The City as LandLord....

[shadows]

The bonds to buy OneTech were not tax free bonds, they were about half and half, presumably, because about half of the space was for tax free purposes (City space) and half was to be leased (private space). 

According to my 4th grade civics class the revenue bond interest is tax free. This was passed under the cloak that it would encourage the selling of the bonds at a reduced interest rate saving the taxpayers money.  They are being used to circumvent the general obligation bonds which are attached to the property taxes.   The interest on such bonds are non-taxable as income although the total is listed as assets by the banks that purchase the bonds.  In the instant case the interest amounts to much more than the principal of the bond.

There seems to be some confusion as when RB can be issued for capital improvements instead of GO bonds.

The part of city usage on all property is exempted from all taxes.

It would be a interest to the citizen to know how many dollars are involved in the issuing of revenue bonds by the city and all their trusts which the citizen is obligated to pay.    Remember the airlines? 

[TulsaSooner]

Dude, relax.  The bonds on the building are about half and half because that is the ratio of private to public (thus taxable/non-taxable)  occupancy of the building and garage.

[Oil Capital]

Dude, relax.  The bonds on the building are about half and half because that is the ratio of private to public (thus taxable/non-taxable)  occupancy of the building and garage.

Dude, check your facts:   According to the City of Tulsa's website http://www.cityoftulsa.org/media/32918/otc_factsheet_09-09.pdf:

"The purchase of the building was financed through the sale of $67 million in tax-exempt revenue bonds."

[shadows]

According to the City of Tulsa's website http://www.cityoftulsa.org/media/32918/otc_factsheet_09-09.pdf:

"The purchase of the building was financed through the sale of $67 million in tax-exempt revenue bonds."

It is reassuring to read where the old cliché of the fox explaining the conditions within the hen house which equates to Wil-Tel, builder of the building, deleting the stockholder's equity, thus sold the building at a profit, now using the technology installed under the name of "Level 3", with the original employees of Wil-Tel.  It is assuring to know that the bank is lending the 67 million dollars to buy the building without interest for years to come.

For such a energy efficient building there seems to be quite a discrepancy in  the cost of heating and cooling projected where it seems the Williams Brothers maintain control.

In the issuing of revenue bonds one would believe that they were to be paid back by revenue derived from the capital gains from which the bonds were issued.  City governments may not have authority to enter into the real-estate market.

The referral to the explanation of the issuing of the financing the purchase equals the posting of OK City for the Tulsa sky line.   The blundering into a transaction described by the sly fox may have long repercussions'           

[cannon_fodder]

Since this is space owned by the residents of Tulsa and paid for by the residents of Tulsa . . . can we think of a creative interim use for it?

98,000 square feet available in two open 48,000 square foot floors.

Maybe use it as "development space" and lease it on the cheap to lure companies to Tulsa ($10 sq/ft for the first 2 years . . . then full or move to another Tulsa location)?

Maybe TU/OSU/OU could utilize the space for cheap for some temporary project or to run a business start up enterprise (which could include office space/cubicles)?

Some city services that need extra room for temporary projects?

Hell, I don't know.  We own the space, let's use it.

[Conan71]

Since this is space owned by the residents of Tulsa and paid for by the residents of Tulsa . . . can we think of a creative interim use for it?

98,000 square feet available in two open 48,000 square foot floors.

Indoor bocce ball pitches

[Townsend]

Since this is space owned by the residents of Tulsa and paid for by the residents of Tulsa . . . can we think of a creative interim use for it?

98,000 square feet available in two open 48,000 square foot floors.

Paint Ball

[RecycleMichael]

Four-sided billboard.

[TulsaSooner]

Dude, check your facts:   According to the City of Tulsa's website http://www.cityoftulsa.org/media/32918/otc_factsheet_09-09.pdf:

"The purchase of the building was financed through the sale of $67 million in tax-exempt revenue bonds."

Then that statement is incorrect....unless you do not believe audited financials.

http://www.cityoftulsa.org/COTlegacy/documents/2007CityofTulsa-ComprehensiveAnnualFinancialReport_000.pdf

See page 70 of the document, Note 14, 3rd paragraph.

On November 20, 2007 the TPFA issued its Lease Payment Revenue Bonds, Series 2007A in the amount of $34,620 and Taxable Series 2007B in the amount of $33,130 for the purposes of retiring the promissory note and making certain improvements to the One Technology Center building.

[Oil Capital]

Then that statement is incorrect....unless you do not believe audited financials.

http://www.cityoftulsa.org/COTlegacy/documents/2007CityofTulsa-ComprehensiveAnnualFinancialReport_000.pdf

See page 70 of the document, Note 14, 3rd paragraph.

Well, it's certainly not the first time Kathy Taylor's administration has lied to us.  ;-)    I stand corrected.

[TulsaSooner]

All I've ever wanted was to be right on the innerwebs.   

[Conan71]

All I've ever wanted was to be right on the innerwebs.   

Full of WIN!

[cannon_fodder]

I guess this really goes to how unaware/mislead people are.  Even when reviewing the documents it is difficult to get to the exact details of the transaction.

[shadows]

I apologize as the page reflects the assumed mentality of those in control within the IDL (God's little acreage)  The reading of the report makes one wonder if it was subscribed for on the price per page basis.  This would account to the endurance of ones ability to stay awake while determining what all the paper shuffling is about.  Instead of fixing the roads we should spend that money on building a wall with a gate which would allow only those who rule to have their little kingdom and shut out the working poor except collecting taxes and fees from them.