Vision 2025 gets a boost

[T-TownMike]

Foundation to provide $20 million for projects
By BRIAN BARBER World Staff Writer
7/18/2006

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Half of the George Kaiser Family Foundation funds will be a loan for BOK Center and Convention Center work.

The George Kaiser Family Foundation will provide a $20 million financial package to benefit the Vision 2025 program, including the BOK Center and Convention Center projects, sources revealed Monday.

Half of it -- $10 million -- will come in the form of a below-market-rate loan to help offset about $45 million in cost overruns on the downtown arena's construction and Convention Center's renovation.

The other $10 million will be a grant earmarked for Arkansas River beautification and enhancement projects.

These will likely involve improving lighting, trails and bridges, along with landscaping, according to sources.

The river is being targeted by the foundation because it was not a major focus of the $535 million Vision 2025 initiative, the sources said.

Only $5.6 million was set aside to help fund two low-water dams and $3.9 million for shoreline beautification and silt removal.

Bing Thom Architects, based in Vancouver, British Columbia, is under contract through the Kaiser Family Foundation to develop river-related projects for consideration by the foundation, community  

and government by the end of the year.

The award-winning firm has worked on numerous waterfront projects around the world, including Fort Worth's Trinity River corridor and the Shanghai Expo 2010 in China.

An official announcement about the financial package is expected at a Tuesday morning press conference at River West Festival Park.

Kaiser Family Foundation Executive Director Ken Levit and Mayor Kathy Taylor have declined to comment in advance of the press conference.

Tulsa County Commissioner Randi Miller would only say, "The foundation is stepping up to help the community as it has done many times in the past."

The $20 million is in addition to the $10 million the foundation pledged if Tulsa County voters approved Vision 2025 in September 2003.

Most of that money already has been doled out through various community grants.

The loan to help pay for the BOK Center is expected to be repaid through the Vision 2025 program. But because of its subordinated status, the loan will be repaid after all other debts, according to sources.

The mayor will make a request Tuesday for about $45 million in additional Vision 2025 funding to help pay for the arena and the Convention Center.

The matter will be decided by the Tulsa County Vision Authority, which consists of Taylor, the three county commissioners and three suburban mayors -- those from Glenpool, Broken Arrow and Collinsville.

Although the 0.6 percent countywide Vision 2025 sales tax is projected to generate $104 million in surplus revenue during its 13-year run, officials have expressed concerns about counting on revenue that's not yet secured.

The foundation's $10 million loan is expected to help alleviate those concerns, sources said.

The original Vision 2025 budget allocation for the arena and the Convention Center projects combined is $183 million, but the budget need has ballooned to $241.7 million.

The difference between the budgets is actually $58.7 million, but that is partially offset by $15.4 million in private sponsorships, including the sale of the arena's naming rights.

The Bank of Oklahoma announced in October that it would pay a total of $11 million in cash over 20 years for the naming rights to the 18,041-seat, 550,000-square-foot arena.

George Kaiser, who set up the Kaiser Family Foundation, is chairman of BOK Financial Corp., the parent company of Bank of Oklahoma.

Formed about five years ago, the foundation had $1.1 billion at the end of 2004, according to tax filings.


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Brian Barber 581-8322
brian.barber@tulsaworld.com