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Committee hears $8 million TIF advance for WPX site and approves activation of airport TIF district for hangar and MRO development
Summary
Committee reviewed a resolution to allow the Tulsa Authority for Economic Opportunity to incur up to $8 million to advance a TIF obligation tied to ad valorem taxes, and an ordinance to activate and rename a Tulsa International Airport TIF district (District 23) to support hangars, maintenance operations and future airline investment.
City legal and airport staff briefed the Urban Economic Development Committee on June 11 about two related measures: a resolution asking the council to allow the Tulsa Authority for Economic Opportunity (TAYO) to incur indebtedness in an aggregate principal amount not to exceed $8,000,000 to advance a tax‑increment finance (TIF) obligation tied to a completed WPX property, and an ordinance to amend and activate a Tulsa International Airport project plan by renaming TIF District A to District Number 23.
Bond counsel John Weidman told the committee the planned borrowing would be a limited special obligation payable solely from ad valorem tax revenues generated in TIF District 15, not a city general obligation. ‘‘The only obligation on Tayo or the city of Tulsa is…
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