. The date fixed for the public hearing shall be not less than

thirty (30) nor more than seventy (70) days following the date of

the adoption of the resolution. The resolution shall be published

at least once in a legal newspaper of general circulation in the

municipality or county, with the final publication being not less

than one (1) week or more than two (2) weeks preceding the date

fixed for the public hearing.

D. A certified copy of the resolution shall be delivered to the

planning commission of the municipality or county and the board of

any school district levying taxes on property within the proposed

district. If the resolution is adopted by a municipal governing

body, a certified copy also shall be delivered to the board of

Oklahoma Statutes - Title 62. Public Finance

county commissioners of the county. If the resolution is adopted by

a county governing body, it also shall be delivered to the governing

body of any municipality located within three (3) miles of such

proposed district.

Added by Laws 1999, c. 140, § 5, eff. Nov. 1, 1999.