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Site: 40 Acres.
Property Type: Commercial, Industrial, Multi-family.
Location: South of Grand, West of US Highway 81, Chickasha, OK.
Access/Frontage: 264' on US Highway 81, 475' on Grand Avenue, 73' on 9th. Street, 470' on Park Avenue.
Zoning: Commercial, Industrial, Multi-family.
Best Use: As Zoned.
Flood Plain: Yes, see Flood Maps.
Deed Restrictions: No Motels, No Banks.
Utilities: All Available On-site.
A single $4,000,000 Tax Increment Finance District has been established for this property. This affords a great opportunity for the Developer to recover the infrastructure costs incurred to make the land suitable for development. All of the risk for reimbursement lies with the Developer. If new taxes are generated, the Developer shares in the added revenue by a set formula via an Economic Development Agreement with the City of Chickasha.
This is a unique TIF in that no money is paid to the Developer until money is generated by the new businesses to the City of Chickasha that locate and generate additional tax revenue from within the district. There is one single TIF District for the 80 acres fronting on the South side of Grand Avenue both East and West of 4th. Street (US Highway 81).
Whoever the Developer may be, is required to spend his own money to develop the property. His costs will be reimbursed from the additional tax revenue directed attributable to the additional ad valorem and sales taxes generated within the property. As originally drafted, the TIF allows $4,000,000 for infrastructure reimbursement after the costs have been incurred. Slightly less than $1,000,000 has already been spent that is waiting for reimbursement. More than $3,000,000 in additional reimbursable expenses are available to the ultimate Developer. Reimbursable expenses are limited to $2,000,000 for the 40 acres on both East and West Grand Avenue.
The reimbursable costs are limited to infrastructure development, including but not limited to site work, drainage, utility relocation, roads, paving and such. There is no reimbursement for land acquisition, building slabs or brick and mortar.
Should you have additional questions regarding this superior land opportunity, please inquire from Steve LaForge at 405-222-3050.