City Setting Aside $3.5 Million To Spark Commercial Growth - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

News

City Setting Aside $3.5 Million To Spark Commercial Growth

Posted: Updated:
Using funds from the Vision sales tax, America hopes $3.5 million will be used as a revolving zero-interest loan to help local businesses fix up existing spaces and grow. Using funds from the Vision sales tax, America hopes $3.5 million will be used as a revolving zero-interest loan to help local businesses fix up existing spaces and grow.
According to documents on the Tulsa County Clerk's website, last week WinCo Foods signed a lease with Crossing Oaks Investment. According to documents on the Tulsa County Clerk's website, last week WinCo Foods signed a lease with Crossing Oaks Investment.
Hoping to stop area shopping centers from closing, City Council chair Anna America said the Commercial Revitalization Fund might be the fix many are looking for. Hoping to stop area shopping centers from closing, City Council chair Anna America said the Commercial Revitalization Fund might be the fix many are looking for.
TULSA, Oklahoma -

The City of Tulsa is setting aside $3.5 million to help spur commercial growth. It's happening at the same time as News On 6 has learned a national grocery store chain hopes to open its first store in Tulsa.

The money from the City is coming from the Vision sales tax and would be used as a zero-interest loan to help local businesses grow, hoping to encourage private investors to join in.

Hoping to stop area shopping centers from closing, City Council chair Anna America said the Commercial Revitalization Fund might be the fix many are looking for.

"You see these great vibrant areas that were at one time generating a whole lot of sales tax revenue,” she said.

But with age, some have lost their appeal.

America said, "We're seeing a lot more vacancies, they kind of have deteriorated and things like that."

Using funds from the Vision sales tax, America hopes $3.5 million will be used as a revolving zero-interest loan to help local businesses fix up existing spaces and grow.

1/18/2017 Related Story: Tulsa Council Gives Timeline For Vision Projects

"People will get a loan, maybe a five-year, then, put it back in and we can invest it in something else," she said.

America said the City relies heavily on sales tax revenue to function.

"It is investing in something that has a direct, immediate, significant, economic return,” she said. “And that pays for police officers, it pays for parks, it pays for code enforcement, all parts of the city."

While Tulsa leaders are working to bring commercial growth to the city, the private sector is doing the same - a national grocery chain is hoping to open up shop near 71st and Memorial.

According to documents on the Tulsa County Clerk's website, last week WinCo Foods signed a lease with Crossing Oaks Investment to potentially bring one of their grocery stores to 7136 South Memorial Drive.

America said, "Development on one corner helps every other corner there."

The lease paves the way for seven acres of property to be remade.

No one from the City could comment directly on the lease agreement between the property owner and WinCo, other than to say it is a private dealing - something city leaders would love to see more of.

Special Features

Live Traffic

Get the latest road conditions on Green Country roadways.

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

CBS Shows

Watch your favorite CBS shows for free online.

Links

Looking for a website or event you heard mentioned on News On 6? Find it here!

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive

Special Coverage

  • Bridge Tracker

    How safe are Oklahoma's bridges? Use Bridge Tracker to find out now.

  • Fallen Heroes

    News On 6 honors our fallen Oklahoma heroes. View our interactive timeline.

  • Murrah Bombing Timeline

    Learn more about the events leading up to and following the bombing.

  • Storm Zone

    Watch tornadoes tear across Oklahoma and learn how to stay safe!

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.