{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-856","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-856","heading":"Proposed boundaries of district or project - Designation","body":"and adoption - Content of ordinance or resolution - Legislative\n\nintent.\n\nA. The governing body shall designate and adopt the proposed\n\nboundaries of any district and the proposed boundaries of any\n\nproject area. Except as otherwise provided in this subsection, any\n\ndistricts created by a city or town shall be confined to that\n\nterritory within the corporate limits of such city or town and any\n\ndistricts created by a county shall be confined to that territory\n\nwithin the unincorporated areas of the county. Any city, town or\n\ncounty may by agreement jointly create a district with another\n\nentity.\n\nB. Upon the adoption and approval of the project plan, the\n\ngoverning body shall adopt an ordinance or resolution, whichever is\n\napplicable, which:\n\n1. Describes the boundaries of districts and project areas\n\nsufficiently definite to identify with ordinary and reasonable\n\ncertainty the territory included in them;\n\n2. Creates the district as of a date provided in it or defers\n\ndetermination of such date, provided such date must be no more than\n\nten (10) years after the date of approval of the project plan;\n\n3. Assigns a name to the district for identification purposes.\n\nThe first district created shall be known as either an Incentive\n\nDistrict or Increment District Number One, City, Town or County of\n\n__________, whichever is applicable. Each subsequently created\n\ndistrict shall be appropriately named and shall be assigned the next\n\nconsecutive number; and\n\n4. Contains findings that:\n\na. the project area or district meets at least one of the\n\nfollowing criteria:\n\n(1) is a reinvestment area,\n\n(2) is a historic preservation area,\n\n(3) is an enterprise area, or\n\n(4) is a combination of the areas specified in\n\ndivisions (1), (2) and (3) of this subparagraph,\n\nb. the improvement of the area is likely to enhance the\n\nvalue of other real property in the area and to\n\npromote the general public interest. It shall not be\n\nnecessary to identify the specific parcels meeting the\n\ncriteria,\n\nc. the guidelines specified in paragraphs 1 and 2 of\n\nSection 852 of this title shall be followed,\n\nd. the aggregate net assessed value of the taxable\n\nproperty in all districts as determined pursuant to\n\nSection 862 of this title within the city or town\n\nshall not exceed twenty-five percent (25%) of the\n\ntotal net assessed value of taxable property within\n\nthe city or town for cities or towns having a\n\npopulation of fifty thousand (50,000) or more or shall\n\nnot exceed thirty-five percent (35%) of the total net\n\nassessed value of taxable property within the city or\n\ntown for cities or towns having a population of less\n\nthan fifty thousand (50,000),\n\ne. for projects approved by a county, the aggregate net\n\nassessed value of the taxable property in all\n\ndistricts as determined pursuant to Section 862 of\n\nthis title within the county shall not exceed fifteen\n\npercent (15%) of the total net assessed value of the\n\ntaxable property within the county,\n\nf. the aggregate net assessed value of the taxable\n\nproperty in all districts as determined pursuant to\n\nSection 862 of this title within the city, the town or\n\nthe county shall not exceed twenty-five percent (25%)\n\nof the total net assessed value of any affected school\n\ndistrict located within the city, town or county, and\n\ng. the land area of this district and all other districts\n\nwithin the city, the town or the county shall not\n\nexceed twenty-five percent (25%) of the total land\n\narea of the city, the town or the county.\n\nFor districts that are wholly or partially comprised or become\n\ncomprised of industries operating under NAICS code 518210, the\n\nprovisions of subparagraphs d through g of this paragraph shall not\n\napply.\n\nC. It is the intention of the Legislature in adopting the Local\n\nDevelopment Act that no long-term contractual obligation be created\nof the total land\n\narea of the city, the town or the county.\n\nFor districts that are wholly or partially comprised or become\n\ncomprised of industries operating under NAICS code 518210, the\n\nprovisions of subparagraphs d through g of this paragraph shall not\n\napply.\n\nC. It is the intention of the Legislature in adopting the Local\n\nDevelopment Act that no long-term contractual obligation be created\n\nby the mere adoption of an ordinance or resolution establishing an\n\nincrement district. Notwithstanding any provision contained in an\n\nordinance, resolution or project plan, an ordinance or resolution\n\nestablishing an increment district shall constitute a legislative\n\nact and may be repealed, modified or amended at any time during the\n\nterm of the increment district, by subsequent action of the\n\ngoverning body except as otherwise authorized pursuant to Sections\n\n854 and 863 of this title; provided, however, that no such ordinance\n\nshall be repealed, modified or amended during the time that any\n\nbonds payable from incremental revenues are outstanding without the\n\nconsent of the bondholders, if such bonds are issued pursuant to the\n\nprovisions of Article X, Section 35 of the Oklahoma Constitution\n\nfollowing its amendment by State Question No. 693.\n\nD. However, nothing in the Local Development Act shall restrict\n\nthe ability of:\n\n1. Any city, town or county to:\n\na. issue debt in accordance with the applicable\n\nprovisions of Article X of the Oklahoma Constitution,\n\nand any statutes enacted in connection therewith, and\n\nb. use incremental revenues derived from an increment\n\ndistrict to pay principal, interest or premium\n\nassociated with such indebtedness; or\n\n2. Any public entity, other than a city, town or county, to:\n\na. issue tax apportionment bonds or notes in accordance\n\nwith Section 863 of this title or to issue other types\n\nof revenue bonds or notes in accordance with other\n\napplicable provisions of Oklahoma law, and\n\nb. use incremental revenues derived from an increment\n\ndistrict to pay principal, interest or premium\n\nassociated with such indebtedness.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ccae55e38445e68363376f977bd6eb92a15f960b5ddfc1f507d4a8d97decdbdc","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-855","next":"us-ok/okla.-stat.-tit.-62-62-857"},"notice":"GroundRules: Original legal text. Not legal advice."}