The Oklahoma City Council voted Tuesday to prepare for future funding downtown. The council broke the large TIF-2 tax increment financing district into six separate areas.
They’re all part of the area known as Core to Shore, from Western Ave. to the east side of Bricktown, between the Oklahoma River and Sheridan Avenue.
The measure passed 8-1, with Ed Shadid opposing.
“We're increasing TIF-2 by $44 million. We are wildly in excess of our original budget of about $45-47 million,” Shadid said. “I don't know at what point you say you've met your goal if you're at 400 percent of your original budget."
Properties in the six areas generated $750,000 in ad valorem property taxes in 2014, The Journal Record’s Brian Brus reports:
Under the approved plan, if any of the areas is judged to be struggling with development momentum, a review committee can ask the City Council to activate the TIF. Any additional ad valorem tax or sales tax revenue collected above the current base in the TIF will be kept within the district instead of feeding into the city’s overall budget. Council members also agreed to expand the original boundaries of TIF-2 to south of SW 30th Street, increase the budget for projects by more than $44 million and remove the First National Center at Park and Robinson avenues from the larger district. The historic bank building now sits in its own district with a $45 million project budget.
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