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it back , there ’ s a minimum the developers would have to pay .” Reames said they have legal pieces in place to guarantee as much repayment as possible . Taxes get paid first in a bankruptcy proceeding , she said .
“ While sales tax is not a guaranteed tax amount , what we ’ re trying to ensure through our covenant and our warranty deeds is that that gap will get back to the City as some point ,” Reames said . “ The difference between what the increment brings in and the advance payment needs to be in its principle and interest .”
Moore said he ’ s also seeing more and more businesses take advantage of the Small Business Enhancement , which can be used for exterior Improvements , like facade or signage , a 50 percent match up to $ 15,000 . Recent examples are Merrifield Office Supply and Social 174 .
“ We do have momentum ,” Moore said . “ We have multiple small business enhancements going through the TIF committee … we have some other projects that are supposed to come in soon , general impact projects .”
And though the early bigger projects ran through the $ 1 million that had been tabbed for up front funding , projects can still apply for funding in arrears . And , as soon as the up front fund recovers , they can start in on some new investments .
TIF 4 , which was granted to redeveloping the Boomer Lake Power Station was put on the back burner due to inflation and rising construction costs , but TIF 5 , which went to USA Rare Earth is considered one of the city ’ s biggest wins in business development .
“ It ’ s turned into a fantastic manufacturing facility ,” Moore said . “ I wasn ’ t involved in that project but I got to watch how much Melissa and ( former city manager ) Norman ( McNickle ) poured into that project .
“ It ’ s the first of its kind in America . They ’ ve transformed that building . It ’ s cool to see the investment they ’ ve made in that building … this is what they ’ ve envisioned as the hub , because it ’ s the first of its kind and because it ’ s a growing industry . Eectric cars , so many devices from cellphones to fighter jets – use these rare Earth magnets and to have a supplier in the United States the first of its kind is going to spur future investment around them . We ’ re ’ already hearing people from people who want to locate here .”
“ Whether they locate here or Oklahoma , we ’ re all winners ,” Reames added .
Even projects unrelated to the TIF are proof of Stillwater ’ s momentum . Here are some more of Moore ’ s thoughts on a few of the up-andcoming developments :
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The vacant city lot east of the Stillwater Community Center received some big funding from the Irby Family and Kicker along with Simmons Bank . Ground should be breaking this fall .
Moore : “ There ’ s a lot of work . The designers continue to meet to spec out everything . So much detail has gone into this project . We have
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