OG&E Energy Center

[David]

Here's the way this breaks down (in millions):

North parcel (OG&E):
Officer Tower $200
Apartments $67.5
Total: $267.5
TIF request: $62.1

South Parcel:
Office Tower $216
Apartments $70
Total: $286
TIF Request $80.5


Total Investment: $553.5
Total TIF Request: $142.6

Pete, do you have official meeting minutes that contain these numbers or some other trustworthy primary source? They are so off from the meeting agenda (this, right?) I'm having a hard time buying them as actually being real and in my limited knowledge of where to look I'm not seeing them posted anywhere else. I'm especially doubtful since the Journal Record article which was posted after the meeting still included the 89% figure from the agenda.

Both Milhaus and Clayco have requested tax increment financing to assist with the development
of the project. Both TIF requests related to the proposals would require the creation of a new TIF
district. Milhaus has requested a TIF allocation that would equal approximately 96% of the total
ad valorem taxes generated by their development. Clayco has requested a TIF allocation equal to
approximately 89% of the ad valorem taxes generated on their proposed project. Both of these
requests are significantly higher than what the City customarily allocates to projects. Therefore,
significant negotiations will be necessary before the financial structure and feasibility of these
projects are determined.

She said the city and OCURA will have a lot of work to do to negotiate a TIF package. Clayco partner Larry Chapman said he’s not concerned about having to negotiate the TIF package. The company requested TIF allocation equal to approximately 89 percent of the ad valorem taxes generated on the proposed project. The redevelopment is expected to cost $280 million.