MARSHALL COUNTY, Okla. -- A proposed tax increment finance zone in Marshall County is a long way from becoming reality, and for many it's a long way from making sense. On Monday, two stakeholders in that proposal met to talk about how a 'TIF' would help a planned resort development at Lake Texoma.
Tax increment financing, or ‘TIF’ for short, would allow the county to apply a certain part of a local tax to help finance a project. On Monday, Pointe Vista officials sat down with Marshall County commissioners to explain what and how a TIF would work.
The challenges about the TIF tax include first understanding how it works and if commissioners believe it will benefit the county.
Pointe Vista officials say a TIF will keep Marshall County residents from having to finance part of the project because tax money from the property being developed would go towards building the infrastructure around the future Pointe Vista site such as roads and sewer systems
But first, commissioners and Pointe Vista developers would both have to agree on how to design the TIF plan.
"If we can design the TIF tax we want, I’d be for it, but if county commissioners can’t design the sales tax and motel tax like we want it, I wouldn't agree to it." District 2 commissioner David Brown says.
Commissioners voted Monday to have a preliminary study done to see if a TIF is even needed.
Commissioners are expecting the results of the study in about six weeks.