Plans for a second tax incremental financing district in west Yukon are moving forward, officials said last week.
Mitchell Hort, the director of development services, said paperwork for what is known as a TIF district, is nearing completion.
The district would encompass a swath of property along the east side of Frisco Road from near where Vandment intersects, as well as a 600-foot section on the west side of Frisco Road along State Highway 66.
The area on the west side of Frisco Road is near where a sports complex had been planned.
The property, if not used for a sports complex or park of some type, was originally in Oklahoma City. It would revert to Oklahoma City should any type of business that generates tax revenue be constructed.
Hort said Yukon and Oklahoma City officials are negotiating the possibilities of sharing revenues from that area.
The east side of Frisco Road is in Yukon, while the west side is in Oklahoma City.
The TIF district would allow a portion of sales tax revenues generated from the area to be dedicated to improvements in that area.
There is an existing TIF district that includes an area south of Interstate 40 and east of Frisco Road, which was put in place several years ago.
That TIF district also includes a small area north of I-40.
Officials are hoping to have the proposed TIF district in place before construction begins on an I-40 interchange at Frisco Road.
Work on that project is expected to begin early next year.
Officials have said they expect the area along Frisco Road to explode with commercial businesses once the interchange is constructed.
The original TIF has generated more than $900,000. About $300,000 of those funds were used to install a drainage channel between Interstate 40 and Vandament.
Hort said city officials believed it was a good use of the funds. Otherwise the drainage channel would have been open. By covering the drainage channel, the area will be easier to develop.
He also said it is necessary to create the second TIF district because the original could only be enlarged by 10 percent.
The new TIF is significantly larger than that.
The new TIF is being prepared by the Center for Economic Development, which is the same organization that prepared the original TIF.
City Manager Jim Crosby said he hopes to have the paperwork in 60 to 90 days. It will then need to be approved by the economic development authority, the planning commission as well as the city council before it can go into effect.