'Double the economic impact'.... I guess that's one way to 'own' a city. I'm hoping there is more to this story too... time will tell.

Hmmmmmmmmmmmmmm

I mean, if they decide they're going to set aside the extra 200 million per year in economic impact they get from Devon and use it for specific public projects, it's a big deal... Like a permanent fund for high profile public works projects like light rail phases or parks or C2S or something

It's the "stunned" word that has me puzzled. That implies that Steve had never considered whatever this is as a possibility, or thought it was such a long shot it would never happen.

What would stun me? A outside investor of impeccable credentials with a plan to create something remarkable downtown in retail/hotel/business. (Neiman Marcus putting a store downtown would stun me, Nordstrom would only excite me. A Ritz Carleton or Four Seasons would stun me. ). OklaDisney would stun me. An Indian casino downtown would not. A plan to create a subway system would stun me. Light rail would not, although it would be nice. Getting a major league baseball team would stun me. A massive residential tower would probably stun me. But I can't think of anything that would fit all the hints given above, so I guess I'll just have to be surprised.

so a TIF resulting from DVN's building is earth shattering...I thought this was about the new OKC mob 'owning' downtown....

http://www.newsok.com/devon-proposal-may-boost-oklahoma-city-downtowns-upward-climb/article/3318009/?custom_click=lead_story_title


Devon proposal may boost Oklahoma City downtown's upward climb
BY STEVE LACKMEYER
Published: November 1, 2008

Larry Nichols is playing for bigger stakes downtown with construction of a new Devon Energy tower.

At a meeting of the committee that oversees downtown’s tax increment finance, or TIF districts, the chief executive officer of Devon Energy pitched his plan for creation of a new district for the $750 million, 54-story tower that could dramatically transform most or all of the downtown area.

The goal, he said, is to create a neighborhood that will attract development of additional corporate headquarters.

Former Mayor Ron Norick, chairman of the TIF district committee, predicted the public will be surprised by the real impact of the new district.

"This changes all of downtown Oklahoma City,” Norick said. "It will have a major impact. Devon building a world headquarters alone will be double what was done with MAPS, and this takes that even further.”

No taxes for tower
A new city staff report indicates the proposed district is expected to generate $135 million [annually????]. In what may be a first for the city’s tax increment financing program, Nichols said he wouldn’t ask for TIF money for the tower, an adjoining new park or for purchase and expansion of the city-owned west City Center garage.

"One hundred percent of this project will be paid for by Devon — it will not be paid by the TIF,” Nichols said. "We’re asking that the TIF be spent to fix up the neighborhood.”

Nichols wants a portion of the TIF to pay for a significant overhaul of the Myriad Gardens that could include adding more open spaces and potentially a restaurant or other amenities. [/b]He also suggested the new TIF be used to pay for upgrades to Bicentennial Park, the park in front of City Hall and the Oklahoma City Arts Council campus that hosts the annual Festival of the Arts.[/b]

Nichols also wants to see the funding used to "fix up” most or all of downtown’s major corridors. He suggested the committee look at using the proceeds to rebuild streets and sidewalks and potentially add fountains, more landscaping and public art, and to possibly convert Harvey and Hudson Avenues to accommodate two-way traffic.

"Every street downtown could use a significant elevation,” Nichols said.

Nichols also wants TIF dollars used to build an elementary school on an empty lot at Sheridan and Walker Avenues.

"If you put a school near to the art museum, next to Stage Center and next to the Myriad Gardens and have the library a block and a half away ... you would have a great school for a growing population downtown.”

How it would work
The proposed new TIF district would not reduce revenues from the existing downtown TIF district because the future Devon tower site is on a city-owned parking lot. The proposed new TIF would set aside $20 million that could be used on projects in the downtown area for the benefit of Oklahoma City Public Schools, CareerTech, Oklahoma County and the Metropolitan Library System.

No opposition was voiced by committee members during the presentation, and a vote is set for next Friday. The district then must be approved by the Oklahoma City Council.

"This just blows away anything we’ve done in size and scope and will change the face of downtown,” Norick said. "We’re not just looking at a new Devon headquarters, we’re looking at every street and sidewalk and everything you see. We’ve been dealing with TIF proposals for $500,000, maybe $1 million. Now we’re looking at $135 million. It will generate a lot of interest from within and outside our state. The impact will be very apparent.”

a 100 million TIF ...thats it? mindbogglin? Norman has a 54 million TIF for a shopping center.

http://www.newsok.com/devon-proposal-may-boost-oklahoma-city-downtowns-upward-climb/article/3318009

My argument against a new TIF is that it will deprive the public schools and city of funding for services.

Karried, why u keep deleting?

I guess this is exciting? I think it will be a wait and see thing.

From the sound of it, there may be more than is being let on. This second article is far more exciting. I'm interested in seeing what is on the table behind the scenes.

Karried, why u keep deleting?

I posted the article at exactly the same time as Jbrown and instead of deleting the whole thing, I changed it to ' I see you beat me to it'... then I decided that was a waste of a post so I just deleted it.

It's so generous of him not to ask for TIF money for a private parking garage (since private infrastructure doesn't qualify for TIF funding).

But ignore that.

I want this new district to have strict height requirements for new construction. I'm also concerned that this would have unintended consequences, i.e., enticing a lot of OKC companies located elsewhere in the metro to abandon their current properties and move downtown. That would actually be harmful, at least in the short term as the tax base would be impacted significantly while there was no actual growth in the economy.

I think there might be a boom of spec office towers built if this thing goes through though.

All in all, yes, it could have a major impact. I'm not convinced that what's being proposed isn't just robbing Peter to pay Paul.

So how much are we talking about annually? For how long? $135 mil over how much time? $20 million for stuff at one time, or total? We go from $135 mil to only $20 mil at the end of the article?
A school downtown by Stage Center? I wouldn't want an elementary there. Maybe HS, but would you want HS kids all through downtown?
Anything like this tif idea is good, but this isn't something I would consider mind boggling or to rival or compete with Maps.
It's like waiting all night for santa, then walking out to the living room and finding mom on his lap....

According to the side panel on the article's page:


A completed Devon Energy tower will have an annual economic impact of $954.5 million in 2012 and is expected to hit $1.9 billion by 2022.

Anything like this tif idea is good, but this isn't something I would consider mind boggling or to rival or compete with Maps.


It could rival MAPS if the city set a plan in stone for where the money will go each year (and picked good projects of course), and marketed it like MAPS and got the hype up.

Whats the economic impact of the existing Devon building we have now?

wow, has this thread seriously netted 6 pages in less than 24 hrs? I thought this was an old post brought back but it's not.

no, just a bunch of people hopin' for a little magic in okc....