Mayor G.T. Bynum announced the funding timeline for the historic Vision Tulsa economic development projects, with more than 80 percent of the 37 projects funded completely within the first five years. Four additional projects (attachment) would receive annual appropriations from the 15-year program.
As a result of the work City staff has done to time bond issues for advance funding, the City will be able to fund 80 percent of the projects within the first five years, allowing the City to benefit from the economic impact and growth they'll generate.
"We have an exciting opportunity in Vision Tulsa to transform our community, to build Tulsa into a world-class city that provides our citizens with opportunity and that attracts talent from across the country and around the world. That work starts today," said Mayor Bynum. "This announcement celebrates the incredible achievement of both the team of City employees and our community leaders, who over nine months developed a timeline that allows Tulsa to begin immediately to fund project design, engineering and construction on the bulk of the projects."
The schedule meets a Mayor/Council goal to construct projects as quickly as possible to ensure the greatest benefit and economic impact possible at the beginning of the 15 year program. The project timeline is based on currently available information and assumptions, and may require minor changes depending on shifts in projects coming online, city revenue collections and other considerations as the planning process progresses. However, the City is confident that this timeline reflects both the realistic needs of each project and a cautious approach to future revenue collections.
"This timeline was thoroughly reviewed, to both be conservative in its revenue projections and to meet expectations of Tulsa's citizens when they approved Vision Tulsa in April, 2016," Bynum said. "It was developed by the City's Finance, Public Works, Community Development, and Legal teams, in consultation with the individual project sponsors."
Each Councilor was consulted and played a role in building the timeline, while a diverse, citizen-based Advisory Group was appointed from Tulsa's public and private sectors, including representatives from businesses, community groups and young professionals, to provide a final review of this plan. The group has agreed that the work prepared by City staff provides the best plan to meet Tulsa's needs.