Update On The New Jenks Baseball Field Complex

If you're keen on keeping up with the developments regarding the proposed baseball field development on Elm Street in Jenks, which have been subject to a citizen petition and legal proceedings, there is now an important update. The City of Jenks has announced on the City Council meeting agenda an agreement. This Economic Development Agreement, dated August 19, 2025, includes The Fields on Elm Street, LLC (the “Developer”), the Jenks Economic Development Authority (the “Authority”), and the City of Jenks, Oklahoma (the “City”). Given the length of the agreement, we've created a brief summary for our followers.

Firstly, it's essential to clarify what the Jenks Economic Development Authority is. Essentially, it is a separate entity established by the City of Jenks to utilize taxpayer funds for incentives without requiring a Council vote. The developer behind the baseball field concept is The Fields on Elm Street LLC.

The agreement details a strategy for economic development, backed by the Authority and the City, to advance the Project (which includes the development of condominiums, a sports facility, retail/commercial space, and baseball/softball fields) within the Increment District. The main elements are:

• Purpose: To encourage economic development, increase retail opportunities, and grow the local tax base within Jenks by supporting the Developer's Project.

  
  

• Project Scope & Cost: The Developer plans to invest up to $258 million in design and construction, expecting to generate over $40 million in new annual retail sales and approximately $1.4 million in new annual sales tax revenues for the City, plus $2.2 million in new annual ad valorem tax revenues.

  
  

• Public Assistance (Project Costs Reimbursement Obligation): The City agrees to reimburse the Developer for Project Site Improvements (such as road extensions, water/sewer lines, storm drainage, grading, public entertainment facilities, parking, utilities, land acquisition, landscaping, and professional fees) up to a maximum aggregate amount of $49,500,000 for Phase 1 and $5,500,000 for Phase 2, plus interest not exceeding 7.5%. This reimbursement will come solely from Tax Increment revenues generated within the Increment District.

  
  

• Tax Increment: This refers to the incremental sales and use tax, ad valorem tax (75%), hotel tax (100%), and eligible Leverage Act Incremental Revenues generated by the Project. The Tax Increment will be collected by the Authority/City and used primarily to pay the Project Costs Reimbursement Obligation.

• Developer's Responsibilities: The Developer is solely responsible for constructing and completing the Project Site Improvements, paying all related costs (with reimbursement from Tax Increment), and timely remitting all applicable ad valorem, sales, and hotel taxes. The Developer must also provide periodic updates on the Project and will use reasonable efforts to utilize qualified City labor and suppliers.

  
  

• Confidentiality: Sales tax revenue information provided by the Developer is considered proprietary and confidential and will be protected to the extent permitted by law.

  
  

• Termination: The City may terminate the agreement if the Developer fails to meet its obligations, subject to notice and an opportunity to cure. The Authority's obligation to reimburse ceases if the Condominium operations permanently cease, with some exceptions for temporary cessations, casualty, or force majeure.

  
  

• Limited Liability: The liability of the Authority and the City to the Developer is limited to the Project Costs Reimbursement Obligation, payable solely from the Tax Increment revenues.

  
  

• Assignment: The Developer's rights and obligations can be assigned or transferred, with notice to the City, and can be used as collateral for mortgage loans.

  
  

• In essence, the agreement establishes a framework for public financial assistance, tied to the incremental tax revenues generated by the Developer's investment, to facilitate a significant economic development project in Jenks.