Tax incremental financing allocations revoked for three downtown Oklahoma City projects
Tax increment financing allocations recently were revoked for three downtown developments in what former Oklahoma City Mayor Ron Norick called "dealing with the economic reality of the world."
Tax increment financing allocations recently were revoked for three downtown developments in what former Mayor Ron Norick called "dealing with the economic reality of the world."
The revoked allocations are:
• $1.75 million for Overholser Greens;
• $3 million for the Harding & Shelton structured parking in
• $1.27 million for The Flatiron mixed-use retail and housing development.
Two of the projects — Overholser Greens and The Flatiron — are proposed high-end condominiums and were conceived before the current recession. Developers throughout downtown have struggled to sell upscale housing since the recession, leading Norick, chairman of the tax increment financing committee, to comment that the revoked funding reflects on the economy, and not on the developers.
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