Tulsa Market District Streetscape Project
The 11th Street & Lewis Avenue Streetscape Project is a City of Tulsa TIF that aims to:
Improve the pedestrian experience
Support current & future redevelopment
Celebrate history & culture of Route 66
Enable a destination district for locals & tourists
Inform future improvements for the rest of the Route 66 corridor with the creation of a “kit of parts”
FAQ
What is a TIF?
The City of Tulsa defines a TIF, or Tax Increment Financing District, as “a development tool that can be used to help make a project happen that otherwise would not occur. It is based on the assessed improvement of the taxable value of a property and can be used to fund some project-specific needs.”
How does a TIF work?
Traditionally, once a TIF is approved, the City of Tulsa designates boundaries for the TIF. Then they approve the tax collections for those boundaries so that any taxes collected within those boundaries goes into a fund for 25 years. As the money in that fund accrues, it can be used for improvements within the boundaries.
What is unique about the 11th & Lewis TIF?
The Lobeck Taylor Family Foundation has partnered with the City of Tulsa to advance fund the TIF improvements because we think these improvements are essential to transform the 11th St. Corridor. We need wider sidewalks, better lighting, and improved streets in order to see this area grow into a more innovative, inspiring version of Route 66 that harkens back to its heyday.
How does this partnership impact how a TIF works?
The TIF will work as it traditionally would with one exception: funding. As the TIF fund accumulates enough tax revenue (if it accumulates enough tax revenue), it will repay the foundation for advance funding of the improvements.