Re: Steve is such a tease...
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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.”
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Originally Posted by supersooner
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