When Devon Energy Corp. decided to construct a new global headquarters in downtown Oklahoma City, the Alliance for Economic Development of Oklahoma City helped set up a $115 million tax increment financing (TIF) district for the area.
Through OCURA, the Alliance was also involved in selling the land for the new building to Devon.
Since the construction of the tower began in late 2009, increment funds from the $750 million, 50-story tower have gone to revitalizing downtown Oklahoma City through the creation of city-managed Project 180.
With Project 180 came a $176 million redesign of downtown streets, sidewalks, parks and plazas, making downtown Oklahoma City more beautiful and more pedestrian-friendly. Included in the project was the creation of public art, new landscaping, marked bike lanes, decorative street lighting and additional on-street parking.
In addition to Project 180, more than $36 million in increment funds from the district also funded improvements and renovations of the Myriad Botanical Gardens and Crystal Bridge Tropical Conservatory, a longtime downtown staple. A new restaurant, skating rink and children’s garden were all included in the renovations, all of which have become destinations in their own right. Read more about Devon Tower below!