One of the major funding sources for Project 180, the Devon tower tax increment finance district, is not bringing in as much money as hoped, officials said. Coupled with cost overruns on current and already completed Project 180 work, the shortfall has city planners looking for ways to save money.
A plan is currently on the table and actively being formulated by city staff. The city borrowed millions from Devon Energy for Project 180 and is looking at an early repayment option with a lower interest rate.
However, although E.K. Gaylord may not be part of Project 180 as initially planned, it could be part of a future project, said Public Works Director Eric Wenger.
How much is the TIF district’s shortfall? Read Wednesday’s Oklahoma Gazette for the full story.
Photo by Mark Hancock
