State Question 833 (to create public infrastructure tax districts)

[HFS]

I had not heard of this SQ until recently.
According to Channel 6 in Tulsa:
"Voters will decide a state question in November that allows for public infrastructure tax districts in Oklahoma. Those districts would essentially be able to issue bonds to pay for various projects if they pass a vote.
Lawmakers are split on whether the districts are a good thing.
Supporters of State Question 833 said it would lead to more housing and development in Oklahoma, while opponents think it gives too much power to only a few people.
State Question 833 adds a new section to Oklahoma's constitution, allowing the creation of public infrastructure districts.
'The basic idea is to provide additional money for improvements to an area to make it more commercially viable,' said State Representative Andy Fugate, D-Del City.
If it passes, those special districts could pass bond issues up to $10 million to pay for things like sewage, roads, sidewalks, and projects like pools or even golf courses. Any bonds passed would raise property taxes for people living in the district.
To create the district, 100 percent of landowners within the area would have to agree and obtain city council approval. The district would be controlled by a board of trustees.
'If you aren't within that PID, you aren't being assessed; only those getting the benefit of the amenities could pay for this,' said State Senator John Haste, R- Broken Arrow."

What Is Oklahoma State Question 833?

Voters will decide a state question in November that allows for public infrastructure tax districts in Oklahoma. Those districts would essentially be able to issue bonds to pay for different projects if they pass a vote; lawmakers are split on whether the districts are a good thing.

www.newson6.com

 

[KOPBET]

Changing the Constitution for the benefit of a few people is never a good thing.

 

[CHenry]

I had not heard of this SQ until recently.
According to Channel 6 in Tulsa:
"Voters will decide a state question in November that allows for public infrastructure tax districts in Oklahoma. Those districts would essentially be able to issue bonds to pay for various projects if they pass a vote.
Lawmakers are split on whether the districts are a good thing.
Supporters of State Question 833 said it would lead to more housing and development in Oklahoma, while opponents think it gives too much power to only a few people.
State Question 833 adds a new section to Oklahoma's constitution, allowing the creation of public infrastructure districts.
'The basic idea is to provide additional money for improvements to an area to make it more commercially viable,' said State Representative Andy Fugate, D-Del City.
If it passes, those special districts could pass bond issues up to $10 million to pay for things like sewage, roads, sidewalks, and projects like pools or even golf courses. Any bonds passed would raise property taxes for people living in the district.
To create the district, 100 percent of landowners within the area would have to agree and obtain city council approval. The district would be controlled by a board of trustees.
'If you aren't within that PID, you aren't being assessed; only those getting the benefit of the amenities could pay for this,' said State Senator John Haste, R- Broken Arrow."

What Is Oklahoma State Question 833?

Voters will decide a state question in November that allows for public infrastructure tax districts in Oklahoma. Those districts would essentially be able to issue bonds to pay for different projects if they pass a vote; lawmakers are split on whether the districts are a good thing.

www.newson6.com

I posted about this 3 weeks ago for discussion as I was unclear with the legalese wording of it. I voted no.

 

[Waltercat]

What about if a neighboring district would benefit from the improvements. Such as sewer lines and water lines that join their property? Can they just scab onto those improvements without the consideration of how much they benefitted from the logistics or distance it cost to make the improvements? If I was a developer I would love all the improvements I could get nearby.

 

[Shinneryfarmer]

Tell me if I'm looking at this wrong. I'm a developer, I buy up say a section of land. Being the only land owner I apply for a bond for water, sewer, roads and sidewalks, etc. Being sole land owner that's 100% of property owners in area. Now this bond is attached to property taxes over 15 yrs. I subdivide build residential area's and sell off housing over 3 to 5 years. New home owners absorb bond attached to their property taxes. I ( the developer) just cut my cost by two thirds (assuming the developer pay's the taxes on bond the first five years). The developer makes a fortune without having to deal with the city, state or local goverment going thru redtape for years before getting started. I eventually sell all the homes who are assuming the bonds that paid for the improvements and I walk away with a chunk of change.