City Opens Applications for Downtown Development Loans
Developers eyeing downtown Tulsa can now apply for short-term, no-interest loans from the city.
Downtown Tulsa has come a long way in the last few years, and Planning Director Dawn Warrick said it’s important to continue that momentum.
"A program to incentivize downtown development, to provide that support where often there's a gap in funding, is something that the city felt very strongly about, and it was obviously supported by the voters," Warrick said.
A total of $4 million are available for nearly ready projects.
"We anticipate that the projects that come in with these applications won't be just conceptual projects," Warrick said. "They'll have been carried forward to an extent that the applicant understands the financials behind the project and that a considerable level of design has been done."
The Downtown Development and Redevelopment Fund was part of the 2013 Improve Our Tulsa funding package. It's different than a previous program dedicated to residential projects within the Inner Dispersal Loop.
"Ideally, it's going to be a development that meets a market demand and fits within the downtown context," Warrick said. "We would anticipate continued housing development, but also mixed-use and other types of office and commercial."
Projects developing or redeveloping property within the Inner Dispersal Loop qualify; however, loans can’t be used for buying land. The city will review applications and award loans, while the Tulsa Development Authority will administer them.