Council approves $400,000 bond allocation for Delaware Nation expansion and $2.5M TIF for The Pearl housing renovation

The Oklahoma City Council unanimously approved two economic development measures on March 10: a strategic investment of up to $400,000 in GEO limited tax bonds to support an expansion by Delaware Nation Industries (DNI) and a $2.5 million request from the Northeast Renaissance TIF for the Pearl housing rehabilitation project.

Kenny Sudel of the Alliance for Economic Development described the DNI proposal as an expansion that would retain and grow a corporate presence in Oklahoma City and result in roughly 410 new W‑2 positions in IT, cybersecurity and engineering. Whitney Hood of Delaware Nation Industries said DNI will invest approximately $470,000 in its Oklahoma City corporate office over five years, that the positions will be W‑2 jobs (not contract roles), and that DNI has grown from several hundred to more than 1,700 employees nationwide. The council approved the allocation unanimously.

Separately, council members considered a $15 million renovation by Tower Management of a long‑vacant apartment complex called The Pearl (132 units). The developer requested a $2.5 million TIF incentive structured as a pay‑in/pay‑out with high initial payout percentages (95% in years 1–8, 85% in years 9–10, 75% in years 11–13), tied to the property’s increment. Cathy O’Connor of the developer said the renovated 2‑ and 3‑bedroom townhome units are planned to be priced near 60% of area median income (AMI), and that the project budget includes construction and acquisition costs totaling just over $15 million.

Several council members pressed for clarity about affordability commitments and monitoring. One councilmember noted that some TIF districts include explicit affordable‑housing carve‑outs; staff and the Alliance said TIF is not typically used to impose affordability unless the project is structured for that purpose or paired with LIHTC or other dedicated subsidies. Council members asked whether future reporting on rents would be available; staff said rents are posted and developers will report as required by development agreements. The council approved the TIF resolution unanimously.

Both actions advanced economic development goals the council described as supporting job creation and rehabilitation of blighted housing stock, while members asked staff to monitor affordability outcomes and provide follow‑up information to the council.