The amount for last year totaled $2.7 million. Bryant estimates it will jump to $3.5 million next year.
Plenty of takersO'Connor sees no shortage of takers for any increase in TIF funding — and she said she strongly believes Devon's project will be followed by more high-rises in the immediate neighborhood. "There is an element of spin-off here,” O'Connor said. O'Connor, who was one of the key team members credited with putting together financing for the Skirvin renovation, said the TIF has been a critical component of downtown's resurgence. "Just think about what we put into the Skirvin — we couldn't have done it without the TIF,” O'Connor said. "And I think that's true with every project we've participated in. They wouldn't have been completed in the time they were done, or to the quality we've seen, without it.”
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What is a tax increment finance district?A tax increment finance district, also known as a TIF, allows a city, town or county to use tax money generated by a new development to pay for public improvements in the development area. Improvements associated with redevelopment projects can be supported by bonds, with the debt to be repaid by money generated within the TIF district. The downtown TIF is set to expire in 17 years.
Allocations from the fund•The Skirvin Hilton hotel: $14.65 million •Legacy at Arts Quarter: $2.5 million •The Triangle (phase I) $3.6 million •Block 42: $990,000 •The Hill: $2.65 million •St. Anthony Hospital: $600,000
Approved, but not spent•Overholser Greens: $1.75 million •MidTown Renaissance: $1 million •Film District: $605,000 •Triangle (Phase II): $3.75 million
Projects pending approval•Canal extension between Reno Avenue and the end of the north segment: $1.05 million •Harding and Shelton Reno Avenue garage: $3 million