{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-866","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-866","heading":"Agreements between governing body and property owners","body":"A. There shall be a written agreement between the governing\n\nbody and the property owners who are granted tax incentives or\n\nexemptions pursuant to Section 860 of this title. The written\n\nagreement may include, but shall not be limited to, the following:\n\n1. A description of all proposed improvements to the property;\n\n2. Provide access to and authorize inspection of the property\n\nby city, town or county employees to ensure that the improvements or\n\nrepairs are made according to the specifications and conditions of\n\nthe agreement;\n\n3. Limit the uses of the property consistent with the general\n\npurpose of encouraging development or redevelopment of the area\n\nduring the period that the tax incentives or exemptions or the\n\nincrement financing are in effect;\n\n4. Provide for recapturing the local tax revenue lost as a\n\nresult of the agreement if the owner of the property fails to make\n\nthe improvements or repairs as provided by the agreement; and\n\n5. Include any other requirement deemed by the governing body\n\nnecessary to carry out the agreement.\n\nB. There shall be a written agreement between the governing\n\nbody and the property owners in historic preservation areas who are\n\ngranted ad valorem tax exemptions pursuant to subsection D of\n\nSection 860 of this title. The written agreement shall include the\n\nfollowing:\n\n1. List the location of the property;\n\n2. Provide access to and authorize inspection of the property\n\nby city, town or county employees to ensure that the property is\n\nbeing maintained according to the specifications and conditions of\n\nthe agreement;\n\n3. Limit the uses of the property consistent with the general\n\npurpose of encouraging neighborhood commercial preservation of the\n\narea during the period that the ad valorem tax exemptions are in\n\neffect;\n\n4. Provide for recapturing the ad valorem tax revenue lost as a\n\nresult of the agreement if the owner of the property fails to\n\nmaintain the property as provided by the agreement;\n\n5. Specify the time frame of the agreement including whether\n\nrenewals can occur, at what time such renewals can occur and under\n\nwhat conditions renewals can occur;\n\n6. Specify rehabilitations, preservation efforts and other\n\nspecific actions that should be taken by the property owners on an\n\nindividual or collective basis;\n\n7. Provide for reciprocal actions by public entities to\n\nprotect, enhance and improve the commercial historic preservation\n\narea and the surrounding residential areas served by such districts;\n\n8. Provide review and approval procedures that may be used when\n\nusage or ownership of the property changes; and\n\n9. Include any other requirement deemed by the governing body\n\nnecessary to carry out the agreement.\n\nC. The governing body shall enter into written agreements with\n\nactive project participants of increment projects. The written\n\nagreement may include, but shall not be limited to, the provisions\n\nspecified in paragraphs 1 through 5 of subsection A of this section.","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":"63d6745a7306881fa80675741553f6892423514252ca24488f3022b44e30b438","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-865","next":"us-ok/okla.-stat.-tit.-62-62-867"},"notice":"GroundRules: Original legal text. Not legal advice."}