Does the TDA have cash on hand, as well as its inventory of vacant properties?
I've been researching some of the incentive programs that many other cities offer to spur downtown revitalization. It occurs to me that this is something Tulsa doesn't really do. (Not counting the underutilized state historic tax credit program, or the Vision 2025 money that went to a small handful of projects.)
Some examples:
Freeze property taxes at the pre-development rate for a period of years. In some cities this is restricted to projects where the rennovation costs exceed a certain percent of the total project costs.
Forgivable loans to new retail establishments in the downtown area. The loan is forgiven if you stay in business for 5 years. (Each year, it goes down 20%.) If you move out of downtown, or close operations, you have to repay the loan.
Low interest loans for building rennovations.
Facade improvement grants to retail establishments in targeted areas. Matching grants for up to 50% of the cost of certain types of facade improvements to older/historic buildings.
Vacant building tax abatement. Offering up to 100% abatement of property taxes for a period of time; gradually increasing the percent owed as time goes by.
I haven't found an "asphalt to aspiration" grant yet, but Tulsa needs that, too! Financial incentives to transform surface parking lots into contributing urban developments!
Quote from: PonderInc on April 22, 2010, 05:15:41 PM
Does the TDA have cash on hand, as well as its inventory of vacant properties?
I've been researching some of the incentive programs that many other cities offer to spur downtown revitalization. It occurs to me that this is something Tulsa doesn't really do. (Not counting the underutilized state historic tax credit program, or the Vision 2025 money that went to a small handful of projects.)
Some examples:
Freeze property taxes at the pre-development rate for a period of years. In some cities this is restricted to projects where the rennovation costs exceed a certain percent of the total project costs.
Forgivable loans to new retail establishments in the downtown area. The loan is forgiven if you stay in business for 5 years. (Each year, it goes down 20%.) If you move out of downtown, or close operations, you have to repay the loan.
Low interest loans for building rennovations.
Facade improvement grants to retail establishments in targeted areas. Matching grants for up to 50% of the cost of certain types of facade improvements to older/historic buildings.
Vacant building tax abatement. Offering up to 100% abatement of property taxes for a period of time; gradually increasing the percent owed as time goes by.
I haven't found an "asphalt to aspiration" grant yet, but Tulsa needs that, too! Financial incentives to transform surface parking lots into contributing urban developments!
Downtown doesn't deserve that type of entitlements....so sorry. There are the other developers who are not doing work in downtown who deserve a level playing field.....unless you believe in socialism....or in this scenario, communism.
The forgiveable loans may as well be called grants. If the retailer goes out of business, good luck collecting.
TIF districts revisited...?
NOVEMBER 7, 2007
TIF 201: Advanced Concepts and Case Studies
And, a review of last week's lesson
BY MICHAEL D. BATES
http://www.urbantulsa.com/gyrobase/Content?oid=oid%3A18380