OKC council approves TIF committee focused on Classen Corridor revitalization
Oklahoma City councilors took the first step this week toward a new TIF district that could revitalize underdeveloped and blighted properties along N Classen Boulevard.
Unanimously approved by city council Tuesday, the Classen Corridor Revitalization TIF Review Committee would evaluate financial impact assessments for the proposed district. The committee will then report its findings to the city council so that a final plan can be authorized, in accordance with the state's Local Development Act.
A tax increment finance, or "TIF," district allows the city to use a portion of property taxes generated within the district to reinvest in its infrastructure and provide incentives for private investment. The TIF's purpose is to drive higher property values, increase property tax revenue, and promote economic development and job creation in the district.
A Classen Corridor TIF could support historic buildings like the Gold Dome and the Oklahoma Public Schools Administration Building, as well as some city-owned property on NW 10 and the city’s new RAPID NW Bus Rapid Transit line. The TIF also would potentially provide new hope for a mixed-apartment and retail building where the old EMSA headquarters was located.
Who is on the committee?
The new TIF review committee will include a representative appointed by each of the five taxing jurisdictions that could be affected by the proposed TIF:
Oklahoma County
Oklahoma City Public Schools
Oklahoma City-County Health Department
Metropolitan Library System
Metro Technology Center
The new committee also will include Oklahoma City Mayor David Holt as chairman, At-Large Planning Commissioner Rusty LaForge and three additional at-large members to be determined.
Kenton Tsoodle, president of the Alliance for Economic Development of Oklahoma City, told city council members that committee work likely would need to move quickly, as many properties in the proposed district do not have much assessed value and aren't generating a lot of taxes.
More: What is a "TIF?"
Where will the TIF district be?
The TIF proposal would restrict where funds could be spent for the project area. If finalized, the district would be shaped like a reverse “L,” and would include Midtown, the lower-income Metro Park neighborhood and the higher-income “SoSA” neighborhood.
The northernmost boundary would be NW 36, while the southernmost boundary would be NW 6.
The eastern boundary follows a path generally along the western fringe of Mesta Park and Heritage Hills.
The west side of the district would go through the heart of the Asian District and the eastern fringe of the Gatewood and Classen-10-Penn neighborhoods.
The base of the “L” would include most of Metro Park and Midtown.
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City council supports TIF proposal while suggesting future project areas
The proposed revitalization plan affects Wards 2 and 6, represented by James Cooper and JoBeth Hamon, respectively. Both voiced their support of the review committee and were hopeful about what the group's findings would show and how the plan might develop.
Hamon has previously held some reservations about tax increment financing, due to what she described as the potential to disrupt existing development and accelerate gentrified displacement. But after meetings with the Asian District Cultural Association and other neighborhood groups along the proposed corridor, she said she believed the revitalization plan could boost community buy-in.
“I think we have a really neat opportunity here to really get a good array of community representation, in addition to some of the taxing jurisdiction voices, as part of the conversation,” Hamon said.
Cooper agreed, saying that infrastructure enhancements in the city’s Asian American enclave could complement the district’s existing murals and commemorate the area’s Vietnamese identity.
“We should not let the current limitations on Classen dictate our imaginations,” Cooper said. “This, in my estimation, is a once-in-a-generation opportunity to honor the refugees from Vietnam who came here.”
Other councilmembers, while supportive of the proposed Classen Corridor project, discussed the possibilities of a new TIF district being developed in the city's south side, where communities historically have seen a lack of investment.
Related: A funding tool for OKC development is near its end. Why were some projects chosen over others?
This article originally appeared on Oklahoman: City council approves TIF committee for North Classen
