A $1.5 million development assistance package requested as part of a proposed relocation of The Oklahoma Publishing Company to downtown received preliminary approval Friday.
The Devon Implementation Committee unanimously approved the tax increment financing incentive. The money would come from funds targeted for economic development from a downtown TIF district the city created in 2008 to generate money from the construction of the Devon Energy Center.
The money would help pay for tenant finishes, new furniture, equipment and fixtures as part of OPUBCO's plan to move into a renovated Century Center at 100 W Main Street. The package is subject to approval by the city's Tax Increment Finance Committee and the city council.
The city forecasts that the Century Center development will generate $1.3 million in sales and property taxes over 10 years.
City Manager Jim Couch praised the project and said the TIF agreement would help the company offset some of the cost of paying for parking downtown for its employees and moving costs.
Larry Nichols, Devon Energy Corp. Executive Chairman, said OPUBCO's planned development of the Century Century is an ideal project to promote with TIF funds, which are comprised of new taxes paid by Devon.