I'm looking forward to the 2024 Annual reports whenever those come out - those should be the first reports that have more of the inflation baked into certain valuations which will give a better idea of the pace we are at within each TIF vis-a-vis the budget.

With the 2022 Annual reports from last fall, this is what I could make out with the state of TIF in OKC at the end of FY 2022:

1. Life-to-Date (LTD) We had spent $89.2M more than we've brought in. That current deficit is like 85% owing to the OMNI.

2. There is a TON of back and forth movement LTD in terms of Debt proceeds/servicing. Ultimately, we have $260.6M debt outstanding, but $78.8M funds available, so really, we have about ~$180M of debt associated with TIF and there's something with the OMNI debt that is coming from outside of TIF (~$43M)

3. If we take the $89M deficit plus the $79M available plus $3M outstanding encumbrances plus $12M active debt reserves plus $43M from OMNI ($226M), it would appear, based on our $260M outstanding debt that we have incurred ~$34M of interest cost with TIF so far.

4. The Devon TIF put out $90M in bonds in FY22 which should mean the city has an advantaged interest rate for some time as back then rates were half of what they are today.

5. We are bringing in ~$35M annually as of FY22 for tax receipts. The lion's share of that comes from the Devon and general downtown TIFs.

6. The Convention/C2S district desperately needs park-front development to improve the shape of that TIF (#13) - given the state of Strawberry Fields and Mazaheri's penchant for sitting on property, the city is probably going to take a bath on the OMNI deal - by the time significant increases in property values start occurring in TIF #13, the interest accrued on such a substantial sum will kill the budget on this one. $83.5M in the red with <$3M coming in annually.

7. The Wheeler TIF is refreshing to see. You can tell that this area is going to do very well and that the TIF funds here are ultimately a great use of community resources. With no debt, if they stopped today, they'd reach 50% of the TIF goal and obviously this whole area is in its infancy. I wouldn't be surprised if the TIF ends up bringing in twice what it was supposed to.

I'm going to try to track this from year to year, so while I don't think 2023 report will be as interesting as 2024, it's probably be worth updating this post.