This week we continue with guest blog posts from our Summer 2024 TURC students’ research project. Each student was challenged to write a brief post that showcased an element of their research from this summer, in addition to an original visual representation of data they have been analyzing. Students will present their full research project on August 9th from 1-2pm (Helmerich Hall, Room 219). The presentation is open to the public and you can find more information and RSVP here: https://pp.events/a8l1nMpb
Today’s guest blog is by John Dalby, a finance and real estate student in his final semester in the Collins College of Business who has focused this summer of Tax Increment Financing. John is actively seeking professional opportunities after his December 2024 graduation from TU and he can be reached at jfd6541@utulsa.edu or you can connect with him on LinkedIn: https://www.linkedin.com/in/john-dalby2025/.
Tax Increment Financing (TIF) in Tulsa: Comparative Lessons from Peer Cities
Understanding TIF and Its Impact
Tax Increment Financing (TIF) is a critical economic development tool that reallocates future tax revenue increases from rising property values to fund public infrastructure and development projects in underdeveloped areas. Tulsa has used TIF to rejuvenate neighborhoods and attract private investments without raising taxes on current residents and businesses.
Comparative City Analysis
Wichita, Kansas: Wichita employs multiple, concurrent TIF projects to develop infrastructure, parks, and downtown housing, significantly boosting economic activity and population. Despite an aging housing market, this approach has revitalized neighborhoods and attracted new development. Key takeaways for Tulsa include comprehensive planning and managing multiple projects simultaneously to ensure balanced growth.
Cleveland, Ohio: Cleveland’s focus is on a single major TIF district with the “Shore to Core to Shore” project, aiming to revitalize the waterfront and downtown. While ambitious, this singular focus risks neglecting other areas with aging housing stock. Tulsa can learn by ensuring TIF initiatives are spread across multiple districts to avoid such neglect.
Arlington, Texas: Arlington’s TIF policy is divided into four specific funds: Target Fund, Opportunity Fund, Deal Closing Fund, and Innovation Fund. This structured approach has successfully attracted development projects and enhanced economic and residential growth. Tulsa can adopt a similar diversified funding strategy to meet various development needs effectively.
Key Insights and Future Steps
1. Multi-Project Management: Implementing multiple concurrent TIF projects will help Tulsa manage balanced growth and resource distribution.
2. Comprehensive Planning: Developing a long-term, well-funded plan with clear objectives will guide Tulsa’s TIF strategy toward sustainable and equitable growth.
3. Diversified Funding: Establishing specific TIF funds targeting different development needs, similar to Arlington’s approach, will ensure preexisting plans and funds are available for various projects.
References
US Census Bureau. (2023). Census.gov. Census.gov. https://www.census.gov/
Home | City of Cleveland. (n.d.). Www.clevelandohio.gov. https://www.clevelandohio.gov/
Tarrant County – Home. (2023). Tarrant County TX. https://www.tarrantcountytx.gov/en.html
City Hall Wichita, Kansas. (n.d.). Www.wichita.gov. https://www.wichita.gov/