The Tax Increment Financing (TIF) Committee recommended a development plan to the City Council to boost McAlester’s economy and infrastructure. The plan targets revitalizing three parcels near U.S. Highway 69 to attract investment, create jobs, and improve infrastructure.
The TIF district will reinvest new tax revenue into the area. Key details:
- Funding Cap: The district runs until 2034, or $10 million in funding is reached.
- Tax Provisions: Ad valorem taxes start immediately, and sales taxes begin by July 2026, with 90% going to the developer.
- Education Support: $30,000 annually for the local school district.
The TIF plan also aims to drive development in underused areas, with a major sporting goods retailer expected by mid-2026. The committee stressed that any changes to the district will undergo review and public consultation.