As the year winds down, it is often a contemplative time to take stock of the past year and see how we’ve progressed. The Alliance for Economic Development has been assisting Oklahoma City for more than four years to encourage businesses and new development to come to our city.
The Alliance was created to meet a need for a centralized, private entity that could work quickly to handle businesses and prospects. This organization would work in connection with programs such as the Strategic Investment Program, Retail Incentive Policy, tax increment finance funding, real estate development, land leases and other methods of economic development without splitting them across several city government entities.
Making these tools available to the Alliance is extremely attractive to businesses looking for an all-in-one organization and for figuring out if a business is a good fit for Oklahoma City. It provides a smooth process for prospective businesses, and it also helps businesses in Oklahoma City coordinate through a single city entity as well. By partnering with the Economic Development Trust, Urban Renewal Authority, Oklahoma Industries Authority, Industrial and Cultural Facilities Trust, Redevelopment Authority and the Port Authority of Greater Oklahoma City, economic development has grown significantly over the past several years.
The Alliance’s functions include coordination, management, planning and implementation of the city’s general obligation limited tax bond program and TIF districts; the city’s retail strategy and incentives; city and urban renewal redevelopment programs; identification and development of job creation sites; public-private redevelopment opportunities from MAPS projects, with special emphasis on a new convention center hotel; and the implementation of financing.
Read the full article here in the December 30th edition of The Journal Record.