Oklahoma City Council Approves Funding For Boardwalk At Bricktown Development

A milestone was reached by a major project proposed for Bricktown.

On Tuesday, the Oklahoma City Council approved funding for the Boardwalk at Bricktown.

The proposed two million square foot project is planned for four acres in the district’s southwest corner.

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With a vote of 7-2, the council approved the development incentive of $200 million in TIF funds over 25 years and $5.5 million in sales/use tax during construction.

More than a year of negotiations preceded the vote. It was months of work for Kenton Tsoodle.

“We were really pleased to see the approval today,” Tsoodle, the president of the Alliance for Economic Development, said.

The Alliance is contracted by the city to bring in development projects.

“Our goal is just building the city,” Tsoodle said. “Seeing the city develop and building amenities for our residents that live here.”

One of the proposed amenities drew questions from Councilwoman Jo Beth Hamon and Councilman James Cooper.

The two wondered about the future of the project’s proposed Workplace Development Center and the 132 housing units that would come with it.

The questions centered around the non-profit tasked with operating it and whether it would make it to opening day.

“There is still nothing tying them to requiring them to do that,” Hamon objected.

Her concern was followed by that of Cooper. “Those outcomes not just being part of the deal, but prioritized within the deal,” he said. 

Tsoodle said the deal is not with the non-profit, but with the for-profit development.

He added that the non-profit involvement is hoped for, but would ultimately be icing on the cake.

“If we’re able to make this happen, it would pair some philanthropic things with this for-profit development to try to add something that is maybe a little more affordable than what would happen there,” he said.

The next step is providing an Economic Development Agreement, which puts the proposal to paper. In other words, it’s what the city is getting in exchange for the incentives.

“It lays out how big of a development, what are the minimum levels, what is the minimum number of rooms, what is the minimum dollar amount spent - those sorts of things,” Tsoodle explained.

Tsoodle said it has to be negotiated and the process could take weeks to months. It would then go back before the council for approval.