Oklahoma City Urban Renewal Authority v. Medical Technology & Research Authority

KAUGER, J.;

1 1 The dispositive issue presented by the consolidated cases is whether the tax increment financing 1 plan adopted under the Local Development Act [Act], 62 0.8. Supp.1992 § 850, et seq., and the Okla. Const. art. 10, § 6C2 creates a prohibited debt within the *680meaning of the Okla. Const. art. 10, § 26.3 We hold that it does. Our holding is consistent with Muskogee Urban Renewal Auth. v. Excise Bd. of Muskogee County, 1995 OK 67, ¶ 24, 899 P.2d 624 providing that although facially constitutional, the tax increment financing plan at issue-under which the city undertook the promise…