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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 require: “The TIF assistance is vital to provide that surety to their lender,” Watts said. Mike Dickerson, DEO controller, explained the Tulsa Authority had been designated as the pass‑through entity for downtown CIP/street‑scape agreements in earlier TIF negotiations and that this payment would finance construction already underway.
Board members pressed the developer on affordability and term length. A trustee asked whether the project could increase the number of workforce units; Watts replied that high construction costs and required rent levels limit how many units can be offered at workforce rents without subsidies. On the TIF term, Watts and staff described a multi‑year repayment structure; the developer said the request included a 17‑year term in order to reach the coverage ratio, and that after administrative deductions the practical subsidy value was lower than the headline percentage.
Trustees voted to approve the financing assistance agreement. The board did not set exact AMI thresholds for the workforce units during the public discussion; the developer referenced workforce rents but did not provide a single clear AMI percentage in the presentation. The motion passed following a roll call.
The agreement approved authorizes TIF assistance up to $2.1 million and directs staff to finalize the development and financing assistance documents. The developer estimated a 9–12 month timeline to break ground after final design and permitting.
What the authority approved is a funding commitment to be memorialized in a formal agreement; the transcript shows trustees approved the item and staff said the next steps include final contract execution and continued coordination with city financing timelines.
The agenda packet and presentation included renderings and site plans showing the project on a city parking lot across from the BOK Center. Watts noted integrated parking will be provided for all units and said some surrounding property owners have parking agreements that should accommodate nearby users.
The vote followed a staff presentation by Mike Dickerson and a developer presentation by Watts. The board’s approval allows staff to finish the assistance agreement with the developer and to return to other city processes (planning, permits, lender underwriting) needed before construction begins.
