The McAlester City Council approved a joint resolution with the Pittsburg County Board of Commissioners Tuesday to fund the mid-McAlester economic development project along George Nigh Expressway.
The project, which aims to spur private investment and job creation, includes infrastructure upgrades and commercial development incentives. The proposed Tax Increment Financing (TIF) district will generate revenue to reinvest in the area. A final decision is expected after public hearings on March 11 and 24.
Key details include a $10 million funding cap, a June 2034 expiration, and 90% of sales tax revenues going to the developer. $30,000 annually will support the Frink Chambers school district.
The council also received a financial update, showing General Fund revenues at 56.77% and expenditures at 55.52% for the year.