The Mayor’s Office of Economic Development announced roughly $5 million will be made available in zero interest loans to be awarded to prospective applicants looking to develop or redevelop projects in Downtown Tulsa.
Loan funding comes from the Downtown Development Redevelopment Fund (DDRF), and applications will be made available at www.cityoftulsa.org/economic-development on Oct. 1. An additional $4 million in funds is expected to be made available over the course of the next 12 months as projects repay outstanding loans.
“Earlier this summer, we released the results of the Downtown Housing Study and Strategy as part of our ongoing efforts to ensure continued investment and reinvestment in Downtown and surrounding neighborhoods,” Mayor G.T. Bynum said. “That study showed strong, unmet housing demand in Tulsa’s urban core, and recommended quickly redeploying revolving loan funds to maintain development momentum. We are excited to have the chance to partner with private developers in the coming months and years as we seek to ensure Downtown Tulsa is a world-class destination and a central driver of the regional economy.”
To be eligible, applicants must have projects that are mixed use in nature and have a housing component to them. Projects should also be catalytic in nature, contributing to the creation or retention of new business, development or employment. Applicants not seeking additional public funds from the City of Tulsa will be given preference.
Past projects that have used DDRF funding include The Meridia, East End Village the Mayo 420 Building, Hartford Commons, the Adams Apartments, the Boxyard, and others.
Applications will be accepted on a rolling basis, with an initial review of applications expected after Nov. 1, 2020. For questions, email Spencer Mitchell at email@example.com or call (918) 576-5561.
Tulsa voters approved funding for the Downtown Development and Redevelopment Fund through the 2013 Improve Our Tulsa funding package. The 2013 program built upon previous successful loans made through funding allocated in the 1996 Sales Tax, Vision 2025, and the 2006 Third Penny Extension. DDRF is intended to promote high-quality development in Downtown Tulsa, including mixed-use and/or preservation-based projects. Each zero interest loan is a short-term loan awarded by the City. All repaid loans go back into the DDRF, which can then be awarded to future projects.
On Sept. 2, 2020, the Tulsa City Council approved policy recommendations for the DDRF, which now set new guidelines and align processes across four funding programs that determine how the City distributes the funding. For more information on DDRF, visit www.cityoftulsa.org/economic-development.