Oklahoma City committee approves TIF financing proposal

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.
by Brianna Bailey Published: January 19, 2013
Advertisement
;

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.

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Texas QB Ash to end career after tough year
  2. 2
    Where has former OU golfer Anthony Kim gone?
  3. 3
    Kevin Durant opens up to Esquire about his friendship with Karl Malone and more
  4. 4
    Bill Hader Thinks Recent 'SNL' Fan Poll Needed More Women
  5. 5
    It's a '7th Heaven' reunion!
+ show more