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County approves conduit bonds to fund Alley North parking garage
Summary
The board approved issuance of conduit bonds through the Oklahoma County Industrial Authority to monetize a TIF allocation and front construction costs for a public parking garage at the Alley North development; the county's general revenues are not pledged, the presenter said.
Oklahoma County commissioners voted to approve conduit bonds that will monetize a tax‑increment financing (TIF) allocation to fund a publicly accessible parking garage in the Alley North development.
Jared Davidson, public finance, told the board the request came from the Oklahoma County Industrial Authority and that the issuance would be a conduit financing: "No revenues or anything of the county are pledged. This is strictly a pass through," he said, explaining that the county is not assuming debt service risk for the project. The project was described as a public parking structure serving redevelopment around 13th and Broadway, with the City of Oklahoma City providing a TIF allocation to support construction.
Commissioners asked questions, then approved the request on voice vote following a motion and second.
The board’s action authorizes the Industrial Authority to proceed with the conduit bond issuance to monetize the TIF allocation so the development team can front construction costs for the garage. The county recorded no pledge of general revenues in the motion approved by commissioners.
