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Council hears presentation on expanded Tulsa International Airport TIF plan; proponents say budget could rise to $975 million
Summary
Councilors heard a project presentation on an amended Tulsa International Airport economic project plan that would expand several tax increment financing (TIF) increment districts and raise the planauthorized budget from $98,000,000 to $975,000,000; no final vote was taken and proponents said the plan will return for final approvals.
City Councilors received an informational presentation on an amended and restated Tulsa International Airport economic project plan that would expand several tax increment financing (TIF) increment districts and increase the planauthorized budget from $98,000,000 to $975,000,000, project proponents said.
The plan would expand increments in multiple districts within the airport project area rather than change the overall project plan boundary, the project proponent told the council, allowing the plan to "right size" the TIF capture for larger industrial projects that have since been announced.
"When the original project plan was adopted back in 2015, these whale projects of a billion dollars plus investment weren't really on anyone's radar," Jeff Sabin, development counsel for the airport, told the council. "With the addition of this increased land for several of these TIF districts, it really increases the development potential of these sites."
Why it matters: Proponents said the changes would enable large industrial developments and increase the taxable value captured within existing project boundaries. The proponent explained that some areas originally identified as runway or aviation reserve areas have become developable because of updated Federal Aviation Administration guidance and changes to the airport master plan.
Councilor Dieter asked how land previously considered undevelopable could become available. A project representative replied that the third parallel runway originally contemplated for the site was removed from the master plan after FAA guidance indicated current runway capacity met anticipated needs. The representative said the change "made it available for future development." He added that in some locations surrounding runways and taxiways, there is developable land that the amendment would bring into increment capture.
Proponents referenced announced projects by name as examples of the scale the plan now anticipates; the presentation cited Nor Sun and AgileSpace as examples of large projects whose development footprints influenced the change. The proponents said the amended planwould return to the county commission and to the council for final approvals and noted that the item will include an emergency clause when placed on a future agenda.
No members of the public signed up to speak at this presentation. The council voted earlier to enter public hearings for the item, and the proponents said a second public hearing would be scheduled at the council's March regular meeting.
Next steps: Project backers said they will return with final approvals to the taxing jurisdictions and the council; no final action was taken at the Feb. 5 meeting.
Ending: Councilors did not act on the plan at the Feb. 5 meeting; proponents said they will continue outreach and bring the measure back for final votes.
