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City Council To Consider Economic Development Infrastructure Fund, Downtown Revolving Loan Fund Policy Recommendations

This article was archived on 10/11/2020

Update Thursday, September 3: Yesterday, the Tulsa City Council approved policy recommendations for the Economic Development Infrastructure Fund and Downtown Revolving Loan Funds. More information can be found in the release below.

(Tulsa, OK) - Today, the Tulsa City Council will consider policy recommendations for the Economic Infrastructure Fund (EDIF) and Downtown Revolving Loan Funds.

EDIF policy recommendations include additional policies to allow recipients to qualify for incentives to support and encourage quality jobs, which support the City’s goal of improving per capita income.

“As we seek to grow our economy and ensure economic mobility for Tulsa’s residents, attracting and retaining quality jobs that provide a living wage is critical,” Mayor G.T. Bynum said. “When we look at income disparities across our city, we have to find innovative ways to ensure hard-working families are able to improve their economic status no matter which zip code they live in. These policy recommendations ensure we target key programs like the EDIF to those projects and businesses which will help us do just that.”

Additionally, the Downtown Revolving Loan Fund policy recommendations now set new guidelines and align processes across four funding programs that will be used to determine how the City will distribute $7 million in available zero interest revolving loans. These loans have historically been critical to the growth of downtown businesses, and help to increase sales tax revenue, enhance Downtown property tax values, and increase the economic well-being of citizens across Tulsa. 

“We are committed to implementing strong public policies which align with the City’s stated objectives around shared prosperity, said Kian Kamas, the City’s Chief of Economic Development. “The EDIF has been one of the City’s most successful economic development tools, and with the changes being considered today, we look to build upon our recent successes to ensure we target this tool to those projects which will drive progress and economic mobility for Tulsans. Additionally, the proposed updates to our Downtown Revolving Loan Fund policy will create consistency across multiple funding sources and allow us to quickly deploy funds to projects in Downtown that will help us continue and accelerate the momentum we have witnessed over the past decade.”

Key additions to the EDIF Policy ensure business retention, expansion, or attraction projects that will meet the following standards:

Key updates to the Downtown Revolving Loan Fund policy include:

Previous business expansion and attraction projects funded by EDIF include L3Harris, Amazon, Greenheck Group, and USA BMX. 

Previous development projects utilizing the Downtown Revolving Loan Fund include Hartford Commons, The Adams Apartments, and The Boxyard, among others.

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