RFPs issued for two OKC properties
The Oklahoma City Urban Renewal Authority recently issued two new requests for proposal for development of vacant land that will have significant impact on the continued development of Oklahoma City.
One of the RFPs is for two tracts of land between NE Fifth and Harrison Avenue on the east and west sides of Walnut Avenue, behind the PLICO building. The property is in the Harrison-Walnut Urban Renewal Project Area and the RFP seeks commercial redevelopment that will contribute to continued efforts to revitalize the area and adjacent neighborhoods and developments including the Innovation District, Bricktown and Downtown Business District. Certain projects may qualify for TIF funding. TIF funds may be used to provide financial assistance to the development project if it meets goals of the district and financial need is demonstrated.
We are seeking proposals that will work with the unique shape of properties and have an active ground floor with retail, restaurants, or other commercial space to contribute to the downtown pedestrian experience. Proposals are due by June 29.
The second RFP is for vacant land on the north side of 23rd Street and Glen Ellyn Street in northeast Oklahoma City and falls within OCURA’s Northeast Renaissance Urban Renewal Plan. This development should contribute to the growth, density and vibrancy of the NE 23rd Street commercial corridor and adjacent neighborhoods. OCURA seeks proposals for commercial development from a nonprofit organization that serves a low- to moderate-income community or a development that will create permanent jobs with at least 51% of jobs benefiting low- and moderate-income workers. The site is also located within a TIF district. This proposal is due by June 3.
TIF districts are a proven way to support the types of development that will add to and benefit the neighborhoods where they’ll be located. TIF is an important economic tool to promote development in blighted, underserved or economically distressed urban areas and helps fund projects that will attract new investors, consumers, and employers into the area. The Alliance for Economic Development of Oklahoma City just created and published a new video to explain how TIF encourages development. Tax Increment Financing +How it Benefits Oklahoma City – YouTube.