The Oklahoma River may become a TIF district, similar to downtown. This would mean development on the river, may benefit from grants similar to those being used for Legacy Summit and the Skirvin Hotel. Great news for the river.

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"City proposes tax increment for 2 districts


By Hank Jenkins
The Oklahoman

Up to $62.5 million could be used to make improvements to the Dell Business Service Center and lure other businesses into an area along the Oklahoma River.
The Oklahoma City Council introduced an ordinance Tuesday that would create two tax increment financing districts in an area just east of S May Avenue to S Meridian Avenue and from Interstate 44 to SW 22.

A second and final hearing on the proposal is set for March 29.

Tax increment districts take a portion of growing property or sales taxes from their areas after they are created and return them to districts to pay for public improvements that might spur future developments.

Ward 6 Councilwoman Ann Simank said these will be the city's fourth and fifth tax increment financing districts.

Cathy O'Connor, assistant city manager and finance director, said the money generated from both districts not only will be used on Dell, but also can be used to lure other businesses into the area.

In November, the city agreed to fund various improvements on and adjacent to the Dell site, including compacting the land because it once was a landfill.

O'Connor said in a presentation to the council that district No. 4, dealing with property taxes, is estimated to generate between $250,000 and $1.5 million annually. She said that is based on an estimation of $150 million of new investment in the area, including those to be made by Dell or any other new businesses that enter the area.

O'Connor said district No. 5, dealing with sales tax, is estimated to generate between $150,000 and more than $1 million annually.

Simank said the area is prime property that will start to see more businesses because it is close to where the Dell center will be built.

"I bet you there are going to be restaurants, service stations, convenience stores or apartments even," Simank said. "These (areas) are prime, so we have them in the TIF districts."

Simank said the city can use the tax increment financing districts for 25 years with no increased taxes to residents. "