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Researchers Estimate Dams Would Give Tulsa $122M Economic Boost Annually

Vision Tulsa’s low-water dam projects could be worth at least $122 million a year.

OU’s Center for Economic and Management Research studied the potential impact of river development by looking at eight other cities with successful riverfront development. City Councilor G.T. Bynum has led the "water in the river" charge the past few years.

"When you consider that the total cost of building the two lakes is right around $130 million, that's a substantial annual return on investment," Bynum said.

Researchers also think Arkansas River development could generate nearly 1,900 jobs. The estimates are based on Oklahoma City’s outcomes from economic development efforts.

The study also notes community amenities, referred to as "quality of place" are integral to economic development because they attract young workers and new businesses. PSO President and past Tulsa’s Future Chair Stuart Solomon agrees.

"Young professionals feel very strongly about quality of place. In fact, a lot of young professionals choose where they want to live even before they get a job," Solomon said. "So, the types of amenities that communities provide are critically important."

The researchers said based on economic comparisons to other cities, Tulsa is behind the curve in offering local amenities.

Bynum said the numbers confirm the river task force's work over the past few years. He said for the last few decades, Tulsa has been among the cities watching its suburbs grow rapidly because they have cheap land.

He said the low-water dam projects open up a lot of possibilities for private investment in the river corridor.

"These are the types of things that you see cities throughout the country that are reversing that trend of migration out to the suburbs are doing to prevent that," Bynum said.

The study was prepared for the Tulsa Regional Chamber.

Matt Trotter joined KWGS as a reporter in 2013. Before coming to Public Radio Tulsa, he was the investigative producer at KJRH. His freelance work has appeared in the Los Angeles Times and on MSNBC and CNN.