The Oklahoma City Council unanimously approved starting a review proposed by Ward 7 Councilman John Pettis on creating a new tax increment financing district along NE 23 between Lincoln Boulevard and Interstate 35.
The potential use of tax increment financing coincides with plans by the owners of Buy For Less to build the first new grocery for northeast Oklahoma City in more than 40 years.
The $20 million development at the northeast corner of Martin Luther King and NE 23 will include a shopping center that could add other retailers to the corner.
The resolution by Pettis allows for a creation of a seven-member committee that will look at the potential impact of the tax increment finance district and how to best pursue implementation.
That report would then be submitted to the council for final approval for the district’s creation.
Tax increment financing traditionally involves redirecting growth in property taxes back into the immediate area to assist with infrastructure and redevelopment costs.
Similar districts are credited with spurring development totaling in the tens of millions of dollars in the Oklahoma Health Center and downtown.
The district — and a potential urban renewal declaration for commercial properties in the area — is part of a plan developed by Pettis and Cathy O’Connor, president of The Alliance for Economic Development of Oklahoma City.
“A historic first step occurred today with the city council approving to explore the formation of a TIF district for northeastern Oklahoma City,” O’Connor said after Tuesday’s vote.
“I, along with many others — namely Councilman Pettis — have been looking forward to this day for many years. We are ready to forge a longterm partnership with the Buy For Less team working on the development, the city and most importantly the northeastern Oklahoma City community.”