Oklahoma City's council today voted 8-1 to approve a new Tax Increment District, or TIF, for downtown Oklahoma City.
The planned TIF will exist in the footprint of the proposed tower headquarters for Devon Energy, across from Myriad Gardens and next door to the Colcord Hotel.
Mayor Mick Cornett and seven city council members supported passage of the TIF. The lone dissenting vote was Brian Walters, Ward 5.
TIF No. 8, which will be created within TIF No. 2, will fund approximately $175 million in public improvements and economic development efforts in downtown Oklahoma City, according to a city release. However, the money would have originally gone to increased funding for Oklahoma City Public Schools, Oklahoma County, Metro Tech, City-County Health and the Metropolitan Library System, currently slated for TIF No. 2 funding.
Instead, the new TIF will give $20 million in funding to those entities.
City officials promise nearly $2 billion in economic gains will result from new businesses spurred to the area by the Devon project and improvements to the city's sidewalks, streetscapes and parks.
According to the city's release, the Devon tower is slated for completion in 2012. The TIF money is expected to start flowing by 2014, the release stated.