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Board approves up to $2.1 million in TIF assistance for 3rd & Denver apartment project
Summary
The Tulsa Authority for Economic Opportunity on Thursday approved a development and financing assistance agreement for an 80‑unit apartment building at Third and Denver, authorizing up to $2.1 million in tax increment financing to help close the project’s financing gap.
The Tulsa Authority for Economic Opportunity on Thursday approved a development and financing assistance agreement with 3 and D Flats LLC to support a proposed apartment building at Third and Denver.
The project is a roughly six‑story building with about 80 apartment units and integrated parking. The developer, Steven Watts of Rose Rock Development Partners, told trustees the building will include a rooftop amenity and that roughly 16% of units—about 13 of 80—are proposed as workforce units.
Watts said the total project cost is about $28 million and that the developer is requesting tax increment financing (TIF) assistance not to exceed $2,100,000 to close a financing gap. He described the assistance as essential to achieve the debt‑service coverage ratio lenders…
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