Release
MADILL – This November, Marshall County voters will consider a Tax Increment Financing (TIF) package to fund roads, utilities and a new water treatment facility that would serve residents and support growth tied to the Pointe Vista development on Lake Texoma. The TIF package is projected to generate more than $287 million for local schools, county services, EMS and the health department over the next 25 years – without raising tax rates.
If approved by voters in the November 18 election, the TIF package would allow the Pointe Vista developer to cover the upfront cost of critical infrastructure, with partial reimbursement from a portion of the new tax revenue generated in the project area. The remaining revenue would flow directly to local schools and Marshall County services.
Per state statutes, the TIF package would not increase tax rates in Marshall County or utilize any tax dollars generated outside of the defined Pointe Vista project areas.
“We’re encouraged by the overwhelming support from voters who eagerly signed the petition and the passionate volunteers who gathered those signatures so quickly,” said Grant Speakes, president of Pointe Vista. “Pointe Vista will invest more than $4 billion for the development creating thousands of jobs, expanding economic opportunities and strengthening the Marshall County community. The TIF package supports development by funding roads, utilities and a new water treatment facility while generating long-term funding for schools, county services and local businesses. This proposal between Pointe Vista and Marshall County supports strategic, long-term economic growth without raising taxes on residents.”
A TIF is a common economic development tool that funds infrastructure by reinvesting tax revenue generated by a development back into the community. The Pointe Vista proposal received unanimous support from the county’s TIF Review Committee earlier this year but fell short by one vote by the County Commissioners. In response, a coalition of community leaders, business owners and volunteers launched a petition to put the decision before voters. Within 45 days, they collected verified signatures from more than 10% of Marshall County’s registered voters.
“The people of Marshall County deserve an opportunity to have their voice heard in this decision – and now they’ll have it,” Speakes said. “This project is a once-in-a-generation opportunity to bring new jobs, more visitors and millions in lasting revenue to our schools and local services. This is a chance to create a brighter future for our kids and grandkids, while keeping the character of our community intact.”
Over 25 years, the TIF package is projected to generate $133.4 million for Marshall County, $140.5 million for local schools, $7.4 million for EMS and $6.1 million for the Marshall County Health Department.
Located on the shores of Lake Texoma, the Pointe Vista project would include a Hard Rock Hotel with Caribbean Bay, residential neighborhoods, restaurants, shops and family-friendly entertainment and amenities. Once complete, it is expected to bring more than $167 million in annual economic activity to the area.
To learn more about the project and the TIF package, visit PointeVista.com/TIF.