Tulsa Development Authority adopts 2026 budget, approves home-sale contracts and loan extension; authorizes $100,000 for tax-sale purchases

The Tulsa Development Authority board on a unanimous vote at its May meeting approved the authority’s fiscal 2026 operating and Lansing budgets, cleared multiple contracts for sale of city-owned lots for single-family development, approved an 18-month extension and revised repayment schedule on a $490,000 downtown loan, and authorized up to $100,000 to purchase properties from the Tulsa County Treasurer’s office.

The actions — taken during a regularly scheduled TDA meeting that included a brief executive session on an economic development proposal — also included authorization to provide additional operational funding to the Greenwood Legacy Corporation.

The board’s fiscal 2026 budget for TDA operations and the Lansing program was presented as unchanged from the draft circulated the prior month; staff called for approval and the board voted to adopt the budget.

Votes on a package of property-sale contracts included authorization to sell a single-family parcel at 2201 North Lewis Place to Terrace Dory’s Homes LLC for $12,000 and two parcels at 1605 and 1619 North Martin Luther King Jr. Boulevard to a foundation listed on the agenda (purchase price $25,000 each). Staff said the MLK parcels were bid late last year and that the foundation was the sole respondent; Tulsa Community Foundation was identified in the discussion as a partner on those lots. For the 2201 North Lewis project, a presenter described the planned house as about 1,400 square feet, single-story, three bedrooms, two baths and a two-car garage, with an anticipated retail value around $280,000 after construction.

The board also approved a resolution on the consent agenda that included the approval of construction plans and building specifications for a single-family project at 346 East Scion Place submitted by Real Design Homes; the plans were uploaded for board review before the vote.

On a separate financing item, the board approved a first amendment to the redevelopment agreement, promissory note and mortgage between TDA and 403 Cheyenne LLC that extends the loan repayment period. The loan in question had an outstanding principal of $490,000 with a scheduled maturity of June 29, 2025; staff recommended an 18-month extension with a structured interest schedule to facilitate repayment. Under the approved structure staff described, interest would begin at 6% for the first six months and escalate by 1 percentage point every six months up to the original 8% rate; the amendment also requires monthly payments and reimbursement of TDA’s legal costs related to the modification.

The board approved a staff request to allocate and authorize use of up to $100,000 from TDA’s operating fund to acquire real property at tax sale through the Tulsa County Treasurer’s office. Staff described the action as a limited test of TDA’s ability to acquire tax-sale properties for future redevelopment and noted the authority’s prior experience clearing title or resolving title issues on such parcels. The resolution grants signing authority to staff to execute documents and allow electronic transfer of funds for purchases not to exceed $100,000.

The trustees also approved a second amendment to the Greenwood Legacy Corporation’s 2025 annual budget to authorize additional expenditures for the corporation’s operations; staff indicated the change aligns the organization’s fiscal reporting period and provides runway for initial operations.

During the meeting trustees voted to go into executive session under a cited state statute (recorded in the meeting as “state statute 2 0 7 11”) to discuss an economic development proposal described in the record as “Project Infinite.” The board returned to open session and took no public vote related to the matters discussed in executive session.

Votes at a glance: The meeting record shows the trustees present and recorded as voting “yes” on the items above. Recorded trustees who voted in favor during roll calls included Paul Bracey, Jennifer Griffin, Steve Mitchell and Ashley Phillips (other members and staff were present for roll calls as recorded). The minutes indicate motions were moved and seconded before each roll call.