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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 increment district structured as a percentage of the increment, capped at $1,500,000.
Why it matters: the Trust’s approvals commit local economic-development financing tools—MAPS and tax-increment financing (TIF)—to private development projects that will affect downtown development and the local tax base. Council had previously reviewed related allocations, and Trust action here finalized the trust-level agreements discussed at earlier presentations.
During the meeting, a Trust staff member summarized terms for the Palomar allocation and reiterated that council previously approved the allocation in January. The staff presentation named the specific funding sources and the maximum pay-as-you-go cap. Staff also noted the WD Adventure District agreement had been presented to the Trust in November and that council approved the allocation in December. No public comment was recorded on these items.
The Trust also handled routine business: it approved the minutes from an earlier meeting and ratified claims for January and February 2024. The general manager, Miss Boggs, presented March financial reports and said the largest payments on that report were debt payments for TIF 8 and TIF 13; trustees had no questions.
Votes at a glance
- Approval of minutes from the March 25, 2025 trust meeting — motion and second recorded; outcome: passed (vote tally not specified in the transcript).
- Ratification of claims for January and February 2024 — motion and second recorded; outcome: passed (vote tally not specified in the transcript).
- Palomar Parking Garage Project economic development agreement — motion and second recorded; outcome: passed. Key terms stated by staff: $3,500,000 from MAPS; $2,200,000 from TIF 2; pay-as-you-go component not to exceed $1,600,000 (source language in the transcript: "from the, class and TIF").
- Economic development agreement with WD Adventure District LLC — motion and second recorded; outcome: passed. Key terms stated by staff: assistance not to exceed $1,500,000; project must complete at least $10,000,000 in development; the increment district is seven years and assistance is a percentage of increment capped at $1,500,000.
What was not decided: the March financial presentation was informational; trustees asked no questions and no formal action on the financial report was recorded in the transcript. No vote counts, mover/second names, or individual trustee roll-call votes were recorded in the available transcript excerpt.
Trust meeting adjourned after the listed items.
