Oklahoma City is heavily dependent on sales tax to fund core City services. City Council has adopted a retail incentive policy that promotes the development of regional retail establishments such as outlet malls along with new to market retailers In addition, the City policy allows for retail businesses that will serve underserved areas.
For more information Contact Tammy Fate with the Greater Oklahoma City Chamber of Commerce at (405) 297-8958 or firstname.lastname@example.org.
The Oklahoma City Strategic Investment Program (SIP) creates quality jobs in Oklahoma City by ensuring accountability, transparency, with a focus on pay-for-performance incentives.
Qualifying applicants must:
Should a company qualify for the SIP program, funds will be disbursed on a pay for performance schedule that is agreed to by the company and the City of Oklahoma City. These funds can be used for capital expenditures such as site acquisition, construction, renovation, engineering, design and equipment. Reimbursement will occur on an annual basis. During the due diligence process, certain corporate financial information will be required. Companies will be briefed on confidentiality requirements during a pre-application meeting.
The City of Oklahoma City has 9 tax increment finance (TIF) districts. The districts were established pursuant to the Oklahoma Local Development Act and the State Constitution. The districts are all located in the core of Oklahoma City.
Tax increment financing (TIF) districts are an economic tool that Oklahoma City utilizes for promoting development in blighted, underserved, or economically distressed urban areas. TIF helps to fund new economic growth that will attract new investors, consumers, and employers into the area.
TIF monies can be allocated in two ways:
1. The City can construct public improvements (parking, infrastructure, streetscape, and/or landscaping improvements) on publicly owned land or easements
2. The developer or redeveloper can receive an allocation of TIF revenues to fund eligible TIF project costs in the form of “assistance in development financing” upon meeting conditions to the allocation
For more information, contact Brent Bryant, the City’s Economic Development Program Manager at email@example.com or (405) 297-2260.
For information on TIF # 1 or #7, Contact Cathy O'Connor, Oklahoma City Urban Renewal Authority, (405) 235-3771.