Create an Account - Increase your productivity, customize your experience, and engage in information you care about.
The Broken Arrow City Council voted Tuesday night in favor of a resolution that would allow surplus Vision 2025 funds to be exchanged between Broken Arrow, Collinsville and Skiatook.
The reason for this exchange is that Vision 2025 Propositions specify how each community is to spend the money.
Proposition #2: Capital improvements for the purpose of economic development within Tulsa County.
Proposition #3: Educational, health care and event facilities for the purpose of economic development within Tulsa County.
Proposition #4: Capital improvements for the purpose of community enrichment within Tulsa County.
The City of Collinsville proposed that $94,530 of its Proposition #2 funding be transferred to Broken Arrow in exchange for $94,530 of Broken Arrow’s Proposition #4 funds. The City of Skiatook proposed that $34,863 of its Proposition #2 funds be transferred to Broken Arrow in exchange for $34,863 of Broken Arrow’s Proposition #4 funds.
The Tulsa County Vision Authority has determined that by agreement, communities may trade/transfer allocations so long as a Resolution is approved by both communities.
This trade will increase Broken Arrow’s Proposition #2 funds from $1,301,937 to $1,431,300. The Proposition #4 funds will be reduced from $11,192,958 to $11,063,565.
Staff believes the exchange will have a negligible impact on designated Proposition #4 funds for The Rose District projects. For more information on Broken Arrow’s Vision 2025 projects, visit www.BrokenArrowOK.gov/vision2025.
BACKGROUND ON SURPLUS VISION 2025 FUNDSIn 2006, the Tulsa County Vision Authority adopted a Resolution increasing the allocation of Vision 2025 sales tax by $45,500,000.00 to assist the City of Tulsa in completing the Bank of Oklahoma and Cox Convention Center projects. At that time, a commitment was made that the next $45,500,000.00 in excess Vision Sates Tax would be allocated to the suburban cities in Tulsa County.
In October 2014, the Tulsa County Board of County Commissioners determined that $45,500,000.00 in excess Vision sales tax funds would exist and that the funds would be allocated by the Tulsa County Vision Authority. In November 2014, the Vision Authority adopted a Resolution which identified the amount of funds for each of the three Vision 2025 Propositions and then allocated to each Tulsa County suburb an available amount based upon each City’s population.