Council holds public hearing on proposed Pearl District TIF plan; multiple routine items approved

Jeff Sabin, of the Center for Economic Development Law, representing Partner Tulsa, detailed a proposed Pearl District Neighborhood Economic Development Project Plan and answered council questions during a public hearing at the Tulsa City Council meeting.

Sabin said the plan would establish a single ad valorem increment district—commonly called a tax-increment financing (TIF) district—covering the neighborhood east of downtown known as the Pearl District. “What we're trying to do with the Pearl District neighborhood project plan is kind of something similar to what the city did with their downtown districts,” Sabin said, describing priorities that align with the city’s 2019 sector plan and a small-area plan adopted by the Tulsa Metropolitan Area Planning Commission (TMAPC).

Sabin told the council the small-area plan identifies four priorities: stabilize and revitalize existing residential areas with an emphasis on homeownership and housing affordability; retain existing businesses and increase mixed-use commercial and retail opportunities; increase safety and security; and improve targeted infrastructure to support health and catalyze development. He said Partner Tulsa intends to use a pay-as-you-go financing structure…