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Taking a closer look at these two financing tools
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Tax increment financing (TIF) is a tool used to spur urban redevelopment. Business improvement district (BID) is a tool used to improve the quality of life in urban areas.
Recently, Cathy O'Connor, President and CEO of The Alliance for Economic Development of Oklahoma City gave a presentation to the MAPs 3 Transit Subcommittee on the ways that TIF or BID funding could potentially support OKC Streetcar.
To view the full presentation, click here.
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MidTown TIF projects soaring with success
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A quick bike or walk up Walker Avenue and NW 12th Street provides you with an eyeful of growth and development in MidTown, Oklahoma City. The benefits of the mid-2012 $1.1 million TIF package are visible to anyone who sets foot near this growing district.
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The Osler Building, a 55-room boutique style hotel, is well underway with construction and is set to open near the end of 2013. This new hotel will feature a ground floor restaurant, rooftop bar and courtyard, along with a pool on the east side of the property.
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The newest project of MidTown Renaissance, Four30, began construction in late 2012 and opened with all 26-units fully leased last week. Right around the corner from the Osler Building and 1212, Four30 is a short walk to the vibrant core of the MidTown district.
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Foreign Trade Zone, a partner of The Alliance
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The Port Authority of Greater Oklahoma City's Foreign Trade Zone #106 is managed and overseen by The Alliance for Economic Development of Oklahoma City. The FTZ #106 is located adjacent to the Will Rogers World Airport, providing ample access to air cargo routes as well as major US roadways such as I-40, I-44 and I-35. FTZ #106 serves a 22-county region with magnet sites in both Enid and Shawnee, Oklahoma.
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