City of Oklahoma City, OK

04/05/2024 | Press release | Distributed by Public on 04/05/2024 10:06

Residents and business owners invited to community meeting about the Classen Corridor

Business owners, residents and community organizers are invited to attend a community meeting to learn about possibly creating a new Tax Increment Financing (TIF) district to revitalize the North Classen corridor.

The meeting will be held from 6:30 - 8 p.m. on April 16 in Homsey Hall, Room 100, in the Sarkeys Science and Math Building at Oklahoma City University, NW 23 and Kentucky. Click here for a campus map.

Hosted by Ward 2 Councilperson James Cooper and Ward 6 Councilwoman JoBeth Hamon, the meeting is an opportunity for people to learn how TIF districts work, how the Classen corridor boundaries were drawn and to get feedback about improvements needed along Classen Boulevard.

If approved, the proposed TIF district could include NW 36th Street south to NW 5th Street. The corridor widens as it nears downtown and includes parts of Pennsylvania Avenue to the east and Robinson Avenue to the west.

"A few years ago, the Asian Cultural District Association approached Councilman James Cooper and me about the possibility of using TIF as a tool for development in their district," Councilwoman Hamon said. "In speaking with staff, they recommended overlaying it with a portion of the new NW BRT route to encourage transit-oriented development. We want to hear from residents about what kind of development they would like to see along this corridor if the TIF were to be approved and hope we can answer questions about what this might mean for those who live or work along the corridor."

There are 15 TIF districts in Oklahoma City. TIF districts are economic tools cities use to promote development. TIFs allow cities to use a portion of property taxes generated within the district to invest in the growth and development of the district.

When private investments within a TIF district lead to higher property values, the resulting increase in property tax revenue is reinvested within the district.

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Media Contact
Kristy Yager
(405) 297-2550
[email protected]