Bricktown experiences major developments

Bricktown is in the heart of the entertainment district and is experiencing new and continuing development. Earlier this month, Bricktown unveiled its new logo which will be displayed on light poles, maps, brochures and on the district's website. This fresh logo supersedes the old logo used for the past 12 years.

 

The Bricktown Canal, area sidewalks and streets will also get a facelift. Through tax increment financing, the City was able to provide $1.4 million for repairs. Bricktown serves as a corridor to other parts of Oklahoma City and the repairs and renovation will provide a fresh look for visitors.

 

The expected influx of tourists will cater to the hotel industry. Not one, but two 150-room hotels are slated for the Steelyards area, with an investment valued at $45 million. Texas-based NewcrestImage recently completed the Holiday Inn Express & Suites and will develop the two new hotels, an AC Hotel and Hyatt Place, at the northeast corner of Joe Carter Avenue and Sheridan Avenue.

 

  

Not only will hotel offerings increase, Bricktown will host its first apartment complex. Still in the early stages of construction, the Steelyard Apartments will provide housing in the thick of all the development and will aid downtown residential growth.

 

Moving into the former Bricktown Burgers building at 300 E. Main, Domino's Pizza will unveil a "pizza theater" that will include a dining area and open kitchen. Just as Bricktown is going through logo redesign, Domino's is looking to unveil a new dining concept and Bricktown will play in their debut.

 

Oklahoma City has also lacked a mid-sized concert venue for some time, but that void will be filled by The Criterion. The 39,000-square-foot, two-story brick building at the southwest corner of Charlie Christian and Sheridan Avenues will host live music concerts. Scheduled to open New Year's Eve, The Criterion will hold up to 4,000 people and host a myriad of events.

 

For more information on Bricktown, please visit: 

http://welcometobricktown.com/

 
Q&A with Alliance President Cathy O'Connor
What is a TIF?

Tax increment financing (TIF) is a public financing method cities sometime use to fund public and private improvements which are necessary to create further private investment in areas that are blighted, whether for historic preservation or to reverse economic decline.  Funding can be used for everything from the repair of roads and sidewalks, the renovation of vacant properties and to assist with the costs of new private investment.

 

How does it work?

When a TIF district is established, the assessed value of all taxable property within the district is calculated and established as a base. In the case of a sales tax increment district, the sales tax revenue from within the district is used as the base.

 

For the district's duration, which is until the project costs are paid or a period not exceeding 25 years, any increased tax revenues above the base are available to the city to finance public project costs. This increase in taxes above the taxes generated by the base assessed value is the "increment". Taxes generated from the base assessed value, or an amount equal to the base sales tax, continue to be paid to the various taxing jurisdictions. It does not increase taxes.

 

What does it do?

Property owners can expect to see their property values stabilize or improve. Public works improvements like streets, sidewalks, parks, landscaping, transportation and utilities can be paid for without increased taxes. Increased business and residential demand will improve economic output of the area and increase the value of other nearby property.

 

For more information, please visit: 

https://www.okc.gov/economicdev/tif.html

 
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