Pete
04-27-2006, 08:03 AM
Tax increment finance district could double research park
By Steve Lackmeyer
The Oklahoman
The Presbyterian Health Foundation Research Park could double in size during the next decade if a tax increment finance district proposed for the Oklahoma Health Center wins approval.
The Oklahoma City Redevelopment Authority on Wednesday recommended creation of the district, but the proposal still needs approval by a committee comprised of representatives of Oklahoma County, Oklahoma City Public Schools, MetroTech and the Metropolitan Library System.
If the district is created, and an amendment is made to the existing health center district, an additional $28 million could be raised toward construction of parking and other improvements for expansion of the research park, the Dean A. McGee Eye Institute and Children's Hospital.
"We want fairly intensive development, which is why we're wanting new parking facilities, so we can make better use of the land," said Dan Batchelor, attorney for the Oklahoma City Redevelopment Authority.
The Presbyterian Health Foundation has built six buildings the past decade, while a garage was financed by the tax increment finance district.
Construction is set to begin this summer on a second garage and a seventh building.
The research park has added 24 tenants in just the past year, and a biopharmaceutical plant is set to start operations later this year. With current space at capacity, the foundation is looking beyond its existing master plan of 10 buildings, Batchelor said.
Economist Larkin Warner, who wrote a recent central city economic impact study for the Greater Oklahoma City Chamber, said the expansion is overdue.
His research showed the park has created about 1,000 new bioscience jobs with an estimated average salary of $60,000.
"What's happened in the entire health center rivals the economic impact of MAPS," Warner said, referring to the $370 million downtown improvements package that included the Bricktown Canal, AT&T Bricktown Ballpark and the Ford Center.
Warner thinks the Presbyterian Health Foundation, which financed construction of the research park, may have underestimated the success of its efforts.
"The truth is, when you spend as much as these guys did, $70 million, you get big results," Warner said. "And as long they're able to keep going, it's a good idea."
Warner said the Oklahoma Health Center, along with the research park, have been overshadowed in public perception by the success in nearby Bricktown.
"What's really driving central city development is the health economy," Warner said. "And we ain't seen nothing yet. When these baby boomers start to retire, and start failing, the demands on the health sector are going to skyrocket."
The expansion won't be quick. Batchelor estimated the new master plan will take about 10 to 12 years to complete. He estimated the Urban Renewal Authority and Presbyterian Health Foundation control about 50 percent of property in the proposed expansion area between NE 4 and NE 8, Stonewall Avenue and Lincoln Boulevard.
The area includes the Bradford Commons apartments, a public housing complex that closed a couple years ago. The foundation owns the land but not the buildings.
A master plan is under way to determine the best sites for additional research park buildings. Batchelor estimated the total office and lab space will grow from a current maximum of about 1 million square feet with all 10 buildings to more than 2.5 million square feet with the proposed expansion.
The plan could involve Urban Renewal acquisition of properties in the area south of NE 8. Urban Renewal Director JoeVan Bullard said the city declared it an acquisition area more than 20 years ago, allowing the agency to use eminent domain, if necessary.
"This area has long been in the Harrison-Walnut Urban Renewal area," Batchelor said. "Now that we're moving the research park south, and there is more institutional development around the health center, it just makes more sense to do this now."
By Steve Lackmeyer
The Oklahoman
The Presbyterian Health Foundation Research Park could double in size during the next decade if a tax increment finance district proposed for the Oklahoma Health Center wins approval.
The Oklahoma City Redevelopment Authority on Wednesday recommended creation of the district, but the proposal still needs approval by a committee comprised of representatives of Oklahoma County, Oklahoma City Public Schools, MetroTech and the Metropolitan Library System.
If the district is created, and an amendment is made to the existing health center district, an additional $28 million could be raised toward construction of parking and other improvements for expansion of the research park, the Dean A. McGee Eye Institute and Children's Hospital.
"We want fairly intensive development, which is why we're wanting new parking facilities, so we can make better use of the land," said Dan Batchelor, attorney for the Oklahoma City Redevelopment Authority.
The Presbyterian Health Foundation has built six buildings the past decade, while a garage was financed by the tax increment finance district.
Construction is set to begin this summer on a second garage and a seventh building.
The research park has added 24 tenants in just the past year, and a biopharmaceutical plant is set to start operations later this year. With current space at capacity, the foundation is looking beyond its existing master plan of 10 buildings, Batchelor said.
Economist Larkin Warner, who wrote a recent central city economic impact study for the Greater Oklahoma City Chamber, said the expansion is overdue.
His research showed the park has created about 1,000 new bioscience jobs with an estimated average salary of $60,000.
"What's happened in the entire health center rivals the economic impact of MAPS," Warner said, referring to the $370 million downtown improvements package that included the Bricktown Canal, AT&T Bricktown Ballpark and the Ford Center.
Warner thinks the Presbyterian Health Foundation, which financed construction of the research park, may have underestimated the success of its efforts.
"The truth is, when you spend as much as these guys did, $70 million, you get big results," Warner said. "And as long they're able to keep going, it's a good idea."
Warner said the Oklahoma Health Center, along with the research park, have been overshadowed in public perception by the success in nearby Bricktown.
"What's really driving central city development is the health economy," Warner said. "And we ain't seen nothing yet. When these baby boomers start to retire, and start failing, the demands on the health sector are going to skyrocket."
The expansion won't be quick. Batchelor estimated the new master plan will take about 10 to 12 years to complete. He estimated the Urban Renewal Authority and Presbyterian Health Foundation control about 50 percent of property in the proposed expansion area between NE 4 and NE 8, Stonewall Avenue and Lincoln Boulevard.
The area includes the Bradford Commons apartments, a public housing complex that closed a couple years ago. The foundation owns the land but not the buildings.
A master plan is under way to determine the best sites for additional research park buildings. Batchelor estimated the total office and lab space will grow from a current maximum of about 1 million square feet with all 10 buildings to more than 2.5 million square feet with the proposed expansion.
The plan could involve Urban Renewal acquisition of properties in the area south of NE 8. Urban Renewal Director JoeVan Bullard said the city declared it an acquisition area more than 20 years ago, allowing the agency to use eminent domain, if necessary.
"This area has long been in the Harrison-Walnut Urban Renewal area," Batchelor said. "Now that we're moving the research park south, and there is more institutional development around the health center, it just makes more sense to do this now."