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TAYO approves up to $8 million in TIF bonds to fund WPX headquarters incentive
Summary
Trustees voted to authorize TAYO to incur indebtedness not to exceed $8 million to advance-fund an economic incentive for TIF District No. 15 (WPX headquarters). Bond counsel said the agency—9s obligation is limited to collecting and transferring TIF increment; bonds are expected to price late June with a July closing.
The Tulsa Authority for Economic Opportunity (TAYO) voted to authorize issuing bonds not to exceed $8,000,000 to fund an economic incentive for Tax Increment Financing (TIF) District No. 15, the financing vehicle tied to the WPX headquarters project.
John Weidman, bond counsel, told trustees the resolution would allow TAYO to issue bonds and "advance fund the economic incentive" for the building purchased by FC, a Tulsa PropCo. He said the bonds are structured at an assumed 7% interest…
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