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Tulsa authority seeks up to $8 million in TIF-backed bond advance to speed airport-area development
Summary
The Urban Economic Development Committee on June 11 heard a proposal to let the trustees of the Tulsa Authority for Economic Opportunity issue up to $8 million in bonds to advance a tax-increment financing obligation tied to a WPX building, and a related request to activate a TIF project area at Tulsa International Airport to support hangars and maintenance facilities.
The Urban Economic Development Committee on June 11 heard a proposal to let the trustees of the Tulsa Authority for Economic Opportunity (TAEO) issue up to $8 million in bonds to advance a tax-increment financing (TIF) obligation tied to a downtown WPX building, and a related request to activate a TIF project area for development at Tulsa International Airport.
Bond counsel John Weidman told the committee the proposed financing would be a limited special obligation payable only from revenues generated by TIF District No. 15. “The only obligation on TAYO or the city of Tulsa is to actually transfer any TIF revenues from the district to the trustee to pay the bonds,” Weidman said. He added the bonds would be secured by ad valorem (property) tax increment from the…
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