A Bricktown development recently given the greenlight by the Oklahoma City Council is receiving what The Oklahoman calls a record amount of tax increment financing.
Commonly called TIF, tax increment financing works like a rebate where annual property taxes will be returned to developers for building up areas of the city.
The Boardwalk at Bricktown will receive $200 million in TIF money following approval from Oklahoma City Council this week. Private developers will put in an estimated $550 million.
The project will include 924 apartments, 59,000 square feet of retail space and two parking garages. The area is currently a pair of surface lots on the south side of the neighborhood near train tracks.
It had come under fire recently following several news articles by NonDoc andThe Oklahoman about a non-profit that’s setting up subsidized units in the development. Aspiring Anew Generation is based in Arizona and is currently facing fraud allegations for overcharging its home state on some Medicaid payments.
Despite all that, councilman Mark Stonecipher — who introduced the motion to approve the TIF financing — pushed for passage, saying the improvements and particularly the parking garages "are really needed in Bricktown."
The item was approved by the council in a vote of 7 to 2.
This report was produced by the Oklahoma Public Media Exchange, a collaboration of public media organizations. Help support collaborative journalism by donating at the link at the top of this webpage.
