The city of Tulsa is considering two tax-increment financing districts along Route 66 it hopes will boost other projects along the corridor.
Tulsa Public Radio reports:
Two proposed tax increment financing districts around Mother Road Market and the old Tulsa Welding School site would generate an estimated $23.7 million dollars over 25 years to pay for public improvements. The revenue would be captured from increased property taxes and the undedicated 2 percent of city sales tax from new businesses.
One twist to the proposal is Mother Road Market owner the Lobeck Taylor Family Foundation will pay for work around the food hall now.
“The city will still pick all of the components. They’ll say, ‘Here’s where we want a crosswalk. Here’s what it will look like. Here’s where we want lighting. Here’s what it will look like,'” said developer Christopher Ellison, who is married to Lobeck Taylor Family Foundation President and CEO Elizabeth Frame Ellison. “The city still makes all those design decisions, and then [the foundation will] fund those decisions with the hope, which is not guaranteed, that they’ll then get reimbursed through the TIF.”
In another Tulsa Public Radio report, one official noted the TIF districts affect two alignments of Route 66 in Tulsa:
“The heart right now that we see potential for is the connection between 11th and Lewis and First Street and Lewis, so Kendall Whittier District, and really trying to get that revitalized,” said Tulsa Route 66 Commission member Ken Busby. “And so, the fact that they’re looking at this TIF sort of with a much broader approach that’s really capturing both alignments, I think is huge for Tulsa.” […]
“I think this is a perfect, like, case study, if you will and that we can use this to then say, ‘OK. Now, we did this here. It worked. Where else can we go from here?'” Busby said.
A review committee for the city approved the TIF plan. Final approval by the city council won’t happen until at least late November.
I wish a TIF district also would be formed for one indisputably distressed area in Tulsa — the Brookshire Motel, which has been cited for code violations and could face the wrecking ball if the problems aren’t addressed. The two already-proposed TIF areas are close to downtown and don’t need as much help; those parts of town have revitalized themselves.
TIF districts also are being considered or have formed along Route 66 corridors in Springfield, Illinois, and Springfield, Missouri.
(Image of new Mother Road Market neon sign in Tulsa by Buck Atom’s Cosmic Curios on 66 via Facebook)