Tulsa City Council approves $42.6 million TIF district near new Peoria-Mohawk Business Park

(TULSA, Okla.) The Tulsa City Council has approved nearly $43 million in Tax Increment Financing (TIF) near the newly constructed Peoria-Mohawk Business Park. TIF money will primarily be used to strengthen homeownership and neighborhood rehabilitation efforts around the 120-acre business park, which is expected to be a key driver for economic development, health and educational achievement in this large area of North Tulsa. “Business development in North Tulsa is continuing to be a key economic driver for our city, and we want to make sure the people who live near these new developments get those opportunities,” Mayor G.T. Bynum said. “This TIF district will ensure the neighborhoods around these newly created jobs can thrive and contribute to the economic vitality that is being invested there.” Housing programs account for nearly $35 million of the projected TIF money to be generated over the next 25-35 years and will go toward single-family housing opportunities that will be further defined in a subsequent policy to be adopted at a later date. “As we seek to further champion and ensure economic mobility in Tulsa, we must also ensure we are building vibrant neighborhoods that support employment centers, and that residents have access to safe, affordable housing,” said Kian Kamas, the City’s Chief of Economic Development. “This TIF aims to transform the neighborhoods around the Peoria-Mohawk Business Park, and is yet another step forward in the implementation of our Affordable Housing Strategy. We recognize that creating economic opportunity requires a multi-pronged approach, and believe the combination of job creation, worker training, and neighborhood investment that will occur around the business park will serve as a model for future economic development efforts.” Projected TIF dollars will go toward: Single-family Rehabilitation Program, which will offer home buyers repair grants for their existing properties Voluntary demolition of unsound properties, which will allow for infill development if the owner chooses Title assistance, which will help clear title issues with various properties so they can be sold without issue or rehabilitated without issue Home buyer assistance, which is expected to help increase homeownership from the current Census estimate of 53 percent to 73 percent Development assistance for Vacant Residential Single Family-zoned land, which both individuals and developers could request.