The tax increment financing district supporting the Shops at McAlester is on track for early payoff.
According to the January report from Interim City Manager Ken Wimer, the TIF agreement was structured as a five-year term or $5.5 million total reimbursement, whichever comes first. As of the end of January, the remaining balance stands at $190,124.40.
Officials said the strong sales activity has accelerated repayment, positioning the district to reach its cap well before the five-year term expires.
City leaders have previously noted that once the TIF obligation is satisfied, the full tax revenue generated within the district will return to the city and county’s general collections.
Under the agreement, the developer receives 90% of tax collections generated within the district, with both the city and Pittsburg County contributing.
City officials said the declining balance signals continued retail strength and economic momentum in McAlester.