Oklahoma City approves urban renewal plan

Ponca City Now - January 14, 2015 6:55 am

OKLAHOMA CITY (AP) – Oklahoma City councilors are hoping a tax investment program and renewal plan will spark redevelopment of a blighted area of the city’s northeast side.

The council voted Tuesday to approve a tax increment finance district to support the Northeast Renaissance Urban Renewal Plan – which the council approved on Dec. 30.

The TIF district and renewal plan would benefit the NE 23 corridor between Interstate 235 and the Oklahoma River.

The city says the renewal plan could spur development along and near NE 23, which in recent decades has suffered from a decline in property values and viability as a productive commercial district.

Councilors said the TIF district- which covers properties in a smaller zone within the renewal plan area- could help provide an incentive for development.

 

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