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Oklahoma City Economic Development Trust approves funding for Palomar parking garage and WD Adventure District
Summary
The Trust on April 22 approved economic development agreements including funding for the Palomar project parking garage and a financing package for WD Adventure District LLC, and ratified minutes and claims from earlier periods.
The Oklahoma City Economic Development Trust on April 22 approved economic development agreements to help fund a parking garage for the Palomar project and to provide financing assistance to WD Adventure District LLC, and it ratified earlier minutes and claims.
The Trust approved a Palomar Parking Garage economic development agreement that uses multiple local financing sources, including $3,500,000 from MAPS and $2,200,000 from TIF 2, plus a pay-as-you-go component not to exceed $1,600,000, according to a staff presentation. The board also approved an economic development agreement with WD Adventure District LLC providing assistance and development financing in an amount not to exceed $1,500,000; staff said that the project must deliver at least $10,000,000 in development and that the assistance comes from a seven-year…
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