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Oklahoma City Economic Development Trust approves TIF incentives for four Midtown projects
Summary
The Trust on Oct. 21 approved a set of pay-as-you-go TIF allocations totaling several million dollars to support four Midtown redevelopment projects, including a 26-unit apartment phase at NW 11th & Lee, a boutique hotel at the historic Villa Teresa campus, Brown's Bakery for Summer Moon, and a mixed-use site called "The Eddie."
OKLAHOMA CITY
The Oklahoma City Economic Development Trust on Oct. 21 approved a series of pay-as-you-go tax-increment financing incentives to support multiple Midtown redevelopment projects, saying the assistance is intended to make otherwise marginal early-year returns viable for small-scale urban infill. The votes came by motion and voice; no roll-call tallies were recorded in the meeting transcript.
The most immediate allocation approved was up to $660,000 from TIF D for a project at Northwest 11th and Lee, introduced by Mr. Sutil. "This deal would be contingent upon all the various bodies approving the addition of this into the Classen Corridor TIF," Mr. Sutil said, describing the structure as an 80% rebate of property-tax increment in years 1'5 and 50% in years 6'15, with total rebates not to exceed $660,000. Jeremy Gardner of Gardner Studio said the phase is "a three-story, 26-unit apartment project," largely one-bed units, with…
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