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March 26, 2019, 10:13:46 am
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Author Topic: Downtown Development Overview  (Read 274510 times)
SXSW
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« Reply #1380 on: March 14, 2019, 03:57:35 pm »

TW pic showing the progress at Vast Bank HQ on Elgin

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swake
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« Reply #1381 on: March 14, 2019, 04:03:49 pm »

There's a very interesting quote buried in this article about downtown development that the World doesn't follow up on at all.

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All the downtown development aside, the city is positioning itself for more. It has budgeted $260 million for a 90-acre Downtown Master TIF, she said.

What is the city planning to do with a $260 million TIF? Anyone know?

https://www.tulsaworld.com/business/city-official-expounds-on-downtown-development-potential-at-real-estate/article_60ebf3f6-628c-587e-8fe5-6c34b3e6e28e.html
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MostSeriousness
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« Reply #1382 on: March 15, 2019, 07:42:09 am »

I don't think or assume it's for existing or planned projects. Just that is an estimated amount expected to be accumulated and used for what may come.

Of course, there certainly would be some projects or developments in the works. But everything I've seen on the TIF has been broached as 'open' and available for development in all of Downtown
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TulsaGoldenHurriCAN
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« Reply #1383 on: March 15, 2019, 09:22:15 am »

There's a very interesting quote buried in this article about downtown development that the World doesn't follow up on at all.

What is the city planning to do with a $260 million TIF? Anyone know?

https://www.tulsaworld.com/business/city-official-expounds-on-downtown-development-potential-at-real-estate/article_60ebf3f6-628c-587e-8fe5-6c34b3e6e28e.html

That's a great question. With all the existing TIFs, I know there was quite a bit of pushback from business and property owners who said certain things, like the ballpark TIF, doesn't help their business but they have to pay it anyway. I'm guessing a large enough TIF would get quite a bit of push back, especially if it is in-addition-to the existing TIFs, but maybe it'll replace some of the existing ones. Alternatively, maybe having a lower percentage on a wider area could help accomplish their goals.


The end result of a TIF can be great if done well, but it does in fact have some negative effects also as it keeps some investors out and can push certain businesses and potential renters away. Ultimately the tenants and customers take that burden. However, somehow including the entire IDL in the "Opportunity Zone" for tax free investment more than makes up for that for savvy investors. Buy a piece of junk (or anything you can get really), fix it up and sell in 10 years tax-free!
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DTowner
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« Reply #1384 on: March 15, 2019, 10:34:24 am »

I thought a TIF just captured the taxes within a defined area for use on infrastructure projects in that areas wheres the ballpark fund was an additional assessment on downtown property owners.
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MostSeriousness
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« Reply #1385 on: March 15, 2019, 10:42:15 am »

I thought a TIF just captured the taxes within a defined area for use on infrastructure projects in that areas wheres the ballpark fund was an additional assessment on downtown property owners.

This is correct.
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swake
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« Reply #1386 on: March 15, 2019, 12:49:47 pm »

I thought a TIF just captured the taxes within a defined area for use on infrastructure projects in that areas wheres the ballpark fund was an additional assessment on downtown property owners.

Yes, the ballpark was funded by the downtown BID (business improvement district) where this is Tax Increment Funding.

I assume the arena district and a new convention hotel will be in line for part of this money.
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MostSeriousness
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« Reply #1387 on: March 15, 2019, 01:15:54 pm »

Doesn't look like it - but it's probably already been in the works to add a new TIF district for the area, or to increase one of the spots. I guess making a TIF I would be in the works

Here is a map I found on the City website: https://www.cityoftulsa.org/media/9156/downtown-project-area-and-increment-districts.pdf
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patric
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« Reply #1388 on: March 20, 2019, 07:38:24 pm »

Patric is your guy!

It took three planning meetings before I find PSO is handling everything.  Never hurts to try, though.
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