BROKEN ARROW — City officials say the infrastructure needed to build a 12,500-seat amphitheater in the city will be funded through a newly established tax increment financing district.
The Broken Arrow City Council this week approved the creation of the fifth Broken Arrow TIF as part of an agreement with the company behind the planned Sunset Amphitheater project.
The venue, scheduled to open by December 2025, will be built on a property just north of Broken Arrow Event Park (21101 E. 101st St.).
Effective immediately, the TIF district would phase in a portion of sales and hotel tax revenues generated by new development in the area over a period of up to 25 years.
Existing taxes in the area will not be affected, officials said. The district, which includes the event park and surrounding nonresidential areas, collects only sales and hotel taxes, not property taxes. TIF's total revenues are expected to exceed $125 million.
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Plans for the project, a public-private partnership between the city and music venue and hospitality company Notes Live, were announced in October. Notes Live expects the venue to host at least 45 concert events annually featuring the nation's top artists and musicians.
The total construction cost of the facility is estimated at $28.5 million.
“Restaurants are going to be there, hotels are going to be coming, convenience stores are going to be coming, because when you have 40 to 60 events a year, a lot of people are going to be there,” said Norm Stephens, assistant city manager. They're going to want to do something.” Eat before and after. They will want to go to the store and get what they need. (TIF) will develop areas of our city that otherwise probably wouldn't have developed for years. ”
The project is modeled after Notes Live's food and entertainment venue in Colorado Springs. Like this suite, it features a luxurious fire pit suite, reserved upper and lower bowl seating, a manicured lawn berm, and a custom “Owner's Club” suite tucked below the berm.
The review committee reviewed the project plan and presented its findings regarding eligibility and financial impact to Wagoner County and the City of Broken Arrow. The plan was reviewed by the city's Planning Commission, which subsequently held two public hearings on January 2nd and January 16th.
For more information about the project, visit breakarrowok.gov.