Okla. Stat. tit. 62, § 62-885

- Adoption of ordinance or resolution - Initiative and referendum.

A. The governing body of a municipality or county may establish

a housing reinvestment district as follows:

1. A housing reinvestment district may only be created in a

municipality or county with a population of less than three hundred

thousand (300,000) persons and in which the percentage change in

population, according to the most recent federal decennial census or

the most recent population estimate provided by the United States

Bureau of the Census, compared with the previous federal decennial

census, is less than the national average percentage change in

population; provided, a municipality or county which does not meet

such requirement may create a housing reinvestment district in a

specific geographic area thereof which meets the definition of an

“opportunity zone” as such term is defined in paragraph 2 of

subsection G of Section 3604 of Title 68 of the Oklahoma Statutes;

2. The governing body shall designate and adopt the proposed

boundaries of any such district. Except as otherwise provided in

this subsection, the boundaries of any district created by a

municipality shall be confined to that territory within the

corporate limits of the municipality and any district created by a

county shall be confined to that territory within the unincorporated

areas of the county. Any municipality or county may by written

agreement jointly create a contiguous district with one or more

other municipalities or counties;

3. The governing body shall obtain the written consent of each

taxing entity levying ad valorem taxes upon property located in the

proposed boundaries of the district to grant tax abatements as

provided in Section 6 of this act. If such written consent is not

obtained from each taxing entity, the district shall not be created.

The governing body shall further enter into a contractual

arrangement with the governing bodies of all other affected taxing

entities to provide relief from ad valorem taxes as provided in

Section 6 of this act;

4. Upon the adoption and approval of the proposed boundaries of

the district, the governing body shall, after public notice and

Oklahoma Statutes - Title 62. Public Finance Page 580

hearing, adopt an ordinance or resolution, whichever is applicable,

which:

a. describes the boundaries of the district sufficiently

definite to identify with ordinary and reasonable

certainty the territory included in it,

b. creates the district as of a specified date,

c. assigns a name to the district for identification

purposes, and

d. contains findings that:

(1) the municipality or county or portion thereof in

which the proposed district is located meets the

requirements of paragraph 1 of this subsection,

and

(2) the improvement to housing in the area of the

district caused by the granting of tax abatements

pursuant to the provisions of this act is likely

to enhance the value of other real property in

the municipality or county and to promote the

general public interest.

B. The powers of initiative and referendum, reserved by the

Oklahoma Constitution to the people, are reserved to the people of

every municipality or county with reference to the tax relief or

incentives or exemptions or increment captured as authorized by

Section 6C of Article X of the Oklahoma Constitution and as provided

for in this act. A housing reinvestment district may be created

through an initiative or referendum petition pursuant to the

procedures set forth in Section 868 of Title 62 of the Oklahoma

Statutes. A housing reinvestment district may also be terminated,

whether created pursuant to the provisions of subsection A of this

section or through an initiative or referendum petition, through an

initiative or referendum petition pursuant to such procedures.