Oklahoma City is considering a plan that would provide Wheeler District developers with more than $100 million for construction costs.

In two weeks, OKC City Council will consider making the Wheeler District in south OKC the city’s 12th Tax Increment Finance district. The urban neighborhood off S. Western Ave. would include 2,000 homes, sidewalk lined streets shops and restaurants.

Developers would spend $60 million on infrastructure costs and break ground as early as April. The city would then eventually pay developers back that $60 million from tax revenue generated by the infrastructure.

Under the plan, the city would also pay an addition $60 million when an elementary and high school are built. OKC would also pay back financing costs to developers which could amount to an additional $60 million.

The city maintains the developers are taking all the risk. If the Wheeler district isn’t the thriving urban neighborhood being envisioned and doesn’t generate tax revenue, developers wouldn’t be paid.

“It’s ambitious, but we think they are going to come,” said Wheeler District Developer Blair Humphreys about the residents and businesses who would call the Wheeler District Home.

City Council will vote in two weeks on the Western Gateway TIF district.