TULSA, Okla. — The Tulsa City Council voted to approve a $16 million Tax Increment Finance (TIF) District at 36th St. N. and Martin Luther King Jr. Blvd., the city said in a press release.
The TIF and 36t St. N and MLK Project Plan, which was adopted on July 23, will provide an economic structure and funding mechanism to stimulate private investment in a $75 million multi-use development from real estate developer Alfresco Group LLC, the city said. The development includes multifamily residential units, a hotel, and retail.
“Throughout my time as Mayor, the City has worked to incentivize investment into North Tulsa and this project from Alfresco Group has the potential to be transformational for a part of our city that was overlooked for far too long,” Mayor G.T. Bynum said. “I am thankful we have a local developer, in Antoine Harris and his team, with the vision and commitment to make this project happen. We at the City of Tulsa are excited to be their partner and look forward to seeing this development move forward.”
The multi-phase development project is expected to break ground in September 2021. Upon completion, the TIF will return property and sales tax generated by the project back to the project to support development costs and assist in project financing.
The Tulsa Authority for Economic Opportunity (TAEO) will oversee the management of the TIF, which will be used to stimulate private development in the area.