$5 Million For Future Downtown Development, Tulsa Redevelopment Projects To Be Available Oct. 1

Press release from City of Tulsa:

September 29, 2020

The Mayor’s Office of Economic Development announced roughly $5 million will be made available in zero interest loans to be awarded to prospective applicants looking to develop or redevelop projects in Downtown Tulsa.

Loan funding comes from the Downtown Development Redevelopment Fund (DDRF), and applications will be made available at www.cityoftulsa.org/economic-d... on Oct. 1. An additional $4 million in funds is expected to be made available over the course of the next 12 months as projects repay outstanding loans.

“Earlier this summer, we released the results of the Downtown Housing Study and Strategy as part of our ongoing efforts to ensure continued investment and reinvestment in Downtown and surrounding neighborhoods,” Mayor G.T. Bynum said. “That study showed strong, unmet housing demand in Tulsa’s urban core, and recommended quickly redeploying revolving loan funds to maintain development momentum. We are excited to have the chance to partner with private developers in the coming months and years as we seek to ensure Downtown Tulsa is a world-class destination and a central driver of the regional economy.”

To be eligible, applicants must have projects that are mixed use in nature and have a housing component to them. Projects should also be catalytic in nature, contributing to the creation or retention of new business, development or employment. Applicants not seeking additional public funds from the City of Tulsa will be given preference.

Past projects that have used DDRF funding include The Meridia, East End Village the Mayo 420 Building, Hartford Commons, the Adams Apartments, the Boxyard, and others.

Applications will be accepted on a rolling basis, with an initial review of applications expected after Nov. 1, 2020. For questions, email Spencer Mitchell at smitchell@cityoftulsa.org or call (918) 576-5561.

This press release was produced by the City of Tulsa. The views expressed here are the author’s own.