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Council clears public‑private deal to build 309‑space garage that will reserve 130 spaces for Palomar
Summary
Council approved the consent-item resolution backing a proposed 309‑space parking garage for the Palomar project, combining MAPS, TIF and private contributions; 130 spaces will be dedicated to Palomar for 30 years and the garage will be supported by a pay‑as‑you‑go TIF structure.
The Oklahoma City Council approved a consent-docket resolution on Jan. 14 endorsing a package of public and private contributions to build a 309‑space parking garage intended to serve the Palomar nonprofit’s new facility and to provide additional public spaces for future neighborhood development.
Kenny Sewell, who introduced the item on behalf of partners, described the structure as a hybrid public‑private‑philanthropic arrangement. Sewell said MAPS 4 funds (described in the presentation as roughly $3.5 million) and $2.2 million from Downtown TIF 2 would be combined to underwrite the portion of the garage that supplies Palomar’s parking allocation. That allocation will provide Palomar with 130 pre‑funded parking spaces for 30 years, with renewal options thereafter.
Developer Chris Fleming detailed the project’s financing and said the developer is contributing land for the new Palomar building and foregoing a developer fee; the garage’s total project cost was presented as roughly $12 million. Under the proposed TIF arrangement for the garage segment in the newly created class and corridor TIF, the city would return a high percentage of incremental taxes on the garage to the developer under a staged schedule (presented as 95% for 10 years, 80% for five years, then 50% thereafter within the TIF district) to provide a limited ongoing return to the developer while supporting the facility.
Sewell and Fleming said the garage replaces approximately 100 displaced surface spaces and creates room for future catalytic growth; they characterized the arrangement as allowing Palomar to secure long‑term parking without ongoing monthly costs. Council discussion included praise for Palomar’s services and questions about how the garage will serve hotels, restaurants and other nearby businesses.
The item was adopted as part of the consent docket; the consent docket passed on Jan. 14 by recorded vote (consent motion passed by council; the consent package vote recorded as passing 7 to 1). The staff presentation and accompanying materials will be used in drafting final agreements and a TIF contract; council directed staff and the Economic Development Trust to finalize documents and return to the council as needed.
