OKANA Resort & Indoor Waterpark

[Urbanized]

https://www.oklahoman.com/article/55...ter-and-museum

Hmmm, thanks…that SEEMS to answer my question, though it reads strangely to me. The wording seems to indicate a title transfer from the City to the Chickasaw Nation, but doesn’t say this explicitly. If that’s what happened, not sure how the land could avoid tax assessments. Possibly there is some attached tax abatement, but again, I’m not certain.

[Urbanized]

Duplicate post

[shawnw]

Not much happening really

[Pete]

^

Yeah, I went by there a week ago and there was no activity.

[Pete]

OKANA is set to receive a TIF grant in the amount of $102,200,00.

The estimated total cost of the first phase of this development is $342,100,000.


These would be new records both for a TIF amount and a percentage of cost (30%).

The revenue would come from 25 years of property tax, estimated to be $67,475,000 and 90% of sales tax generated for 25 years, estimated at $34,725,000.

[BoulderSooner]

OKANA is set to receive a TIF grant in the amount of $102,200,00.

The estimated total cost of the first phase of this development is $342,100,000.


These would be new records both for a TIF amount and a percentage of cost (30%).

The revenue would come from 25 years of property tax, estimated to be $67,475,000 and 90% of sales tax generated for 25 years, estimated at $34,725,000.

that is a huge number ...for TIF but also a huge phase development number for this development ..

[ComeOnBenjals!]

That's an eye popping number for the first phase. Excited to see how this project goes, seems like a transformational project!

[Richard at Remax]

City could do a lot with that money. This seems extremely overboard.

[HangryHippo]

City could do a lot with that money. This seems extremely overboard.

Im inclined to agree. That’s an absurd amount of money.

[David]

Well, that is sales and property tax that we're never going to get if the land around the museum remains an empty field, but at the same time yikes at the percentage of cost (I refuse to be alarmed by the pure dollar amount, big numbers aren't inherently scary).

The big question that comes to mind is how far from the norm is that 30%. If the norm is 15% then yeah it seems out of hand, but if the norm is 25% I'm less lit up about it.

[Pete]

^

The average TIF award has been under 10% of the total development cost, so 30% is an extreme outlier.

[BoulderSooner]

City could do a lot with that money. This seems extremely overboard.

without this development that money doesn't exist

[jccouger]

without this development that money doesn't exist

Exactly.

This project will bring in so much tax money from outside the area/state and there are so few developments if any in the entire state that can say that, it seems worth it to me.

[Richard at Remax]

without this development that money doesn't exist

Correct. But it won't be seen for 25 years.

[onthestrip]

Correct. But it won't be seen for 25 years.

And in the 26th year, they will protest the assessors valuation and get it lowered substantially because they wont want to pay the big ad valorem tax. Same thing for wind farm ad valorem subsidies from the state, they'll be all for high valuations when they get a cut of it returned to them, but will protest it as soon as they are responsible for 100% of the ad valorem taxes.

[BoulderSooner]

Correct. But it won't be seen for 25 years.

and?

people that come to this resort are going to doing other things in OKC while they are here ..

[David]

^

The average TIF award has been under 10% of the total development cost, so 30% is an extreme outlier.

Wow, yeah that is quite outrageous then.

[BoulderSooner]

the North side of the Oklahoma river trail (across from this development) is now well underway ..

[BoulderSooner]

The river trail already runs to this location.

And there are plans to add a pedestrian bridge to the north side of the river, and the trail will run along there as well:

here is the north trail

[Laramie]

BoulderSooner, got to express that you nailed it on your points, beginning with 'without this development that money doesn't exist...'

Lots of TIF money, 2x above the 10%, this will allow the Chickasaw Tribe to use money on the other phases...

Think of this as an investment that will yield more sales and property taxes that will be recouped from the developments in the OKANA & FAM Museum outlining areas. The whole area will be a boom for area development and investors in the next decade.

This ^^^ area will attract tourists to OKC with more options, a rising tide will help events at State Fair Park, Adventure District, MAPS projects and the overall developments because we have the land to accommodate the investors-developers who will be interested in being apart of our city. Our city needs to invest in roads and infrastructure to anticipate the 'population boom' resulting from OKANA-FAM Museum. Like MAPS it will have an enormous impact on OKC .

[T. Jamison]

I am not a TIF expert, nor am I familiar with the phasing of this project. However, is it possible that the TIF is 30% of the first phase, but ultimately may be ~10% of the entire development? To the best of my knowledge, TIF is supposed to be for infrastructure improvements. I would think that the first phase would require the greatest amount of infrastructure improvements which would support the later phases as well. Therefore, they would (in theory) need less money later, and the total TIF dollars (could) align more closely with the sub-10% when all is said and done. Could be wrong, but I'll refrain from the pitchforks at the moment.

[Pete]

TIF can be used for anything, not just infrastructure.

And they may very well ask for more TIF for future phases.

[GaryOKC6]

BoulderSooner, got to express that you nailed it on your points, beginning with 'without this development that money doesn't exist...'

Lots of TIF money, 2x above the 10%, this will allow the Chickasaw Tribe to use money on the other phases...

Think of this as an investment that will yield more sales and property taxes that will be recouped from the developments in the OKANA & FAM Museum outlining areas. The whole area will be a boom for area development and investors in the next decade.

This ^^^ area will attract tourists to OKC with more options, a rising tide will help events at State Fair Park, Adventure District, MAPS projects and the overall developments because we have the land to accommodate the investors-developers who will be interested in being apart of our city. Our city needs to invest in roads and infrastructure to anticipate the 'population boom' resulting from OKANA-FAM Museum. Like MAPS it will have an enormous impact on OKC .

This is spot on. This project will bring in hundreds of millions each year. They are now working on developing access to the development. There is basically one way in there and it will in no way accommodate the traffic that will be generated. . I have heard of an exit ramp off of I-35 to begin with.

[onthestrip]

I didnt know the tribes need so much help for their developments. The Choctaws can build a 1,000 room hotel, casino and resort in Durant of all places yet we need to pitch in 9 figures, or 1/3 of the costs, for this project to happen in OKC? You can go on forever with the "without this development that money doesnt exist."

Im not against some help here but the ask is way above and beyond normal as Pete shows.

[Canoe]

The Chicasaws have always been good as business.