Local officials and a private developer broke ground Monday on a 90-acre business park in at Highway 51 and the Creek Turnpike in Broken Arrow.
The $70 million Creek 51 Business Park is meant to lure manufacturing businesses focused on using as few non-renewable resources as possible, and it’s being built with the help of a special taxing district.
City Manager Michael Spurgeon said as the property’s value goes up, half the increase up to $5 million will go back to the developer.
"This is not going to be the last tax increment financing district that we do in our community, because they’re a way to help partner and incentivize the private sector to make current and future investments in our community," Spurgeon said.
Ford Development’s Rex Robertson said in the end, it will be worth it for entities largely funded by those property taxes like Broken Arrow Public Schools and Wagoner County Health Department.
"So, right now, we have a piece of land that’s basically worthless without utilities that’s generating $200 a year in ad valorem tax, and upon full completion, it will be close to $1 million," Robertson said.
Plans call for eight lots and roughly 800,000 square feet of buildings.
Broken Arrow Chamber President Jennifer Conway said with 300 companies, 7,000 workers and an annual payroll of $375 million, the city is already Oklahoma’s third-largest manufacturing hub, but they’re trying to do more.
"We receive requests for proposals every week, and one of the major shortfalls that we have is a good development park ready for people to move right away," Conway said.
Lots at Creek 51 Business Park are expected to be ready by fall 2020, with building on those sites starting by the end of 2020.
