City approves $22M in bonds for downtown development
The Tulsa Authority for Economic Opportunity on Thursday authorized giving $22 million to Indianapolis-based Flaherty & Collins Properties in the building of a mixed-use development with a grocery store to be located downtown.
The money will be given through bonds to be paid back by taxes that are expected to increase in the area. The funds are part of $45 million approved in January by the authority.
Flaherty & Collins won’t get more than the $22 million until they pay the city back.
“The developer will not receive any funds in excess of $22 million until the bonds are paid off,” said a spokesperson for TAEO through e-mail Friday morning.
The project is to be located across from the Tulsa Performing Arts Center and on the northeast corner of Third Street and Cincinnati Avenue.
The proposal includes at least a 20,000-square-foot grocery store, 240 apartments, an additional 15,000 square feet of retail space and a hotel with at least 100 rooms. It also would include a 450-space parking garage that could be used by visitors to the PAC and City Hall.
The Tulsa City Council must approve the issuance of the bonds.
Construction is expected to begin around April of 2022.