Downtown Development Overview

[SXSW]

TW pic showing the progress at Vast Bank HQ on Elgin

[swake]

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

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

[MostSeriousness]

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

[TulsaGoldenHurriCAN]

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!

[DTowner]

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.

[MostSeriousness]

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.

[swake]

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.

[MostSeriousness]

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

[patric]

Patric is your guy!

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

[Jacobei]

Wasn't sure if I should start this as its own topic or just ask here:

Any news on the Western Supply/GKFF property West of where the OKPOP will be?

http://www.newson6.com/story/32946944/kaiser-foundation-other-groups-plan-for-brady-district-development

As of about a year ago, they sold the property to Western Supply.

[Rattle Trap]

Wasn't sure if I should start this as its own topic or just ask here:

Any news on the Western Supply/GKFF property West of where the OKPOP will be?

Is this the property they were demolishing last year? I emailed the GKFF to inquire about it but never got a response.

[Jacobei]

Is this the property they were demolishing last year? I emailed the GKFF to inquire about it but never got a response.

Yes.  I watched it from the 15th floor of city hall.  It now has some barriers up.  It seems like they are waiting on something...

The change in ownership seems so odd.

[MostSeriousness]

I think GKFF is not wanting to be in the business of ownership - at least for that plot. I have heard some rumors and have some suspicions, but it seems pretty evident that the foundation is still doing something with the land. Hoping the kickoff of Davenport and The View and OK Pop and Hanson Brothers kick GKFF into gear for an announcement.

[SXSW]

I think GKFF is not wanting to be in the business of ownership - at least for that plot. I have heard some rumors and have some suspicions, but it seems pretty evident that the foundation is still doing something with the land. Hoping the kickoff of Davenport and The View and OK Pop and Hanson Brothers kick GKFF into gear for an announcement.

GKFF also has the Bob Dylan Archive they are currently planning/designing with Olson Kundig Architects located at MLK & Archer. 

I'm still wondering what WPX's plan is for the Spaghetti Warehouse building and adjacent parking lot. 

[Jacobei]

I'm still wondering what WPX's plan is for the Spaghetti Warehouse building and adjacent parking lot.  

Wowzers.  I didn't realize that they had bought the whole block.  That block is super important as it will form one of the 4 corners around Guthrie Green.  I suddenly see what is meant by endangered.  And I'm also super curious about what their plans are.

Maybe they are going to sink a well on it.