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UPDATE: New locationDue to last week's rain, the groundbreaking for the Creek 51 Business Park will now be held on Washington (91st) Street, directly north of NSUBA,just west of University Boulevard.
Broken Arrow area officials will break ground on the new Creek 51 Business Park at 10:30 a.m., Monday, Oct. 28. Located at 8600 E. Highway 51 (of the south side of Highway 51, just west of the Creek Turnpike), Creek 51 will be a 90-acre business park offering manufacturing companies lots ready for construction.
The aim for Creek 51 is to attract companies in the “clean” manufacturing industry. Clean manufacturers are those that use as few nonrenewable resources as possible while reducing waste and minimizing environmental impact.
“Creek 51 Business Park is a tremendous project which will prove beneficial not just for Broken Arrow, but for all of Wagoner County," said Broken Arrow City Manager Michael Spurgeon. "Embracing regionalism with our partners to the east is vital for the overall success of Broken Arrow, Coweta, Wagoner, and all other communities in the County.”
The business park will be developed with the help of a Tax Increment Finance (TIF) District, only the second such area in the history of Broken Arrow. The only other TIF District is the downtown area, which includes FlightSafety and the Rose District.
Unlike the City’s first TIF, in which the City took out a loan to pay for improvements, this project is entirely funded up front by the developer. Fifty percent of ad valorem taxes on the property will go toward reimbursing the developer’s investment. (The remaining 50 percent of ad valorem taxes will go to the taxing entities.)
TIFs are a common tool used by local governments to finance projects within the boundaries of the TIF. Increases in property taxes within the district go into a fund that is used for debt service on projects during the lifespan of the TIF. The Creek 51 TIF will remain in effect for a maximum of 10 years or $5 million, whichever comes first.
The City Council approved the creation of this new TIF District on Aug. 6, after receiving support from the other taxing entities involved. They are:
The business park will bring in new companies to the region and make it possible for existing manufacturers in the area to expand their operations.
Broken Arrow is the 3rd largest manufacturing city in Oklahoma, and Creek 51 Business Park will help the City’s on-going efforts to recruit and retain high-paying jobs for our community.