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Votes at a glance: TAYO/TDA board approves budgets, property agreements and housing fund changes; marketing contract tabled
Summary
At its May meeting, the TAYO/TDA boards approved the 2026 annual budget, a budget amendment for relocation and furniture, multiple redevelopment and sale agreements, termination of one affordable housing award (returning $466,000 to the trust fund), a loan amendment for 403 Cheyenne, authority to buy tax-sale property up to $100,000, and a Greenwood Legacy operational allotment; a marketing contract with Golden Shovel was tabled pending receipt of the draft agreement.
The joint meeting of the Tulsa Authority for Economic Opportunity (TAYO) and Tulsa Development Authority (TDA) produced a series of formal approvals and one tabling on May agenda items. Below are each item recorded as formal board actions at the meeting with outcomes and key details drawn from the transcript.
Votes at a glance (select items taken at the meeting)
- Consent agenda: Approved (motion and roll call; no items removed). Item list and votes were taken at the beginning of the session.
- 2026 annual budget (TAYO): Approved. Lynn presented an updated fiscal projection showing an improved projected loss for fiscal year 2026 (projected loss reduced from $210,000 to $176,000) after recognizing the $2.6 million sale of 311 North Boulder and other revenue changes; trustees voted to adopt the annual operating budget.
- FY budget amendment (relocation/furniture): Approved. A housekeeping amendment moved approximately $80,000 of current appropriations to capital/expenditure categories to fund furniture and moving costs for the new seventh-floor office; no net new appropriation was requested.
- Golden Shovel marketing services agreement (~$27,000): Tabled pending receipt of the contractor agreement. Staff asked to circulate the contract copy; trustees voted to postpone action until the next meeting to allow full review.
- TIF/assistance agreement (second amendment re: WPX): Approved. A housekeeping second amendment to the development finance/assistance agreement tied to WPX was approved. (Related to the bond authorization item.)
- Affordable Housing Trust Fund termination for G4MF Midtown project: Approved. Trustees approved terminating an agreement for a planned motel conversion (65 units) that the developer determined infeasible, unencumbering $466,000 to return to the Affordable Housing Trust Fund for other projects. Board discussion noted the developer had successfully completed a nearby conversion that produced 81 units but was experiencing lease-up challenges there (~60 occupied at the existing project).
- Property sale / redevelopment agreements (TDA): Approved. The board approved multiple redevelopment/sale agreements (examples: sale of 2201 North Lewis to Terrace Dory Homes LLC for a to-be-built 1,400 sq ft home; two parcels at 1605 and 1619 N. Martin Luther King Jr. Blvd tied to the Terrence Crutcher Foundation, each in the $25,000 range). Legal staff confirmed documents are in standard form.
- 403 South Cheyenne loan amendment: Approved. The board approved a first amendment extending repayment for a TDA loan (developer experienced market/financial strain). The amendment includes an 18-month extension and an escalating interest-rate schedule starting at 6% for the first six months and increasing by 1 percentage point every six months up to 8%; staff said the amendment will reimburse TDA for renewal costs.
- Authority to acquire property at tax sale (not to exceed $100,000): Approved. Trustees authorized staff to use up to $100,000 to acquire property through Tulsa County treasurer/tax sale processes and to pursue county resale deeds; staff framed this as a test of the approach using existing budget surplus.
- Greenwood Legacy Corporation second budget amendment (support operations): Approved. Trustees authorized a budget amendment to allow up to $60,000 in additional support funds for startup operations (tied to previously set-aside funds and city-level appropriation).
Procedural note: Several votes were recorded by roll call; where transcript named roll-call responses, the board recorded unanimous or majority "yes" votes and no recorded "no" votes on the listed approvals.
Ending: The tabled Golden Shovel marketing contract will return at a future meeting once trustees receive the missing agreement document; other approved items will be implemented by staff according to the budget and contract timelines described during the meeting.
