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Trust approves amendment separating Villa Teresa residential and hotel incentives under TIF 2
Summary
The trust approved Amendment No. 2 to the Villa Teresa redevelopment agreement to separate the residential and hotel components of the TIF-eligible project; residential incremental receipts are being escrowed and hotel incentives remain contingent on 50% completion.
The Oklahoma City Economic Development Trust on Sept. 23 approved Amendment No. 2 to the Villa Teresa Hotel and residential redevelopment project agreement (TIF 2). Staff explained the amendment separates the residential and hotel components after delays on the hotel portion of the project.
Under the original TIF 2 package, incentives were structured across both the hotel and residential components with combined spending…
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