Analysis of increment financing shows some downtown projects meeting expectations, others falling short
The first analysis of developments benefiting from downtown's Tax Increment Financing district shows some are on target for fulfilling promises to pay back their allocations while others are expected to fall far short of original projections.

BY STEVE LACKMEYER Published: December 31, 2010

The first analysis of developments benefiting from downtown's Tax Increment Financing district shows some are on target for fulfilling promises to pay back their allocations, while others are expected to fall far short of original projections.

The following developments reflect allocations provided to recipients, the increment they projected their projects would generate compared to the actual amount of money expected to be paid back to the TIF:

Triangle (Brownstones at Maywood Park, 2nd Street Lofts)
Allocation: $7,350,000
Current increment: $9,984,128
Projected increment: $115,591,002
Projected payback: exceeds life of the district

Block 42
Allocation: $990,000
Current increment: $13,375,787
Projected increment: $14,320,836
Projected payback: seven years

The Hill
Allocation: $2,650,000
Current increment: $2,682,554
Projected increment: $48,779,225
Projected payback: exceeds life of the district

St. Anthony Hospital
Allocation: $650,000
Current increment: $5,643,458
Projected increment: $8,262,404
Projected payback: 13 years

Legacy at Arts Quarter
Allocation: $2.5 million
Current increment: $29,969,699
Projected increment: $29,136,912
Projected payback: 11 years

The report by Brent Bryant, Oklahoma City's economic development program manager, shows the Block 42 condominiums developed by Grant Humphreys are on track for the most immediate payback, while the Legacy at Arts Quarter apartments developed by Mike Henderson is set to pay back more than what was originally projected.



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