Council to consider tax breaks to entice people to move Downtown

[GG]

Posted: 8:14 PM

TULSA - Downtown Tulsa is filled with art deco and gothic reminders of Tulsa's success during the oil boom of the 1920's. But nearly a century later, many of these icons sit vacant

Developer Jim Hawkins tells 2NEWS, "It's really driven by the market. And what we are trying to do is drive them (buyers) into these historic buildings. And bring them back before we tear down our pyramids."

Hawkins believes in the revitalization of Downtown Tulsa. He's in the midst of turning an historic building at 6th and Cincinnati into a project called "119 Downtown". The residences will sold instead of rented.

It's a first for Downtown and Hawkins says people need a reason to try something new. "We don't have many tools. But one of the tools you can use in property tax."

He's asking the City Council to approve a measure that would allow residents of 119 Downtown to not pay property taxes for the first six years. During that time, the city would forgo $72,000 in taxes. But then collect $314,000 every year there after.

Hawkins says it if attracts people to his building, it could do the same for other Downtown developers as well. "This could be really a first step in taking it from a lab test to a field trial of bringing back Downtown Tulsa."

It's an idea that is endorsed the "PLANiTulsa" comprehensive plan. That is why City Councilor Maria Barnes believes it will benefit her district.

She says, "We sometimes need to help the developers, the builders with some things to help our city and our neighborhoods. And this is one of those items for Downtown that I think is really good."

The council will discuss the issue in committee on Tuesday. It could be placed on the council agenda for a vote at a later date.

http://www.kjrh.com/dpp/news/local_news/council-to-consider-tax-breaks-to-entice-people-to-move-downtown

[GG]

Ok, let me get this straight in my head.

They raise taxes on those businesses inside the IDL to help pay for the new ball park which I might add is a beautiful and wonderful addition to downtown. 

But, now they are considering giving tax breaks to businesses to move Downtown?   

Timing is important. 
 

[Conan71]

Now wait a cotton-pickin' minute. I thought Maria was upset that Eric Gomez was too cozy with downtown developers like it was a bad thing.

[Rico]

I thought the County controlled "Property Tax"...

Or are we just talking about the "Ballpark" thing??

[Hoss]

Ok, let me get this straight in my head.

They raise taxes on those businesses inside the IDL to help pay for the new ball park which I might add is a beautiful and wonderful addition to downtown. 

But, now they are considering giving tax breaks to businesses to move Downtown?   

Timing is important. 
 

Don't think it's businesses.  The exemption as I heard it on TV would be to forego, for those people moving downtown and actually purchasing a residence, the property tax for six full years.  I think it's a brilliant way to entice people downtown who otherwise might not look there.  Development needs to pick up though.

[Oil Capital]

A good middle ground would be to continue charging the current taxes to the property owners and condo purchasers, just forgo the increases.  That avoids reducing the financially-strapped government's revenue and still gives a very large incentive to condo purchasers.

[Gaspar]

Why don't we only give tax cuts to the poor and middle class if they move downtown?

If we give tax cuts to businesses owned by rich people, they will just spend it on development and job creation.

[Townsend]

Why don't we only give tax cuts to the poor and middle class if they move downtown?

If we give tax cuts to businesses owned by rich people, they will just spend it on development and job creation.

I think there was a Next Gen episode where they were stuck in a loop like this.

[Conan71]

Why don't we only give tax cuts to the poor and middle class if they move downtown?

If we give tax cuts to businesses owned by rich people, they will just spend waste it on development and job creation.

FIFY.

I'm wondering if this scheme wouldn't encourage a lot of investor-owned units, not occupant-owned.  What happens with the high tax rate coming in the sixth year, I'm betting people will have a hard time selling at that point and we could wind up with a glut of un-occupied units nearing foreclosure.

I think you need to charge property tax.  If people want to live downtown, they would want to live there regardless of the property tax status, I'd think, especially on higher-end properties.

[we vs us]

I think there was a Next Gen episode where they were stuck in a loop like this.

Oooo snap!

[Breadburner]

Terrible Idea....

[sgrizzle]

I think there was a Next Gen episode where they were stuck in a loop like this.

[Cats Cats Cats]

Why don't we only give tax cuts to the poor and middle class if they move downtown?

If we give tax cuts to businesses owned by rich people, they will just spend it on development and job creation.

I believe you yourself stated that nobody is hiring anybody because they are too scared.  So giving them more money does nothing.

[Gaspar]

I believe you yourself stated that nobody is hiring anybody because they are too scared.  So giving them more money does nothing.

I wonder what they are scared of?

[we vs us]

I wonder what they are scared of?

Scary scary taxes, natch!