email@example.com — Problems like a drought and potential job losses weighed heavily on Pauls Valley leaders much like many communities this past year, but one positive note has come from years of work on a long term economic plan.
After five years of collecting ad valorem taxes through property value growth, some of those funds can now be used due to a recent city council approval for a road project in the Tax Incremental Financing District, according to a recent discussion with City Manager James Frizell and Mayor Tim Gamble. It’s a big deal since it will allow them to finally take a step toward infrastructure improvements as a part of attracting new businesses to the area.
“The council had a vision… we knew that was going to start growing out there in the business district and we knew we were going to have to do something,” said Frizell. “We knew that we were going to have to start preparing ourselves for infrastructure improvements out there… we needed something in the bank to be able to help us through when we were going to do things out there so we created the TIF District.”
Since the plan for the district was approved in late April of 2007, the district has collected around $400,000 dollars and while not enough to cover all long term goals, it is an important stepping stone, said Gamble. The funds have only come from the growth of property value of structures built in the district since that approval time and include examples like the Wal-Mart Super Center and McDonalds.
According to the 2007 plan, the district itself falls primarily on the western side of town and includes from the I-35 right-of way south to the State Highway 19 exit, bordered on the south by Rush Creek, on the north by the corporate limits of the City and US Highway 77. Frizell feels much more comfortable about this district getting off on the right start due to the money collected at least having a start versus other cities like Norman who have only started collecting money for improvements after the fact.