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TDA trustees flag dwindling funds, propose cross-entity task force to plan financial viability
Summary
Trustees heard a financial update showing declining TDA cash balances and discussed exploring recurring revenue sources — including HUD/CDBG, TIF, and possible rental/hold strategies — and agreed to form a focused task force with trustees and finance representatives.
Tulsa Development Authority trustees reviewed the monthly financial report and discussed options to shore up TDA’s long-term viability, including pursuing recurring revenue sources and creating a cross-entity task force to develop a financing strategy.
Finance director Lynn told trustees staff was still awaiting a signed document needed to start charging a quarterly management fee and that some line items appear high early in the fiscal year because invoices come at different times. Lynn warned the TDA’s cash balance in its TDF fund had declined to roughly $1.9 million and said the authority must consider ways to stabilize operations.
Trustees and staff discussed several revenue options and constraints. Board members raised Community Development Block Grant (CDBG) funding and tax-increment financing (TIF) as revenue sources historicaly used by similar urban renewal authorities. Staff said legal authority under Title 11 is necessary to carry out urban-renewal tools and that TDA’s statutory toolbox cannot be abandoned; trustees agreed discussions about funding should be part of the strategic-plan review.
Several trustees argued TDA cannot rely solely on asset sales and should identify recurring revenue streams. One trustee suggested TDA could finance and retain certain multifamily or small rental properties to generate operating cash flow; another said any change must comply with existing bylaws and disposition policies that generally require sales at appraised value unless exceptions exist.
The board asked staff to convene a focused committee or task force — comprising TDA commissioners, TAO trustees and finance-committee representatives — to develop short-term and medium-term financing options. Trustees agreed Gary (board member) will connect with Renita and that staff will propose a membership and timeline for the group.
A quote from finance staff “We are still waiting on the signed document to get that to the budget department and then we'll start collecting that quarterly fee for the management services,” Lynn said, describing a timing issue that delays a modest revenue stream.
Ending Trustees asked staff to return to the board with a proposed task-force membership, timeline and a short list of potential recurring-revenue strategies, and to incorporate the discussion into the TDA strategic-plan review.
