TAX INCREMENT FINANCING
Skirvin Hilton Hotel
After sitting vacant and deteriorating for decades, the city purchased the hotel in July 2002. The $56.4 million TIF included a mix public and private sources. Today the grand hotel has revenues exceeding $8 million.
Tax increment financing districts are an economic tool to promote development in blighted, underserved, or economically distressed urban areas. TIF helps fund new economic growth that will attract new investors, consumers and employers into the area.
TIF monies can be allocated in two ways:
The city can construct public improvements (parking, infrastructure, streetscape, and/or landscaping improvements) on publicly owned land or easements
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 Joanna McSpadden, the City’s Economic Development Program Manager at email@example.com or (405) 297-3879.
For information on TIF, contact Cathy O'Connor, Oklahoma City Urban Renewal Authority, (405) 235-3771.