TULSA, Okla. — The City of Tulsa announced its plans to create three Tax Increment Finance districts aimed at developing more housing and economic opportunities across the city.
The districts would be:
- Crutchfield Neighborhood:
- East of US Highway 75 and Inner Dispersal Loop, east of Utica Avenue, south of East Pine Street, and north of Interstate 244.
- Details: The TIF includes eight proposed districts in the project plan and is expected to create 625 new housing units, in addition to more single-family, affordable housing units. The area has already seen active development, and the TIF will help further catalyze additional developments in the area. Local developers already working in the area have prioritized affordable housing, as well as historical/neighborhood preservation efforts.
- Southern Villa:
- East of Riverside Parkway and west of South Lewis Avenue, between East 87th and East 89th Streets
- Details: Development in the area is a partnership between the City of Tulsa and the Muskogee Creek Nation. The property, which was a former mobile home park, is expected to be turned into a new, mixed-use development area with housing and retail. As the area is built up, the property is expected to be a major economic driver for the City that can also result in more than 870 new housing units.
- Pearl District:
- East of U.S. Highway 75 and the Inner Dispersal Loop, south of Interstate 244, north of 11th Street South, and west of South Utica Avenue
- Details: The TIF includes opportunities for infill and housing developments in the Pearl District next to Downtown Tulsa. In addition to creating 320 new housing units and more parking, the TIF centers on access to transportation and Bus Rapid Transit lines.
These TIFs are a way to fund development by using predicted future tax revenue collections to pay for current community improvements in those areas. TIFs run for 25 years if approved.
So far, Tulsa's City Council approved resolutions to create the Local Development Act Review Committees, who will evaluate the feasibility and impacts of creating these TIF districts.
"The next steps are for the Committees to meet and evaluate the draft plans," said a spokesperson for the city. "After they move them forward, plans will be moved to Tulsa Metropolitan Area Planning Commission (TMAPC). Following approval, two additional public hearings will go before the Tulsa City Council and must be adopted via ordinance. This process is expected to last a few months, at which time the TIFs are expected to be in place."
Other TIF districts in Tulsa include those in place at Woodland Hills, the Peoria-Mohawk Business Park, 36th St. N. and MLK, the Downtown Area TIF, and others.
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