The Oklahoma City Council unanimously approved starting a review proposed by Ward 7 Councilman John Pettis on creating a new tax increment financing district along NE 23 between Lincoln Boulevard and Interstate 35.
The potential use of tax increment financing coincides with plans by the owners of Buy For Less to build the first new grocery for northeast Oklahoma City in more than 40 years.
The $20 million development at the northeast corner of Martin Luther King and NE 23 will include a shopping center that could add other retailers to the corner.
The resolution by Pettis allows for a creation of a seven-member committee that will look at the potential impact of the tax increment finance district and how to best pursue implementation.
That report would then be submitted to the council for final approval for the district’s creation.
Tax increment financing traditionally involves redirecting growth in property taxes back into the immediate area to assist with infrastructure and redevelopment costs.